Prefer to by-pass the dealership business office? Need to keep your information confidential and salesmen out of your business affairs? Found a great deal on a trailer through a private seller on Kijiji or AutoTrader? Have you picked up a quality late model vehicle at auction? We can provide you with financing right now.
LeaseDirect offers an easy process for leasing a vehicle for your business, whether you need to acquire a truck, trailer, van or car. You can source through private sales, or an auction, or work with your local dealer. The choice is yours.
Our leases are ‘Open’, so there are no specific mileage, maintenance or modification restrictions. In exchange, you are responsible for the residual value at lease expiry. You have the option to lower the residual value on the contract, which is a good idea if you know this will be a high mileage vehicle.
Note that our business vehicle leasing program as described is for “A to A-” credit. We have alternative financing options if there are any issues.
If you are acquiring from a private seller, please invest in a CarProof report. Imported and previously damaged vehicles are much harder to get approved.
For private sale acquisitions, we purchase the vehicle from the current owner, then lease to you. Just forward to us the current registration showing the ownership portion. This confirms the seller’s title for us and also the address and VIN#. Private sales can be a bit tricky as we need a few days to process and sellers are typically anxious and suspicious. We courier a cheque or direct deposit directly to the seller asap, but it does take 2-3 days once we have the contract with you in place.
Depending on your compensation structure, you may be fine to start your venture as a proprietorship, which is less expensive to register. Leasing works best when used to offset high taxable income. Perhaps check with your accountant for more guidance on structure and vehicle leasing deduction limits.
Applications are available here, if you want to get started. Please complete and sign and send back, along with your 2015 and 2014 CRA Notices of Assessment (corporate and/or personal). We can have you pre-approved on a sample vehicle (to your specs) and then adjust when you find the unit you like.