Credit Application Form for Finance or Leasing Services
Click the link below and download our online credit application to begin the pre-approval process now.
Fax your completed form to: 516-333-8913
or return by email to majorvehicles@gmail.com
Credit Application Form helps you get started with the financing of your bus. In today’s economy budgets are more constrained than ever before. Financing may be the only way to complete your purchase and get the best total return on your transportation investment. Major Vehicle Exchange is here to assist you in deciding the optimal financing option to meet the transportation needs of your business or organization. Financing and leasing, preserve cash and offers unique financial solutions that fit individual needs and assist our customers with their operational objectives. When needed Major Vehicle Exchange wants you to receive the best financing advice for your business and bus investment and has a number of financial tools available to help make your financing decision a smart one. We have partnered with well established and reputable financial institutions over the years that offer used bus financing at reasonable rates on a number of financial products that will meet your requirements.
Depending upon the size of the transaction, prior financial experience and credit, we can give you the best possible advice to facilitate the purchase transaction while protecting your confidential credit information.
A Few Tips for New and Small Business Owners:
- Pay cash if available. Use existing banking relationships and resources first before applying to outside sources. Consider a personal loan for first-time borrowers and for financing on older vehicles. For short-term borrowing ask friends, family and business associates for help getting started. For new businesses, credit unions are an excellent source and can be joined easily. Special programs are available for veterans, disabled persons, and civil service workers.
- Seek the advice of a credit professional before making applications such as Certified Financial Planners and CPA’s if possible. Small business loans are available through government programs. Don’t be shy about consulting with your local “SCORE” office (www.score.org).
- Call 516-333-7483, Major Vehicle Exchange President Charles Kaufman, CPA for additional information.
- Do not send the credit application form to unknown recipients.
- New businesses and small businesses should expect to pay higher rates and have substantial down payments and/or need security deposits.
- Try to avoid dealer financed purchases and buy-here-pay-here lenders. Their fees and rates are typically very high and may impair the financial ability of borrowers to achieve profitability.
Some of the common credit and leasing options available in the used bus industry today are:
A) Bus Financing / Traditional Loans
– Sales tax is billed when you buy the bus
– You own the bus right away
– Your financial statement will reflect the purchase of the bus
B) Lease/Purchase:
– You get to keep the depreciation benefits
– Preserves your other lines of credit
– Down payments are variable depending upon credit and funder policy
– Sales tax is billed monthly or up-front depending on the state
– You own the equipment at lease expiration
C) Fleet Line of Credit:
– The financing process is quick and hassle-free when adding new equipment
– Every purchase comes with the option of loan or lease (depending on the funder)
– You are pre-approved when you need to grow your fleet.
D) Trac Lease:
– The purchase of equipment does not reflect on your balance sheet.
– Lower interest rates may be available because the lessor gets to keep the depreciation benefits
– Depending upon payment and credit, initial down payment is not required
– When the lease expires you can buy your equipment at a predetermined residual amount
– In some states, the sales or use tax is billed on a monthly basis.
E) Walk-Away Lease or a Fair Market Value Lease:
– Your balance sheet does not reflect the cost of the equipment.
– Down payments are not always required but may depend on credit and other credit factors
– Sales tax is billed monthly in some states while is paid at inception in others
– When the lease expires you can walk away from your equipment with no obligation except for excess wear and tear
– You can buy equipment even at the time of lease expiration
F) Municipal Lease:
– By qualifying as a municipality you can obtain extremely low rates of interest due to tax exemptions provided by the federal government.
G) Bus Financing / Traditional Loans
– Sales tax is billed when you buy the bus
– You own the bus right away
– Your financial statement will reflect the purchase of the bus
