Each one is well equipped with luxurious interiors and superb suspensions to produce that plush riding experience that would be expected in a limousine. It depends on your niche market which vehicle would be right for your business.
You can finance the Lincoln through Ford Motor Credit’s Commercial Credit division which helps businesses meet their vehicle acquisition goals and specializes in fleet sales and livery transactions. Cadillac has financing for business vehicles through Ally, which was formerly known as GMAC.
They will require you to have been in business for 3 to 5 years, submit a Profit and Loss Statement, 2 years of income tax returns, 2 years of bank statements and may also require you as the owner to provide a personal guarantee for the loan.
If you are just starting in the Livery business finding financing becomes a little more difficult. There may be private money available, but the surest way to make the purchase is to pay cash. You may also consider raising capital for your business by finding investors who will become equity partners with you.
If you are determined to get a loan for your vehicle, before approaching the lender, put a good package together consisting of an overview of your business, bank statements, 2 years of tax returns and a properly completed application. The lender will want to know the level of your knowledge of the business, if you can sustain yourself through the start up phase and your plan for repayment of the loan.
When you do get your loan make sure that you take the shortest term you can afford. A longer term is considered riskier by the lender and will be costlier for you. You also may want to consider leasing vs. buying to determine which method holds the greatest advantages for your business. Leasing may allow you to get what you could not normally afford. Usually, lenders will require a large down payment, between 20% to 25% of the value of the vehicle for a purchase.
You may be looking for an older model limo to save money. Searching online makes it an easy task to locate limos for sale.
There are two approaches that you can use. You can search for a brand, such as the Lincoln Town Car, at a website such as Edmunds.com under used vehicles. You would need to search for a range of model years and unlimited miles from your zip code to find all vehicles listed. This produces vehicles of private owners as well as dealers advertising vehicles for sale.