At eCarOne, we understand the importance of having the right vehicle for your business. As a leading used luxury car dealership in Plano, we offer flexible business financing and leasing solutions tailored to meet your unique needs. Our comprehensive solutions are designed to help you preserve bank credit lines, benefit from convenient billing and payment options as well as finance in the name of your business.
Customer Benefits of eCarOne Business Financing & Leasing Solutions
Our business financing and leasing solutions come with numerous advantages for our customers, including:
- Preserving bank credit lines for other commercial business needs.
- Credit line conditionally available for one year.
- Convenient billing and payment options, such as Auto Pay and consolidated billing statements.
Financing in the Name of the Business
With eCarOne, there are two ways to finance in the name of your business:
Business Name Only
If your business can qualify for financing without the owner's guarantee, it can obtain financing in the business name only. This gives owners the ability to save their personal credit for other uses.
Third Party Guaranty
When a business owner wants to purchase or lease vehicles in the name of the business but the business entity alone doesn't qualify for the credit needed, the owner/officer may act as a third-party guarantor.
This option:
- Builds credit in the business name only.
- Keeps the debt off the business owner's personal credit report, unless the owner acts as guarantor and is unable to pay in the event of a default.
- Protects the owner from liability related to the operation of the vehicle since the owner's name stays off the vehicle's title and contract (unlike a co-buyer/co-lessee whose name appears on the title and contract).
Commercial Line of Credit (CLOC)
We deliver options as flexible as the vehicles themselves. With our Commercial Line of Credit (CLOC), you can finance the vehicles you need faster and more easily!
Commercial Lease (TRAC)
Accept leasing terms that suit your business best. Our open-ended Terminal Rental Adjustment Clause (TRAC) lease program allows you the flexibility of setting the residual-based upon your business requirements. Benefits include:
- Term and Payment Flexibility: With flexible terms of 12-72 months, ComTRAC is a smart choice. Tailor the term and residual to determine the monthly payment and final balloon to help manage cash flow and vehicle value.
- Predetermined Price: The residual price is determined upfront, meaning there is no negotiation of price at lease-end and no surprises or additional charges.
- Possible Tax Advantages: A ComTRAC lease can be set up as an operating lease, allowing monthly payments to be treated as an expense, typically 100% deductible.
- Options at Lease End: At lease end, you have several options - keep the vehicle and pay off the balance, refinance the balloon, trade-in for a new unit, sell it on your own, or place it on Ally’s SmartAuction site.
Frequently Asked Questions
What types of vehicles can be financed or leased through eCarOne's business financing and leasing solutions?
eCarOne offers a wide range of used luxury vehicles that can be financed or leased through our business financing and leasing solutions. Our inventory includes luxury sedans, SUVs and trucks from top brands such as Mercedes-Benz, BMW, Lexus and more.
How do I apply for eCarOne's business financing or leasing solutions?
To apply for our business financing or leasing solutions, visit our used car dealership in Plano, TX, or contact our finance department. Our team of experts will guide you through the application process and help you choose the best financing or leasing option for your business needs.
Can I finance or lease multiple vehicles for my business?
Yes, eCarOne's Commercial Line of Credit (CLOC) allows businesses to finance multiple vehicles as needed, making it easier to expand and maintain your fleet.
What is the difference between a ComTRAC Lease and a traditional lease?
A ComTRAC Lease is an open-ended Terminal Rental Adjustment Clause (TRAC) lease program designed specifically for businesses. It offers more flexibility in terms, residuals, and lease-end options compared to traditional leases, making it a smart choice for businesses with unique requirements.
Are there tax advantages to financing or leasing a vehicle through eCarOne's business solutions?
There may be tax advantages to financing or leasing your business vehicle through eCarOne and Ally. A ComTRAC lease can be set up as an operating lease, allowing monthly payments to be treated as an expense, which may be 100% deductible. Consult your tax advisor to determine the tax implications for your specific situation.
Choose eCarOne for Your Business Financing & Leasing Solutions
At eCarOne, we are committed to providing flexible and tailored business financing and leasing solutions to help your business thrive. With a wide range of used luxury vehicles, knowledgeable finance team and convenient location in Plano, we are your one-stop shop for all your business vehicle needs.
Visit our dealership or contact eCarOne to learn more about our business financing and leasing solutions.
