Businesses with employees
who travel often on official functions need to have their own company
transportation to shuttle these employees. Allowing the workers to
use personal vehicles for business matters isn’t so professional,
and letting them use public transportation individually might not be
cost-effective in the long run. Besides, when a meeting must go ahead
at a prearranged time and place, relying on public transport
schedules can be counter-productive.
This calls for acquiring
your own service vehicle. When you don’t have money to spare to
finance one, taking out a car on loan from a business vehicle finance
company may work.
How to start
Draft the rationale for
getting a company vehicle and define its expected operational usage;
the latter will determine what kind of loan options to look for with
a business vehicle finance company. For instance, if you bought a
vehicle on loan and you want to keep it until the payments are
complete, some lenders recommend taking out chattel mortgages. A
chattel mortgage is a type of loan where the lender holds a lien
against your vehicle until you’ve satisfied the loan payments.
Vehicle incentive
An auto commercial shows a
boss presenting a company vehicle as incentive to a prospective
high-ranking applicant, and the applicant says, “When do I start?”
A company can also get a vehicle for business/personal use by certain
employees through a novated lease. Under this arrangement, the
employee shoulders the lease, which would be taken out of his/her
gross wage per pay schedule.
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