Ways To Buy a Bus
The single biggest barrier for organization to buy a bus is financing. With a little work and creative thinking, just about any barrier can be overcome. At Carpenter Bus Sales, we want all of our customers to be able to purchase a great minibus for sale that will meet the needs of their organization. We want to try and help make this happen without breaking the bank. If your church or organization can’t afford to simply buy a bus outright, here are three other ways to come up with the money to buy a bus:
1. Capital Fund Raising Campaign
If you are part of an organization of any size, using a capital funding campaign is a great way to generate the money needed to buy a bus. Raising capital can be a great way to get “buy in” from people in your organization or church. By sharing in the investment, the purchase will not seem as big and people will be take more pride in the bus and it’s maintenance. Several organizations use various kinds of events to generate the necessary funds for large purchases. With the right kind of marketing and enough enthusiasm, your organization might very well be able to raise all of the funds needed to buy a bus within 3 to 6 months.
2. Leasing a Bus
Another great way to buy a bus is using a lease option. The primary benefit of leasing a bus is that your organization or church does not have to come up with the majority of the purchase price up front. All that is generally required in leasing a bus is to come up with the first and last month’s payment. At the end of the lease term the bus can either be purchased at fair market value or returned at no extra cost to the purchaser. Certain restrictions apply.
3. Traditional Loans
One of the most conventional ways to buy a bus is by using a traditional loan. Traditional loans come in different different shapes and sizes. Most traditional loans are between four and seven years in length. The amount of down payment will directly affect the monthly note as will the interest rate that is obtained at the time of financing. Obviously, the more financially sound your organization or church is will determine the interest rate you get. The strongest organizations will get the best interest rates.
Outside of these three ways to buy a bus, there are a few other options as well. However, these are the three most popular and used methods for coming up with the funds to buy a bus. Carpenter Bus Sales would love to help your organization or church buy a bus. Please call us at (800) 370-6180 and speak to one of knowledgeable bus specialist or our finance department. At Carpenter Bus Sales, we go the extra miles for our customer. Be sure to check out our bus financing infographic below.