FINANCE/LEASING Q&A: LCT's resident expert on all things finance and lease addresses the need to schedule payment seasons.
QUESTION: How do I get a payment plan that coincides with my "seasons," so that in the peak months I pay higher payments and in the "off season" months I make lower payments?
ANSWER: Lenders have many repayment plans to satisfy a large array of needs. We can use skip payments for certain seasonal months, deferred payments, and step-down payments. Instead of "skipping" those seasonal months, many choose to just carry a lower payment and a higher one when "in season." These types of needs are generally easy to accommodate by those lenders that specialize in this particular industry.
Expert Don Coolbaugh, vice president of sales, Advantage Funding Inc., writes a weekly series of questions and answers for chauffeured transportation operators on all matters related to financing and leasing fleet vehicles. E-mail finance and leasing questions to: Martin@LCTmag.com