How to Make Commercial Fleet Financing Easy
Dec 6, 2023 | 5 min read
Many commercial fleet managers have learned the hard way that financing multiple vehicles can be a lot to handle, especially when just starting out, going through a business growth spurt, or transitioning to electric vehicles (EVs). We created Ford ProTM FinSimpleTM to ensure no part of that process has to happen the hard way.
Our financing experts take a hands-on approach to understanding specific business needs, company goals, operational insights, fleet data, and more. From there, we can guide you through the best commercial fleet financing options to meet your needs.
Hear from Rhonda Carr, Ford Pro FinSimple Commercial Business Development Manager (CBDM), about just how valuable this guidance can be for commercial fleets.
Q: Rhonda, what challenges have you seen commercial customers facing today?
A: Many fleet managers are feeling the pressure to go electric but aren’t sure where to start or if they can even afford EVs. When you account for charging infrastructure along with vehicles themselves, the upfront costs can add up quickly.
It’s often difficult for fleet managers to see the long-term impact and value of adding EVs to their fleets on their own, but that’s where Ford Pro can come in to assess their business goals, match them with the right EVs and charging infrastructure to meet their needs, and guide them through simple financing processes for both vehicles and charging. Electrification becomes a lot less daunting when you know you’ll have one source to guide you rather than having to balance various disparate vendors.
Q: How does your role as a fleet financing expert with Ford Pro FinSimple fit into that process?
A: Just like other CBDMs, I’m here to help commercial fleet customers every step of the way, considering their business needs, cash flow, and fleet financing. We can and do work with our Ford Pro colleagues and dealers to bring customers the full picture.
The goal is to give commercial fleet customers an easy, simple experience that lets them concentrate on what they really want to be doing: running their business. We also have a strong service team behind the scenes that’s ready to help customers during their contract term.
Q: Let’s say I visit a Ford Dealership looking to purchase a commercial vehicle and want to finance that purchase through Ford Pro FinSimple. What does the customer intake process look like?
A: The dealer will start by asking qualifying questions based on what you’re looking for, including how many commercial vehicles you need, what types, and how they’ll be used. We have an intake worksheet that will help us understand your commercial fleet’s needs; then, we’ll guide the conversation based on whether you’re looking for a single vehicle or many.
When it comes to deciding a commercial fleet financing strategy, the types of vehicles and their usage are key. We must also consider things like business growth plans, how often vehicles are used, and their total cost of ownership. When we have that information, we can explore which options will be best for your business needs.
Rhonda Carr, Ford ProTM FinSimpleTM CBDM, works to understand commercial customers’ needs and match them with the right financing options.
Q: What are some commercial fleet financing options with Ford Pro FinSimple?
A: CommerciaLease is open-ended with no mileage restrictions, which might be preferred by, say, an HVAC fleet that doesn’t have predictable mileage but needs to upfit commercial vehicles for specific purposes.
Then, there’s the Commercial Red Carpet Lease,94 which could be a great option for commercial fleets that have more predictable fleet usage, put limited wear and use on vehicles, and prefer to have newer vehicles with the latest features. This option enables commercial fleets to replace vehicles at lease-end, and payments are generally lower than installment financing.
With Commercial Installment Financing, customers work with their dealers regarding payments and contract terms, and at the end of the contract, customers own their vehicles. This, in general, is the preference for larger commercial vehicles that customers will use for a long time.
The Commercial Line of Credit140 (CLOC) can be set up for use with any of these options. There’s no setup fee, and the customer estimates how many commercial vehicles/how much financing the fleet will need and establishes the line of credit to tap into when needed. This helps free up cash for other business purposes. This can make growing the fleet a much smoother process. For example, last year we secured a line of credit for a small towing company that needed more vehicles to service its new contract. Now, the company is growing again, and we’re working on more than doubling that line of credit.
Q: How do Ford Pro FinSimple financing experts learn about a commercial fleet’s business requirements and goals?
A: Working with dealers and our Ford Pro colleagues, we often meet with commercial fleet customers ahead of time to understand their needs and how we can help. Current customers can always contact us and their dealerships to talk about their needs as their businesses grow and change.
Q: How often is a customer’s commercial fleet financing reevaluated?
A: Customers should look at their business plan, including fleet needs, every time they need a new vehicle. At a minimum, we recommend reviewing the business and fleet needs annually. Commercial vehicle needs and usage may change, so plan to evaluate financing plans at each vehicle purchase.
Q: What value do fleet financing experts like Ford Pro FinSimple CBDMs bring to commercial customers?
A: At Ford Pro FinSimple, we take a holistic view of a commercial fleet and its business goals to help make sure the fleet is running at its peak. This drives success and productivity for the business and lets fleet managers address other needs. This is true across the one-stop Ford Pro experience, starting with our commercial vehicles and then adding financing, software, servicing, and charging. We want to deliver a complete solution for every commercial fleet customer.
Q: After financing through Ford Pro FinSimple, do customers receive further support from fleet financing experts?
A: Yes, we’re always here for our commercial fleet customers, as are our dealers. At the same time, customers might not always need to talk to us, so we’ve built online self-service experiences that let customers review their accounts, request increases in their Commercial Lines of Credit, and do other tasks. Our online tools help customers get the service they need on their schedules.
Our support team analyzes customer credit lines and usage often, and they can let us know when it might be time for a customer to consider adding a vehicle to their fleet and revisit their commercial fleet financing.
For more information on the fleet financing options available through Ford Pro FinSimple and to get in touch with a financing expert, visit FordPro.com/en-us/financing/. You can also visit the Ford Dealer who helps you with your commercial fleet needs to learn more.
Disclosure(s)
- 1)
Commercial Red Carpet Lease is not available for every vehicle use (e.g., livery and modified vehicles)
- 2)
Subject to initial approval, ongoing eligibility and periodic reviews.