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TL;DR: Explore various financing options for buying a business vehicle to boost operational efficiency and satisfaction. Understand each option's benefits and drawbacks to align with your business goals. Direct Purchase: Complete ownership, no interest, high upfront cost. Business Car Loan: Spreads cost, requires good credit. Leasing: Lower upfront costs, no equity. Hire Purchase: Flexible terms, owns vehicle after payments. Novated Lease: Uses pre-tax salary, complex agreements. As a business owner, you understand the importance of efficiency and reliability. This is especially crucial when it comes to transportation. more Buying a car for your business is more than a financial decision. It's a choice with the power to ensure the safety of your staff and your products. Plus, having a dependable vehicle can significantly enhance your operational capabilities. The result? You'll see a difference in both your employee satisfaction and your bottom line. It's important to understand how to finance this asset in a way that aligns with your business goals. This blog will explore the financing options available to help you make an informed decision. We'll cover everything from direct purchases to leases and loans tailored specifically for business use. We'll even include considerations for those using their vehicle for both business and personal purposes. Continue reading to ensure you choose the best financing route to support your business's growth and sustainability. Financing Options for Buying a Business Vehicle When considering financing options for buying a business vehicle, it’s important to understand both the benefits and drawbacks of each method. Here’s an overview of several popular financing options. Direct Purchase According to CapitalOne, direct purchase is when an individual or business purchases a car directly from a manufacturer. In this scenario, the business owner does not interact with a dealership at all. You’ll have immediate and complete ownership of the vehicle and no interest payments. You can modify or sell the vehicle as desired and may even earn tax deductions via depreciation. That said, directly buying a car for business use involves a significant upfront investment. That may not be an option for small or medium-sized businesses. Likewise, these vehicles depreciate rapidly, which can impact your returns. Business Car Loan Per NerdWallet, a business car loan is a line of credit that can make it possible to purchase a new or used vehicle in your business’s name. The biggest benefit is that a loan allows you to spread out the cost of a vehicle over time. Interest may be tax-deductible, and you will have full ownership of the car at the end of the loan term. You will need a high credit score to qualify for an auto loan with affordable rates and terms. However, due to interest rates and additional fees, you will end up paying more for the vehicle over time. Leasing When leasing a car for a business, you have two options. You can choose an open lease, which is similar to renting the vehicle for a pre-determined period. You can also choose a closed lease, which is similar to buying the vehicle. At the end of a closed lease, you will pay the difference between the residual and resale value of the car. Lease deals can sometimes make leasing the most affordable option. Likewise, if you’re considering buying a car for business and personal use, you may choose to lease instead. You will be able to deduct business expenses, including lease and driving costs. With that said, you won’t have equity in any vehicle you don’t own. Hire Purchase A hire purchase is similar to an automotive loan. According to Investopedia, hire purchases allow you to buy a vehicle for business use with a downpayment. You will pay the remaining balance and any interest in pre-determined installments. Once you have made your final payment, you will own the vehicle. Deposit amounts and payment terms tend to be flexible. Due to interest charges, your vehicle may ultimately be more expensive than if you bought it outright. Likewise, there may be penalty fees for early repayment. Novated Lease When buying a company car for an individual employee, you might consider a novated lease. With a novated lease, you can purchase a business vehicle through salary packaging. You will make repayments using your pre-tax salary, reducing your taxable income. With that said, these arrangements can be complex. They involve an agreement between the employee, employer, and leasing company. If the employee is terminated, the responsibility for lease payments may change. Each financing option has its own set of advantages and challenges. The best choice depends on the specific needs and financial situation of your business. At Devils Lake Cars, we have strong relationships with local banks. We can help you secure a business loan or find an alternate arrangement that works best for you. Are you ready to acquire a reliable new business vehicle? Begin your financing journey today.

Winters can be rough in North Dakota, and after a frigid season, the open road starts to look pretty good. Luckily, the official start of summer is the perfect time to shop for a brand-new or certified used vehicle. If you’re in the market for a reliable new car, the Chevy Memorial Day Sale is just around the corner. Each year during the annual Memorial Day sale, Chevy dealerships offer a range of discounts.  You’ll find everything from finance and lease specials to rebates and cash incentives. You’re sure to find the perfect car at the lowest price, making it the perfect time for a late spring test drive! In this blog, we’ll explain what you can expect from the Chevy Memorial Day Sale. Plus, we’ll answer some of the most common questions we get about this exciting shopping weekend. Read on to start planning ahead to purchase your dream Chevy at a great price. more When Do Memorial Day Car Sales Start? Each year, Memorial Day falls on the final Monday in May. In 2024, Memorial Day will fall on Monday, May 27th.  You can expect to see Memorial Day car sales beginning toward the middle of the month. Sales tend to end during Memorial Day weekend. It is uncommon for manufacturers or dealerships to begin advertising their Memorial Day sales too far in advance. You’ll probably begin learning about this year’s Chevy Memorial Day sale in early May. You’ll be able to find out more on your local Chevy dealership’s website. You can also find information from the manufacturer on the deals page of the official Chevrolet website. Be aware that sales and offers can vary by dealership, and discounts change from year to year. Are Car Dealerships Open on Memorial Day? Yes, car dealerships are almost always open on Memorial Day! Memorial Day is a huge sales day in the automotive industry. Chevrolet dealerships, and most other dealerships, will be open bright and early to welcome interested buyers. Your local dealership is aware that many people have the day off from work due to the federal holiday. You should be able to stop in for a test drive throughout Memorial Day weekend. Many dealerships even offer extended hours for your convenience. What Can I Expect From the Chevy Memorial Day Sale? You’re unlikely to learn about the specific Memorial Day truck sales and discounts in advance. Manufacturers and dealerships tend to announce these closer to Memorial Day to create a sense of urgency and excitement. With that said, we took a look at previous years’ sales to give you an idea of what to expect. In 2023, consumers were able to get up to 10% off the sticker price of select Chevy models. Local dealerships offer Memorial Day car lease deals, featuring low monthly payments. Eligible Military personnel can receive incentives. These include bonus cash to use toward the purchase of a new or used vehicle. Up to $1,000 cash back on select Chevy vehicles. Bonus cash to use for the purchase of select Chevrolet accessories, including Sirius XM radio, OnStar services, and more. Is May a Good Month to Buy a Car? May is a great month to buy a car, especially if you’re okay with last year’s model. Memorial Day is at the intersection of spring and summer, which is when new models begin to arrive on showroom floors. Dealers are eager to clear their old inventory to make room for brand-new vehicles. As a result, you can take advantage of steep discounts on top of Memorial Day incentives. Plus, it’s always ideal to shop for a new or used car at the end of any month. That’s when salespeople are most eager to hit their monthly sales quotas. Memorial Day, which is always at the end of May, is an excellent opportunity to snag extra discounts. According to Kelley Blue Book, the average price of a new vehicle is steadily decreasing compared to previous years. Sales, discounts, and incentives are contributing to this impressive decrease. As a result, this year’s Chevy Memorial Day Sale may provide a uniquely low price on your dream truck or SUV. Shop the Chevy Memorial Day Sale at Lake Chevrolet At Lake Chevrolet, we can’t wait to celebrate the start of summer with the Chevy Memorial Day Sale. We’ll be there ready to help you find and test drive the new or used Chevy vehicle you’ve been dreaming about. Watch this space for more information about specific deals and incentives. In the meantime, browse our new inventory to prepare for this year’s sale. Get ready to drive home in a reliable car at an affordable price!

Celebrate Independence Day with unbeatable car lease discounts. July offers prime deals due to new model releases, with up to 10% off MSRP, 0% APR financing, and EV incentives. Look out for dealership giveaways. Plan ahead by checking local ads and dealership sites for the best July 4th lease deals. This July, why not celebrate independence from a clunky, unreliable vehicle? Holiday weekends are some of the best weekends to commit to leasing a new car, and July 4th is no exception. Fantastic 4th of July lease deals make driving home in a safe, attractive new vehicle affordable. You can roll up to the curb just in time for the neighborhood fireworks show. Plus, you’ll benefit from a blast of ice-cold AC just in time for the peak of the summertime heat! In this guide, we’ll explain why July is a great time to lease a car, plus share the July auto deals to look out for. Keep reading to discover the July car deal worthy of an All-American parade! more Is July a Good Month to Lease a Car? July is the perfect month to lease a car for a number of reasons. Foremost, according to Kelley Blue Book, manufacturers begin to release new models in the month of July. The first of next year’s shiny new models will begin to hit dealerships as early as late June. Thus, by July 4th, many dealerships are eager to move older inventory. They’re ready to make room for the latest and greatest models available. In the event of a significant change, dealerships have additional motivation to lease you last year’s model. That’s why you’ll see uniquely competitive prices. Second, you’ll always find the best lease deals around major holidays. Dealerships love to piggyback off of the festive excitement and use these celebrations in their marketing. As a result, you’ll see 4th of July car lease deals everywhere. Often, dealerships will also offer additional giveaways and incentives to those who visit during the July 4th holiday weekend. Not only can you get a great deal on a car or truck, but you might also enjoy a complimentary barbeque! What Are the Best 4th of July Lease Deals? It can be difficult for dealerships to predict what they’ll have available on the lot at any given time. As a result, it’s uncommon to see July 4th lease deals announced before late June. By then, they’ll have a better idea about what inventory they have to move. They’ll also be able to predict what’s coming in the near future. With that said, we can look at previous years’ July car financing deals to get an idea of what we can expect. The best July auto details from last year are below. 0% APR financing. APR stands for Annual Percentage Rate. According to Car and Driver, 0% APR financing means financing without paying interest for a given period of time. By eliminating interest, leasing a car becomes far more affordable for most drivers. Often, you can stack these financing deals with bonus cash to get an even better price. Up to 10%-off-MSRP deals. MSRP stands for “manufacturer's suggested retail price.” It is also known as the car’s sticker price. It’s not uncommon to see discounts as high as 10% off MSRP. That can add up to thousands of dollars, making new cars far more affordable. When you stack them with financing deals, your new car will be a lot more affordable. Discounts on electric vehicles. Many EVs (electric vehicles) come with purchase incentives year-round, and July 4th is no exception. You might see bonus cash, federal tax credits, and Retailer’s Choice rebates. If you’re considering an EV, 4th of July sales are a great time to shop around. Keep an eye out for this year’s July 4th lease deals in the early summer. You’ll likely encounter radio, newspaper, and television advertisements in the lead-up to the holiday. It’s also a good idea to check your local dealership’s website and social media. You’ll learn about any dealership-specific or Retailer’s Choice deals first. If these 4th of July lease deals still make it difficult to pay, it’s worthwhile to speak to your dealership. For example, each Devils Lake Cars dealership has a strong relationship with local banks. They can often help you secure lower monthly payments that make leasing even more manageable. It’s not too early to plan ahead for these 4th of July lease deals. Shop our new inventory and prepare to drive home in a safe, reliable new car.