Financing to Fit Your Business
We know business owners need quick facts and straight answers about financing choices. Ally has a variety of plans designed to help you get the job done.
Ready to Move Your Business Forward?
Buy
Traditional retail financing for commercial-use vehicles
ComTRAC®
An open-end lease that allows you to define the residual value and manage your cash flow
SmartLease®
A closed-end lease with a fixed term so you can refresh your fleet more often
Buy |
ComTRAC® |
SmartLease® |
|---|---|---|
| VEHICLE TITLE | ||
| Titled in your name or your business name | Titled in Ally's name | Titled in Ally's name |
| VEHICLE USE | ||
| Used for business | Used for business more than 50% of the time | Used for business or personal use |
| VEHICLE TYPE | ||
| New and used passenger cars, light-duty trucks, medium-duty trucks of any make or model | New and used passenger cars, light-duty trucks, medium-duty trucks of any make or model up to two years old (including specialized up-fits or high-mileage requirements) | New passenger cars, light-duty commercial trucks and medium-duty commercial trucks for current and prior model years |
| UP-FITS | ||
| Most are eligible | Most are eligible | Most are eligible |
| RESIDUAL VALUE | ||
| Not applicable | Set your own, as low as $1 | Lessor determines residual value |
| MILEAGE & EXCESS WEAR CHARGES | ||
| No excess mileage and wear charges | No charges, but excess mileage and wear may impact residual value | You pay over-mileage and excess wear charges, if any |
| RESIDUAL RESPONSIBILITIES | ||
| Not applicable | Open-end lease - you are responsible for residual value at the end of the lease | Close-end lease - you are not responsible for residual value at the end of the lease |
| DISPOSAL FEE | ||
| No disposal fee | $250 for light-duty trucks; $500 for medium-duty trucks (only applies if Ally sells the vehicle) | No disposal fee |
| EXTRAS | ||
| Wrapping and lettering | Wrapping and lettering | Not applicable |
Specialty Vehicle Financing
If you need to modify or up-fit a vehicle such as adding a crane, lift device or towing equipment, Ally has financing for your vehicle plus essential up-fits. You can choose to:
- Modify trucks, vans or other commercial vehicles with special business equipment
- Comply with accessibility needs by adding mobility lifts and right-hand drive capability
You can also include modifications with SmartLease as long as they can be removed at lease-end without affecting the original condition of the vehicle.
Looking for Rates?
Commercial Line of Credit
For qualified customers who want to build their fleet, Ally can offer a pre-approved line of credit when you need it – without a fee. With a commercial line of credit, you can:
- Purchase or lease commercial vehicles
- Finance most passenger cars as well as light- and medium-duty trucks
- Preserve your bank credit line for other business needs
- Manage your total financing portfolio regardless of product
To start the financing process, download and complete a commercial line of credit application (PDF 475.8KB).
Financing in the Business Name
If you're looking to finance commercial vehicles in the name of your business without affecting your personal credit, Ally features two solutions.
Third-Party Guaranty
When you want to buy or lease vehicles in the name of your business but need to secure additional financing, you may act as a third-party guarantor. This allows you to keep your name off the title and may keep the debt off your personal credit record. Keep in mind, if your business defaults, you may become liable and the debt may be reported on your personal credit record.
Business name only
If your business qualifies for financing without the owner's guaranty, you can obtain financing in the business name only. This gives you the ability to save your personal credit for other use as well as:
- Build credit in your business name
- Protect yourself from liability related to the operation of the vehicle
Find a local dealer to learn more about how Ally financing works for your business.
Municipal Lease-Purchase Plan
A municipal lease-purchase plan is designed for municipalities that intend to own their vehicles. Although the vehicle is titled in the municipality's name, Ally holds the lien. Because your municipality owns the vehicle at lease-end, there are no mileage limits or excess wear charges.
Features and benefits
- Monthly or annual payment options
- No disposal fee
- $1 residual
- No security deposit required
- Most up-fits are eligible, including passenger cars and light- and medium-duty trucks
Eligibility requirements
Qualified, tax-exempt municipalities for federal tax purposes (including states or political subdivisions of state governments) are eligible.
Municipalities should consult with their legal departments regarding tax-exempt status. Tax-exempt status alone does not automatically qualify an entity as eligible.
Eligible municipalities:
- Cities
- Police departments
- Fire departments
- Sheriff departments
- Counties
- Villages
- State universities
- School districts
To find out if you qualify, see Section 103 of the IRS code.