Business Vehicle Financing

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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.

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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

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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.

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.