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How to lease a food truck?

food truck

Planet Financial specializes in Trucks and Trailers Financing, Commercial Truck Financing, and Re-Financing of all types of Trucks and Trailers. We deal with both new Truck Loans, commercial truck loans, used truck loans, and trailer loans and leasing of all makes and models and can help you in getting bad credit loans in Ontario. 

 Food trucks have grown in popularity since the 2008 recession and are as much of a restaurant concept as family-style dining or fast food. One of the most recognizable mobile restaurants, a food truck is a large vehicle with a kitchen on the inside. The staff prepares food in the kitchen and serves customers through a side window. With this type of restaurant, operators get the chance to travel to different locations and attract passersby with a variety of food items. As menus have expanded and the popularity of such trucks has grown, it has become more common to find food trucks in more locations than just busy street corners in densely populated cities. Whether you’re just getting started in the food truck business or looking to expand your current operation, leasing a food truck is an excellent way to achieve your goals and Planet Financial can help you with a food truck lease in Ontario.

Some of the advantages of Leasing a food truck are:

  • Decreased cost: In general, it can cost between $100,000 and $200,000 to buy your food truck and equipment. In some cases, that figure can be even higher. By comparison, leasing a food truck often costs somewhere between $2,000 and $3,000 per month.
  • More accessibility: For those who don’t have the benefit of being able to buy a truck in full, leasing a food truck allows you to secure one without paying a high amount upfront. Though many leases still require some kind of down payment, this option is much more manageable than buying a truck out of pocket.
  • Customization: Some food truck leasing companies will work with you to customize your truck. This allows you to ensure the truck matches the theme of your business as well as the services you provide.

If you’re new to the leasing process or have never started a business, chances are you’re unfamiliar with what it takes to lease a food truck. To successfully secure a food truck for lease in Ontario and to get your food truck business started, adhere to the following steps:

1. Create a Food Truck Business Plan

Your first step in securing a food truck lease should be to create a business plan. This allows you to show the food truck lease company that you have a roadmap to guide you through the process of starting your business. To write a successful business plan, it is essential to include information on your concept, market, and structure.

2. Prepare Financial Information

As you create your business plan, remember to include detailed information regarding your financial background. Whether you’re applying for a loan, lease, or rental agreement, chances are you’ll have to show proof that you are responsible with your money and will be able to make payments on time. There are multiple food trucks for sale in Brampton or food trucks in Ontario. Some of the most asked questions include:

  • What is your credit score?
  • How much financial capital do you currently have access to?
  • How much money can you put down?
  • Have you had previous financial troubles or bankruptcies?

3. Negotiate and Finalize Your Lease

With your business plan and financial information organized, it’s time to negotiate your used food truck for lease. There are multiple options available to you, making it important that you choose the lease that best fits your specific needs. Negotiations can be a back-and-forth process and can often involve multiple parties including yourself, the leasing company, and any lawyers hired to read over the lease. Be sure to ask questions about the lease to make sure you fully understand what you’re about to sign.

4. Insure Your Food Truck

In most cases, the person or company leasing their property to you will require some kind of insurance. In some instances, the lease can even be terminated if you fail to provide proof of insurance. Insurance protects both the leaser and the lessee if the truck is damaged. Each company will have different preferences as to the minimum requirements of the insurance, meaning that you should take extra care to read through your leasing agreement and there are so many food truck companies in Calgary or all over Canada.

Our application process is extremely fast, and we guarantee the most competitive rates of interest especially when you are looking for a food truck lease company. Don’t wait any longer.

If you need a food truck loan here is our Document Checklist

  1. Valid ID
  2. Bill of Sale
  3. Article of Business Incorporation
  4. Last-three-month bank statements.
  5. Credit Application (download it here)

You can email all the documents to marketing@planetfinancial.ca or you can also get your free inquiry at 647-449-6060.

Click that “Apply Now” button to proceed with your desired food truck loan provider. Some clients will rather have some guidance throughout this process, so we also have the added option for you to pre-apply at Planet Financial for instant approvals. Our team will sort through your information and give you the best rate of interest all over Canada.  You can also Sign up for our newsletter for our recent updates and get special offers on food truck financing/refinancing. Apply online by filling up the credit application for quick approvals for your own or commercial food truck loans or call us and book an appointment. We would be happy to serve you.

 

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