How to use car rental in your company

The option of leasing cars can bring with it numerous advantages for a company, in terms of both economics and administration.

Leasing is one of the most common options for companies looking to acquire a vehicle: this approach typically provides access to a vehicle of your choice for a period of 1 to 5 years. During this time, you will make fixed monthly payments, including car leasing and maintenance fees, in addition to compulsory insurance, license, registration, and roadside assistance fees, etc. In other words, your company can use the vehicle as if it were the owner while avoiding many of the disadvantages associated with owning a vehicle.

Once the leasing contract term has ended, the car must be returned. However, your company can decide to get a new vehicle by signing another leasing contract or renewing the existing one.

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How the leasing process works

To lease a car, the first step is to contact a company that offers vehicle leasing. This company will carry out the leasing contract process for your company to obtain the vehicle.

As with other services, approval of the leasing application is subject to a feasibility study performed by the leasing company. The leasing company will also handle all operations with the vehicle dealership.

As part of this process, a leasing company will typically ask for:

  • Latest income tax return;
  • Balance sheet for the company.
  • The annual VAT statement and the four quarterly statements from the most recently completed fiscal year.
  • Quarterly VAT statements for the year in progress.
  • Financial information for the guarantor.

Finally, for the leasing operation to be approved, your company will be required to demonstrate its financial solvency and assets.

What are the advantages of leasing for your company?

There are several advantages to leasing a vehicle as opposed to buying. As a result, many companies choose this option to create or expand their fleet of vehicles.

The first and most significant economic advantage is that the company is not responsible for maintaining or insuring the car. This offers clear economic savings, especially when we take into account the loss of value that the vehicle will experience over time. This is another problem the company will not have to worry about, since once the leasing contract has ended it can be renewed, but with a completely new vehicle being provided.

This makes leasing especially useful for companies that need or want to keep their fleet of vehicles up-to-date, with new models that feature the latest technologies.

Finally, another significant advantage of leasing is the simplification of all the administrative tasks related to the company’s fleet. The leasing company will be responsible for managing the required replacement parts (such as tires), as well as for renewing insurance policies and arranging for any required vehicle inspections.

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What type of companies is leasing most suitable for?

In principle, any company can benefit from leasing, whether it involves a single vehicle or an entire fleet. However, companies that intend to use their cars a lot (which means increased wear-and-tear and potential for breakdowns) will benefit most from leasing.

If your company is planning to lease a car, it is important to calculate the associated costs. If the vehicle is not going to receive much use and significant wear-and-tear is not expected, it may be worth considering other options.

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