How to Finance a New Church Bus
- 1). Prepare the church members several weeks in advance by telling them that the church needs to purchase a bus and asking them to consider contributing to it. Give the details of the needs and the benefits to the church. When the week for the special offering comes, ask the church members to give a one-time gift for the down payment, and a pledge to give over and above their normal giving once a month to a special bus fund.
- 2). Determine how much money you have for a down payment. The larger the amount, the more flexible you can be on the length of the contract and the monthly amount you will owe. A larger down payment may allow you to negotiate for a larger bus or one with more extras and yet stay within your desired monthly budget.
- 3). Establish a reasonable budget for the monthly payment and upkeep of the bus based upon the pledges. Be sure to add in items such as fuel and insurance costs. If the pledged amount is lacking, notify the church members and continue to accept pledges until the necessary funding is reached.
- 4). Prepare a worksheet showing both sides of the financial picture: the projected costs, and the projected pledges. Having this helps show the bus dealer and money lender that you are a serious buyer and that you have taken the necessary steps to have the money for the purchase and contract.
- 5). Work with a church bus dealer who will help you find the right bus for the amount of money you have available. Models are constantly changing and both new and used buses come into the market every day. Most church bus dealers have relationships with lenders who specialize in working with churches. This can help if you do not have a local bank from which to borrow.
- 6). Research any potential bus to determine the projected upkeep and other costs. If the costs are higher than you projected, your financial budget may not be enough and you may have to revise your plans.