Use Semi Trailers is one of the premier resources for buying and selling used semi trailers and trucking equipment. Today, we’re taking a look at arranging financing for trucking equipment:
Whether you are an independent driver or a commercial truck company, if you are looking for trucks for sale you are probably also looking for financing. Often times you can buy your truck from the same place you get your financing, choosing from that company’s inventory of long haul sleeper tricks, day cabs and local delivery trucks, construction trucks, dump trucks, long haul semi trailers, expeditor trucks, and more. These companies often promise financing to everyone, including companies and individuals who are just starting out, or those who have bad credit, Capital Solutions is one such company.
Other companies will only consider financing for companies in good standing who have been in business more than three years, or owner/operators who have been in business before or have owned their own truck. Additionally, these companies will only consider financing for individuals with a better-than-fair credit score who have at least twenty percent of the purchase price available for a down payment.
With the current economy, most financing companies are a bit more flexible than they are in a booming economy. Buyers may be able to secure a no-money-down, zero interest for a number of months-type of financing agreement that would not be an option in a different type of economy.
In any case, you will need to have a current CDL license to prove that you are authorized to drive a commercial vehicle, and you will need to provide proof of insurance and proof of income, so that the lender knows you will be able to make your payments.
Don’t be fooled by unprofessional lenders. A professional financing company will never charge unnecessary application fees, they will never want to meet anywhere other than their own place of business, and they will be able to provide a signed copy of your loan agreement for your files. Additionally, you should not be required to join a club or organization in order to be considered for financing.
Navigating the turbulent waters of financing in today’s world can be tricky. Make sure you choose a finance company with credentials and fair and honest practices, and read the fine print to make sure you’re not signing up for something you cannot handle. Do not agree to terms that will land you in financial trouble. Instead, make sure you get yourself into a situation where you are managing a reasonable monthly payment while you drive into your career with your new truck.