It can be devastating once your used heavy duty truck breaks down. Even just the thought of the involved costs may send shivers down the spine of any trucker. If you are lucky, you are looking at the hefty repair bill, yet if the scales are not so tipped in your favor, you will find yourself perusing the market of used heavy duty trucks.
Heavy duty trucks are an important part of your business and having a damaged one, you won’t be able to make money. It presents a tricky situation for numerous truckers because they can’t purchase another truck once the need arises. Fortunately, there are several financing options that you can take for consideration so you can avoid plunking down your life savings searching for used heavy duty trucks. Below are some of the options you can consider for financing:
- Search for Zero Down Payment Loans
More often than not, smaller dealers will partner with the lenders to offer heavy duty trucks without requiring a down payment. They do this for the reason that they wish to entice you to purchase Volvo semi from them rather than going directly to the manufacturer. Even if it’s a good deal for somebody who’s strapped for cash, make sure to read fine prints. You might end up paying more over time because of driving the truck off your lot for free. Before committing to this deal, weigh the advantages and disadvantages carefully.
- Borrow and Purchase from a Major Corporation
A lot of used heavy duty truck dealers provide in-house financing at fixed rates. This is true if you purchase from a big corporation like the Peterbilt, Mack or Volvo. All of these companies sell used and new heavy trucks. It might not be a good bet as the interest rates are higher compared to getting a loan. However, if you have good credit and you are in a hurry, it is absolutely a great option and very convenient.
- Try Low Down Payment Loans
If you cannot find deals with no down payment or if the deals are not good for you, search for loans that have low down payment. Typically, loans with no down payments are available to those with good credit, yet the lenders are a bit more flexible on low down payment ones. You will also find such at the dealers, so once you go in, you should first ask about zero as well as low down payment choices. After that, compare the two and pick what’s best for you.
- Opt for Private Lender or Bank Loans
If you have good credit, you will have a better chance to get loans from a private lender or bank. The interest rates for the used heavy duty trucks could be high, so you might want to enjoy savings if possible. Just remember that the approval amount will be related directly to your credit score and income and the banks won’t give you big amount of money to someone who has poor credit.
