Six Simple Tips to Finance a Semi-Trailer Truck

 Are you a truck driver who is looking to purchase your own semi-trailer truck or trailer truck? If so, there are many lenders who are willing to finance your purchase. Semi-trailer trucks have a multitude of uses and if you are a licensed truck driver with your commercial driver license, you can earn a good living by owning your own semi-trailer truck.

Invest In Your Future

Purchasing a semi-trailer truck is an excellent way to invest money into your future. Owner-drivers of semi-trailer trucks have a myriad of choices when it comes to being paid to haul freight and deliver merchandise – either locally, statewide, or across the country. If your dream is to own your own trucking business, there is a lender willing to make that happen. Lenders know that these trucks are worth a great deal of money, and the truck itself will be security enough in most instances to secure a loan with favorable terms so that you can start making good money.

Tips From Financial Gurus

Tip One: Finance your semi-trailer truck in-house. Semi-trailer truck dealerships often offer on the lot financing for your purchase at a fixed rate that will not eat into your profits. These dealers may offer new and used models, and also warranty protection to guard against future repairs to the semi-trailer truck. Look for a dealer who carries brands such as Mack and Peterbilt, and those who have a great selection of styles and features, such as sleeper cabs for those long hauls.

Tip Two: Score a zero down payment deal. Many lenders and private sellers often offer specials that feature no down payment on your semi-trailer truck. Oftentimes, the only barrier to ownership of a semi-trailer is coming up with a significant down payment. These types of offers make it very easy to drive away with your dream semi-trailer truck.

Tip Three: Go for a low down payment. If you can afford a down payment, your payment will be less and chances are that you will pay less interest as well. Although some terms may call for up to 30% down on the semi-trailer that you want to purchase, by doing a little bit of comparison shopping, you should be able to find a dealer who has less stringent down payment policies.

Tip Four: Finance your semi-trailer truck through a bank or other lending company. Doing so will allow you to pay your seller off in full, which may cause him to offer you a better price initially. Look for a lender who will write your semi-trailer truck loan at a fixed rate with a predictable monthly payment that you can easily afford.

Tip Five: Check for auctions of semi-trailer trucks. Auction prices are often one-third the price of what you will pay for a similar model on a truck lot. Check online for auction postings of upcoming auctions of semi-trailer trucks in your area.

Online Finance Savings

Tip Six: You might also check online for lenders who specialize in loaning money to those who wish to become owner-operators of semi-trailer trucks. Online financing is much easier to obtain for all credit situations and all types of borrowers.