Truck drivers can make a good living hauling merchandise and raw materials across cities and states. Without truckers, the US economy would likely grind to a halt. There are a few ways to get semi truck financing to start or grow your business.
Big banks offer commercial loans for those with great credit and a new truck. Smaller banks are less likely to offer these types of loans because of the inherent risk. Newer borrowers may have a tough time getting a good interest rate with a traditional lender. As seen on https://www.truckinsure.com/, sole proprietors usually rely on their personal credit.
However, online lenders may offer a better option for first-time buyers or those struggling with credit woes. Keep in mind these lenders often have shorter lending terms and higher interest rates.
Trucking equipment financing companies understand the industry. Their experience can help you properly assess the truck’s value and take a smaller down payment than other lenders. General equipment financing companies finance a variety of commercial vehicles and maybe another option for your semi-truck financing.
Choosing the right semi-truck financing depends on your credit, needs and condition of the truck. Leasing is another option for those needing lower payments, but at the end of the day, you don’t own a leased truck.