More than half of all goods in the United States are delivered by semi truck drivers, most of which are owner operators. Due to this massive number of truck drivers on the roads, semi truck financing is a very popular funding method amongst driving professionals. Before you embark on your journey towards semi-truck financing, consider the following tips to help you get the best deal possible.
Do your research. Bank statements, balance sheets, licenses and certifications are all essential when you start looking into financing. By documenting your professional profile, you are more likely to get the loan you need, and you will be much more organized in the process.
Become eligible. Many professional drivers do not consider eligibility before they choose to finance. Before you start looking at vehicles, you need to eliminate risk from your personal profile. To get a decent loan, you will need a good credit score, money for a down payment, and at least five years with your license. Take a long look at your assets before you jump into the world of semi-truck financing.
Choose your truck. After you get your papers in order, it is time to choose your vehicle. Ideally, loaners are looking for a truck that is not too old, and is stable enough to last a long time. Finding the right truck to finance can be more difficult than just paying cash, so take your time searching for the perfect big rig for your needs.
Insurance is key. Before you can finalize your loan, you will need proof of your insurance. This last step causes many professional drivers to hit a roadblock, so make sure you plan ahead for this final obstacle. The type of insurance you choose depends on the type of work you are going to do, so choose wisely!
Document your ride. Once you have completed all these steps, you are ready to officially apply for financing. It is important to document all the details of your finance plan so you keep track of payments and balance. With any luck, you will be on your way to becoming an experienced professional driver!
If you have any questions about semi-truck financing, or would like to lease a big rig, contact Crossroads Equipment Lease & Finance today.