As
a tow truck company owner you will, at one point or another, need to
obtain new tow trucks and may need to use tow truck financing in
order to do so. Once you begin to consider tow truck financing, you
may realize that there are many different options from which you can
choose in the tow truck financing market. So how do you know where to
start? How do you know what option will work best for your company
and your budget? It can be a little overwhelming to try and figure
all of this out on your own. That’s why it is encouraged that you
contact a commercial truck financing company that specializes in tow
truck financing.
The
start of your search can begin with something as simple as a Google
search for “tow truck financing” or “commercial truck
financing.” From there, your search can really begin. Investigate
the first several tow truck
financing companies that
come up, and look at their websites. Look each company up on the
Better Business Bureau and see if there are any complaints or
negative comments about these companies. Keep in mind that one or two
negative responses may not necessarily mean that the company is bad,
because even extremely good tow truck financing companies can receive
a bad review from a client. Also, check social media sites, such as
Facebook or Twitter, to find more information on potential tow truck
financing companies with which you are considering working. See how
the tow truck financing companies are communicating with the public,
and see if any positive or negative remarks are made about the tow
truck financing companies.
It
is also recommended that you ask other tow truck company owners about
their experiences with the tow truck financing companies they have
used. Get referrals from your peers. Once you have narrowed down
exactly who you would like to handle your tow truck financing, then
you will need to decide what kind of tow truck financing option is
going to work best for you. In most cases, you will need to choose
between a commercial truck loan or a commercial truck lease.
The
distinguishable difference between these two options is the way that
they are reflected on your balance sheet. A commercial truck loan
will show as a debt for the entire financed amount. This will affect
your debt to income ratio, which is a primary determining factor when
applying for any kind of financing. The other option that you will be
presented with is a commercial truck lease. A commercial truck lease
will reflect on your balance statement as a debt, but only for the
amount of your monthly payment, as opposed to your entire financed
amount. A commercial truck lease will have less effect on your
balance sheet and debt to income ratio than a commercial truck loan.
Keep this in mind when applying for your tow truck financing.
TrucklendersUSA.com has the experience to deal with commercial vehicle leasing queries. All the assistance required in dealing with a commercial truck lease and tow truck financing can be looked up to and expected from this vivid writer. Having expertise in dealing with such cases for more than 7 years, one can only expect tons of advice.
