10 Steps to Financing a Used Commercial Truck

Whether your company decides to add a used commercial truck as a start-up operation or as an established business expanding your fleet, consider the following steps to make sure your used commercial truck lending process goes as smoothly as possible.

1. Decide what commercial truck or trucks fit the needs of your business. Do you need more than one type of used commercial truck for your business needs? Are you looking to purchase several of the same type of used commercial truck for your operation needs? Every business has different needs, and you may have to prioritize which used commercial trucks to purchase right away vs. those to save the purchase of for a later date. Setting this priority will assure that you don’t spend needless time researching vehicles that you end up not purchasing.
2. When choosing the type and number of used commercial trucks you plan to purchase, make sure you complete several calculations to make sure that you have the monthly cash flow to satisfy the actual costs of commercial truck ownership. This includes tax, insurance, monthly payments and fees, gas, repairs, upkeep, and maintenance, etc.
3. Find out how much commercial truck loan you qualify for based on your credit, years in business, previous paid off loans, and tax history. This in addition to your available capital and down payment will determine the purchase price range for a used commercial truck. Knowing your price range ahead of time will prevent you from investing in researching vehicles outside of your price range.
4. One of the benefits of used commercial trucks is they can be purchased in like new condition at a great value. Due to the high cost of gas, there are many used commercial trucks to choose from and if you take your time researching sales prices and comparison shopping, you may be able to negotiate a lower price. Keep in mind that just because a used commercial truck might not have all the latest add-ons, it can still be a reliable vehicle for your business needs.
5. Before you agree on a sales price make sure to inspect the vehicle that you are thinking of purchasing. Take it to a reputable mechanic that has experience working with used commercial trucks. If there are costly repairs or maintenance needed, or if the vehicle has had a history of repairs, you may not want to purchase that vehicle, or you may decide to get a print out of the report to negotiate a lower sales price.
6. Research used commercial truck lenders to find the best one for your business in terms of loan rates, terms, incentives, and lending options. The better your credit, the better your ability to negotiate excellent terms.
7. Have your down payment available and clear for deposit or transfer.
8. Assemble all the loan documents necessary for the lender such as driver’s license, tax returns, banks statements, credit report, business records, etc.
9. Review and sign all documents in a timely manner. Maintain good communication with the lender.
10. Enjoy your new used commercial truck!

This post is shared by TrucklendersUSA, which is a 30 years experienced commercial vehicle financing company offers heavy equipment financing, semi truck financing, used truck financing and more.