How to get Heavy Truck Financing

Employment - Have a job or contracts. To a lender, regardless of how much money you have in the bank, employment or contracts is the key to cash flow. They view a steady income source as the key to getting paid back. In fact, if you do not have a job or contracts, your application will not even be processed.

 

Credit - Know your score and fix it if it is bad. Many people ask if we can help them qualify even though they have poor credit or they have been denied in the past. It really comes down to one thing: did you fix it yet? If not, then the answer may very well be a no. Credit scores fluctuate. Any positive interaction you have will raise it while any negative interaction will lower it. This score stays with you, so if you messed up in the past, you need to contact the bureaus and prove to them that you have cleared up any issues. Doing this - essentially fixing your credit - will make it so you qualify for more money at lower rates.

 

Options - Know them and be flexible. When it comes to heavy truck financing, you could select to outright buy a vehicle if you have the cash. If you don't have the cash you could opt for either heavy duty truck loans or heavy duty truck leasing. A loan would enable you to purchase the truck, this will require a large down payment and your rig will depreciate as it is "owned". If, instead, you opt to go for heavy truck leasing, you would pay a smaller down payment and be able to write off the cost of the truck as an expense. Weigh your options carefully and let your cash flow be your guide. Don't select an option you cannot afford in the off season.