Commercial Truck Financing

Obtaining commercial truck financing is a lot easier due to flexible lending options for owner/operators who may not meet stringent prime lender requirements. Owning and operating an 18-wheeler, dump truck or other heavy duty construction vehicle can be expensive. Skyrocketing costs for diesel fuel alone can force some operators out of business. But thanks to borrower-friendly commercial lenders, big rig operators don't have to be left out in the cold when it comes to owning a specialty truck. Some big rig lenders specialize in putting people with less than perfect credit scores on the road using the vehicle as collateral with very little risk. Borrower default simply means that the vehicle is repossessed and the operator loses valuable business until the loan is paid. However, the goal of commercial truck lenders is to make it easy for owner/operators to finance and run big rigs and heavy duty vehicles to make money.

When it comes to commercial truck financing, owner/operators need the best 18-wheeler or heavy-duty truck available at the most affordable price. Manufacturers like Peterbilt, Mack, Kenworth, Freightliner, Volvo, and GMC offer new or pre-owned tractor-trailers, flatbeds, cargo vans, cement mixers, and dump trucks through dealerships across the country. Prices can range from under $35,000 for new heavy duty cargo vans to $65,000 for work horses, such as dump trucks, flat beds and cement mixers; and nearly a quarter of a million for 18-wheelers with high-tech computerized navigation systems, built-in showers, and sleeping quarters. A trucker's rig is not only his bread and butter, but also a home away from home. Long haul drivers typically log eleven- to fourteen-hour nonstop stints on stretches of highway from coast to coast each day; driving, sleeping, eating and showering on board fully-equipped "mini-motels" constructed from 80,000 pounds of precision-tuned steel on wheels! The United States depends heavily on these gladiators of the road and their vehicles to transport valuable goods and commodities across the country as part of an efficient system of interstate commerce. Just as a national network of truckers labor together to transport goods throughout America, so do men and women of God labor for the souls of men. "For we are labourers together with God: ye are Gods husbandry, ye are God's building" (1 Corinthians 3:9).

Owner/operators are willing to invest in top quality new or used vehicles which guarantee seamless, efficient trips on short or long hauls without breakdowns or delays on scheduled runs. The better the rig, the faster the trip; and a faster haul means more money in the bank for truckers who make a living on the road. Owner/operators usually get paid by the mile, anywhere from less than two dimes a mile or up to nearly 50 cents. But a faster, more efficient rig is a guarantee of shorter travel times and faster deliveries that can help drivers bring home the bacon. Lenders who specialize in commercial truck financing understand a trucker's need to keep overhead costs low in order to net larger profits on the road, at construction sites, or on service trips or deliveries. But a sluggish economy can be a formidable foe when applying for any type of business loan. If operators don't have pristine credit and an established company with long-term customers, finding sources for commercial truck financing through conventional lenders can be difficult. That's where flexible lenders come in handy. Some online financing firms offer easy applications and easier terms. Loans can be applied for and approved online without the hassle of haggling and getting turned down by banks and prime lending agencies. Web-based applications can usually receive same-day approval with flexible interest rates contingent upon a buyer's credit history. Excellent to good credit qualifies for lower interest rates than poor ratings.

Commercial truck financing for specialty vehicles and big rigs may be available for up to $250,000 without buyers submitting bank statements and financial reports; and most financing is for five years. Lenders prefer truckers and owner/operators to be at least 21 years of age and show proof of CDL licensing. Substantiated time on the road may be required in some cases as lenders will want to have some proof of an owner/operator's ability to make money on short- or long-haul contracts. Some truckers may consider leasing as opposed to commercial truck financing to purchase new or used vehicles. The advantages to leasing a heavy duty rig, construction, or service truck is that 100% of payments are tax deductible if the vehicle is used solely for business. At the end of the lease agreement, which is usually three to five years, truckers can opt for a buyout with easy payment terms; or elect to continue leasing another vehicle. Leasing also provides trucking company operators the option of building and maintaining a fleet of up-to-date trucks equipped with the latest computerized navigation systems and fuel efficient engines. Operating more modern trucks ensures greater savings in fuel, fewer maintenance and replacement costs, and a better bottom line.

Companies or individual operators seeking pricing on new or used 18-wheelers, dump trucks, cement mixers, or flat beds can go online and browse trucking websites. Some sites not only offer online applications, but also digital loan calculators for estimating payments. Individuals can get instant quotes based on the number of years requested for commercial truck financing and principal amount of the loan. Truckers may be able to digitally sign loan applications online; and once approved, monies can be electronically deposited in lien holder or borrower accounts. Transactions normally take within 24 to 48 hours. Truckers can then arrange for transport of purchased vehicles, which must be registered with the Department of Transportation in the owner's state of residence. With title and tag in hand, and flexible commercial truck financing completed, owner/operators are ready to hit the highway in search of the next opportunity to serve the American consumer and make a substantial living as one of the true kings of the road.

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