Financing For Semi lorries, Over The Road Trucks, Big Rig Truck, Minimum credit score 525
Locating financing for Semi trucks, over the road wagons, and big rig lorries could be a major job. Today’s economy is all over the place and typical semi truck financing has dried up at many banks and / or lending institutions.
Because of a contracting economy, many banks have excess inventories on their books that they need to put back at streetlevel. These in-house inventories are non earnings-producing, therefore putting stress on the lender to make and agreement with the shopper. These deals can be found in the price, the financing or a mix of both.
An off lease commercial vehicle and / or construction apparatus has been returned to the bank as the lease has expired. The lessee has decided to return the item in lieu of excercising the buyout option. Either way, the bank has taken these wagons and / or equipment back and must now recondition the things and either sell these things or re-lease them.
Some lenders offering repos and off semi trucks in the repo market offer these trucks with the minimal credit score of 525. This gives the start up and / or seasoned business an opportunity to start and / or expand their fleet with blemished credit. This opportunity would have never existed in the past. Other lenders offer no credit check but are reference and revenue driven to make sure they have qualified a good applicant to take over one of their over the road trucks. The semi wagon financing in this paragraph doesn’t stop here, others lenders with good credit and time in business offer no down payments and up to 60 months to reimburse. This obviously gives the over the road wagon owner operator an unique chance to acquire semi van financing.
The types of semi lorries, over the road trucks, and big rigs we are speaking for financing are :
Peterbilt, Kenworth, Freightliner, Mack, global, Volvo
Remember the financing deals on reefer trailers, flatbed trailers, drop deck trailers and gooseneck trailers…This might include makers such as Wabash, Doonan, use, Wilson, Fontaine, Innovative, Great Dane and Vanguard
In conclusion, this is a buyers market for owner operator lorries, and trailers,. Check out all the deals in the market and ensure that you’ve got a stable income base to presume whatever debt that you may happen.
You can discover more about commercial used trucks and truck generator financing by visiting the author sites.