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Don't Let These Things Prevent You From Getting Semi-Truck Financing

A large majority of goods in the United States are being transported daily be semi-truck drivers. Out of all the semi-trucks we see on the highway every day, over 350,000 of those drivers are owner-operators. You may think that the only option owner-operators have is to purchase their own new truck, but we all know that purchasing a truck can be quite expensive, especially when you are new to the industry. Semi-truck financing is a popular option for many owner-operators and transportation companies of a smaller size. 

When one is ready to apply for a loan to finance a semi-truck, there are several bases that you will need to cover before you reach the end, including the following:

  • Determine if you will be eligible for a loan based on the requirements set by the financing company

 

  • Have all the appropriate documentation so you will have a smooth process. Having all the appropriate information will also signal to the provider that you are serious about making a purchase

 

  • Determine what type of truck you will need to transport the goods you plan to haul. When you find the right truck, you should not hesitate to open up negotiations or ask for a quote of the truck

We know there are several more steps that you will need to take before you get a semi-truck through financing and it is important that you pay attention to all the details, even if you may think those details are small. The details you think are small can be the details that will stop you from actually getting approved. If you make one mistake during this process, it could be the difference between being approved or denied.

There are many things that could stop someone from receiving semi-truck financing, including the following:

  • Not having an approved credit score
  • Not having a high cash flow
  • Purchasing a truck from a party that is unknown by the loan provider
  • Purchasing an older truck

When you are ready to apply for semi-truck financing, we encourage you to find a dealer who is familiar with the industry. You can obtain many benefits by partnering with a dealer like Robertson Truck Sales that understands equipment financing when it comes to trucking. Call us today at 740-397-4969 for more information on our financing options.


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