There may come a time when you want to purchase a new semi-truck for your business. When this time comes, you must take your time with the decision. The truck you buy, and the terms under which you purchase it, will have a major impact on your business. There are several steps involved with commercial truck financing, and you’ll want to give your attention to each one to ensure you end up with the best possible truck at the right price. Below, we’ll outline the five steps you should follow the next time you want to choose in-house semi truck financing for a new semi-truck for your business.
Research Lenders for In-house Semi Truck Financing
The first thing to do is spend some time researching potential lenders. A lender is an organization that will provide you with the funds for your semi-truck and who you will need to pay back over time. It’s important that you choose the right commercial in-house semi truck financing lender, as you’ll have a relationship with them for years to come. In addition, the right lender will provide you with favorable loan terms, which makes affording your truck a lot easier. When looking for a provider of in-house semi-truck financing, consider not only their loan rates but their history of previous customer satisfaction.Determine Your Eligibility
The next thing you’ll want to determine is whether you are eligible for a semi-truck loan. The factors that determine your eligibility vary from lender to lender, which is why it’s a good idea to research potential lenders before you get to this stage. That way, you can discuss with the specific lender what eligibility requirements they have. Some common eligibility requirements you may come across include:- A down payment
- The age of the truck you want to buy
- The number of miles on the truck you want to buy
- Your credit score
- How long you’ve had a CDL
Find Out What Documents You Need
Next, you’ll need to start rounding up essential documents. Again, these documents depending on the specific lender with which you’re working. However, there are some documents you’ll likely need regardless of provider, such as:- A copy of your CDL
- Application
- An invoice with specs of the truck or web link showing the details