Semi-Truck Financing Programs and You
Semi-truck financing programs are a quick and easy way to get a hold of a new or slightly used truck for your business. It eliminates the need to either buy the truck outright, and doesn’t require giving up any equity. All the same, you may be wondering if this kind of borrowing program is right for you.
Here are the big questions you should be asking yourself when considering whether a semi-truck financing program is the way to go, or if you would be better off leasing or buying.
What kind of commercial vehicle do you need?
As you might expect, semi-truck financing programs are perfect for your most common commercial vehicles, but not for all. This type of financing is most commonly used to fund the acquisition of heavy duty tractor trailers, medium duty commercial trucks, box trucks, tow trucks, dump trucks, PTO and blowers, as well as a wide range of flatbed, tanker, hazmat, modal, oversize, and other truck trailer combos. For heavy equipment, or construction equipment, we recommend other types of loans and leases.
How long do you need the truck for?
If the answer here is anything less than 2 years you’ll probably want to consider a lease option, a business loan, or if you have the cash, buying new or used. These commercial vehicle loans typically run between 2-5 years, depending on your needs.
What is your role and interest in a Semi-Truck Financing Program?
While a semi-truck financing program might be perfect for some, but not for everyone. We tend to find that this type of commercial truck acquisition is a good match for owner operators, start-up companies, established transportation and logistics companies, as well as private parties, vendors, and even dealers.
Why do you need a commercial vehicle?
Whether you want to make your start in the transportation industry, diversify your business, grow your fleet, or simply replace an outdated vehicle, this kind of commercial vehicle loan can put you at a competitive advantage. Our commercial vehicle loan specialists will help you determine the best kind of acquisition for your business.
Can you afford it?
As you might expect, getting easy access to a new or slightly used commercial vehicle comes at a cost. In addition to making the monthly payment, you’ll also need a 1-2 month down payment, plus proof that you can afford the insurance, fuel, maintenance, road taxes, tolls, and all the other expenses associated with running your new truck at enough profit to pay for the vehicle.
Your Semi-Truck Financing Loan Experts
First Capital Business Finance serves a wide range of owner-operators, fleets, distributors, and logistics companies across the United States. We offer a variety of semi-truck financing loan programs. Our team of high qualified experts are ready to serve you and your company. We can help determine the best way to get you the commercial vehicle you need to expand and grow your business and profits.
How to Know if Semi-Truck Financing Programs are Right for You | First Capital Business Finance