5 Ways to Finance a Used Semi Truck

There are several different options available when it comes to the financial structure of commercial truck financing. If you are looking to finance a used semi truck, there are a few things that you should be aware of. One of the things you should know is that you should take good care of your credit. When your credit score is good, you will so much more flexibility and many more choices as to the structure of your financial agreement. The lower your credit score, the fewer and fewer options you will available to you. Commercial truck financing pretty much breaks down into two forms ? a loan or a lease.? A commercial truck loan generally requires a down payment of anywhere from 10%-20% and could be more if your credit is really bad. One of the ways that you could finance a used semi truck if you?re lucky enough, is to get a commercial truck loan with 100% financing. Of course, in order to do this, your credit score needs to be superior and you should realize that your monthly payments will be higher if you put nothing down towards the purchase of the truck. Another way that you can finance a used semi truck is to obtain a commercial loan by putting down 15%-20% of the total sales price. This is usually a more feasible option for those people whose credit score is in the average-to-good range. Yet another option with several different avenues of financing is a commercial truck lease. A commercial truck lease often times does not require a down payment upfront, instead, it may require the first and last month?s payments to be made upfront. Alternatively, if you wish to keep your monthly payment low, you can obtain a commercial truck lease with a substantial residual at the end of the term. The last and final way to finance a used semi truck is a ?lease-purchase? option. This is a fantastic option for many truck owners. A lease-purchase works just as a standard commercial truck lease does throughout its term. You can put money down if you want, or if required by the leasing company due to your credit score, or you can put down only the first and last month?s payments. ?The best part of a lease-purchase is the residual at the end of the lease term. Instead of paying a residual of thousands of dollars, most times the residual at the end of a lease purchase is only $1. There are many different ways to buy a used semi truck by using commercial truck financing. Speak with a commercial truck lender today to find which option is the best for you and your business.

Source: http://trucklenders-trucklendersusa.blogspot.com/2012/09/5-ways-to-finance-used-semi-truck.html

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