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Financing for a Commercial Truck

The trucking and shipping industry is continuing to grow in demand and could be a great industry for someone to enter.  If you are looking to buy your first truck and go into the industry, buying the truck can seem difficult due to the expensive price tag.  Fortunately, through the use of financing, you are more likely to be able to buy the truck.  

Advantages of Financing

There are many advantages that come with financing the truck.  When you finance a truck, you will be able to purchase it while only putting a certain percentage of the purchase down at close.  This allows you to either enter the industry with less personal capital or use your money to invest elsewhere.  Furthermore, interest rates for qualified borrowers today are very low, which can make now a great time to finance a truck.

Qualifications

While financing a truck can be a great option, you will have to qualify with the lender.  Similar to other types of lenders, truck financing providers will want to see that you have some form a down payment, have an acceptable personal credit score, and have a business plan in place.  Meeting these requirements will help to ensure that you are approved for the loan and get the best financing possible.  

What to Expect

When you are in need of a commercial truck the application process can normally be completed pretty quickly.  Once the application is in, you will likely spend more time with a lender discussing your financing needs and application.  In many situations, you will be able to receive approval quickly, which will allow you to move forward with the purchase.  



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2018