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Advantages to Financing Your Heavy Truck Purchase

The dream of many a heavy truck driver is to achieve owner-operator status. On long hauls, your rig is your home away from home, and when it's your truck, it's your home. Unfortunately, the price of being an owner-operator is a bit cost-prohibitive for some. The price of semi-trucks can range anywhere from $40,000 for a used day cab, to upwards of $200,000 for a sleeper with all the bells and whistles. Luckily, with proper financing, you can easily make your dream a reality.

In a nutshell, financing allows you to break down the cost of your truck into nice, bite-sized payments you can make over time. Looking to get your hands on a sleeper with food storage and an on-board toilet, but can't shell out $150,000 for it? Financing will make it possible.

When you finance, you'll choose from several options that make repaying your loan easier. For example:

  • Fixed Interest Rates - Interest rates that remain steady throughout the term of your loan.
  • Floating Interest Rates - Interest rates that fluctuate are beneficial if your income tends to ebb and flow throughout the year.
  • Seasonal Payment Structures - Busier in the summer than you are in the winter? If so, seasonal payment structures are a godsend. They allow you to pay more when you're earning more, and pay less when you're earning less.
  • Refinancing Options - If your credit is better a few years into your loan, you can opt to refinance and get a better interest rate - saving you money in the long run.
  • Tax Advantages - In most, if not all cases, you can write off your payments as a business expense on your taxes; significantly reducing your taxable income for the year. 

Aside from the flexibility that financing provides, it allows you to invest far sooner than if you tried to pay with cash. Additionally, financing expands the options available when you're shopping around. If you would like any additional information regarding financing, please feel free to call us at 740-397-4969. We'd be happy to go over it with you.