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Why Should You Consider Financing Options for Buying a Used Truck?

In your trucking industry, it is needless to say that your truck is the most important asset of your business. However, trucking equipment doesn't come cheap. There are many factors to consider that include tax strategy, corporate accounting, and vehicle replacement cycles. However, armed with proper vehicle financing, you can relieve this burden to a great extent.

The Benefits of Financing:

The financing option offers a lot of ownership benefits available under the cash purchase option. It allows for easy negotiations for the monthly payments that remain in line with your revenues and cash flows.

Cashflow Benefits:

With financing, you can save the cash in hand by a huge margin. After an initial payment of nearly 20% of the total cost, you will need to pay smaller monthly installments over the agreed time period. The payments are spread over a long time and it gives you a leeway to manage your finances accordingly.

Tax Benefits:

If you acquire your big rig through a financing option, your vehicle will be classified as an asset and you can claim tax relief on the interest charged on it.

The Types of Financing:

To avail these benefits, it is important to find the best deal for your money. The options include:

Installment Leasing

It is a traditional form of financing using a lease contract. The ownership transfers to the user at the end of the contract period.

Title Ownership:

Title loans are offered to the owner-operators who need finance for repairs, taxes, and charges incurred on an owned vehicle.

Lease to Own:

Similar to traditional lease but it requires higher down payment, high monthly installments, and a pre-defined term.

You should carefully check the lease contract for making the right selection of finance. We offer comprehensive solutions in this regard. You can contact us for our efficient and prompt services with proper guidance.