5 Tips to Simplify the Process of Semi Truck Financing

Semi trucks aren’t cheap, which means that many fleet owners and independent contractors alike can’t afford to buy one outright without some assistance. This is especially true if you’re opening a fledgling business and you haven’t yet begun to turn profits. Fortunately, a solution exists in the form of financing. You can use financing to help you obtain the semi truck you need at a cost you can afford.

But how does financing work? Tri-County Truck & Equipment is your Florida semi truck dealer, located in Pompano Beach. Here are some tips and tricks to make the process of financing your semi truck a little bit easier.

1. Save Up a Bigger Down Payment

If you can, try to save up at least 10% of the cost of the semi truck you wish to purchase before you buy it. Many places will require you to put up a down payment anyway, and the larger the amount of money you can pay up-front, the less you’ll need for a loan. Lenders are much more likely to approve a loan if you can provide equity in the form of a larger payment at the time of purchase. Good credit is always nice, but a hefty down payment will help you with your financing needs.

2. Find Someone to Cosign Your Loan

Any potential semi truck buyer who doesn’t have a credit score that’s as high as they might like it to be can find a cosigner with a Commercial Driver’s License (CDL) with good credit. You need to use someone with credentials like this as a cosigner, as lenders are less likely to approve you for a loan with a random cosigner. A good cosigner will help to boost the chances that your application for a loan is approved.

3. Always Read the Fine Print

You don’t want to sign a financing agreement without having read the entire thing, dry as it may be. Know who is going to hold the title of your purchased semi truck as you pay off your loan and when the title will be transferred to your name. If you fail to read the fine print, you may find yourself to be swindled, as it’s entirely possible that your contract says nothing about your actual ownership of the semi truck.

4. Find Additional Collateral

An experienced semi truck loan lender will probably accept other types of collateral up-front instead of just money. If you have another vehicle or big-ticket item that you can use as collateral, this can help you to get your loan approved. This is a good way to deal with less-than-stellar credit scores and having no equity when you’re trying to obtain a loan for a semi truck.

5. Choose a Reputable Dealer

It’s always smart to purchase your semi truck from a local dealer you can rely upon, like Tri-County Truck & Equipment. Our dealership is licensed and accountable, and we want to help you in any way we can with the truck-buying process. Avoid dubious secondhand sellers you found online or in a newspaper; any operation that isn’t established in the community could be gone the next day after selling you a lemon of a truck.

We hope these tips help you to locate the semi truck loan you need. Ready to check out some semi trucks in Florida? Visit our dealership in Pompano Beach, FL, today to take a look at our wide stock of new and used semi trucks for sale. Tri-County Truck & Equipment proudly serves the city of Fort Lauderdale and the entire Tri-County area here in Florida.