Semi Truck Financing: A Beginner's Guide

So, you've decided to become your own trucking owner/operator. That's great! Your next step is likely buying your own rig. Keep watching to find out how to get one using semi truck financing!

A DIFFERENT FINANCING

Semi truck financing is not a car loan, and you have to put in some research first. This research should include the payments you can afford, what you can put down, the type of truck you want, and who can finance it all. Likewise, ground your expectations as you can't always predict your interest rate.

CREDIT SCORE WORRIES

Credit scores are not the only factors financiers look at. When a financier considers you for a loan they may also look at how long you've been in business and the truck you're considering. They'll also consider your current earnings and cash flow, and your business plan. This isn't to say that credit scores don't matter. But your credit history won't stop from you from getting financing. Your semi truck financier will look into other aspects of your business to assess the loan. \

CONSIDER LEASING

Leasing can help you build your credit and build a relationship with a reputable lender. As you show good financial responsibility, you'll find better access to financing options and terms! When you're ready to finance a truck instead of the lease you'll already know who to finance with. And they'll already know you, meaning they'll be able to craft a financing plan that works with you and your budget.

MAKE IT OFFICIAL

If you're just starting out you need to register your business ASAP. First, it gets you set up as a business entity, and second, it shows you mean business. Financiers and banks want to work with businesses. If you come in as a person instead of a business they'll assume you're not serious.

WORK WITH FINANCIERS

One of the best things you can do to ensure financing is to work with truck financiers. Why? Because they will know the industry and its risks. No one is saying you can't finance with a bank. If you know your bank will finance you at rates you can afford, great! But most banks won't. All banks want is a reason to say no. If they can find any reason to decide against your loan or financing, they'll do it. That's why you have to work with financiers who know semi trucks. Not only are they more willing to finance new businesses, they know the risks. So when they look at the financing you want they'll be able to craft a plan that works for you.

DON'T RUSH

Take the time to let all your research sink in. You might realize that there are certain options you can't live without. Or you may realize you can make do with less. If after a few days what you had hasn't changed, you can charge ahead.

The best way to know what type of semi truck financing you can expect is to speak with the financial experts at First Capital Business Finance. It just takes a few minutes to get pre-qualified over the phone! Simply call us at 888-825-1669 or click below to finance your future. And if you enjoyed this video, give it a like, leave a comment, and subscribe!

Call us and get pre-qualified for your semi-truck financing!
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