4 smart ways you can finance your new truck rig

Posted on Thursday, February 15, 2018 - 15:08

If there is one thing you can rest assured of this year is finding the right truck finance that will get your fleet off the ground. Whether you are looking to buy just one truck to kick start your business or extending your fleet there are four ways that you can makes sure that you finance your new truck rig without burning holes in your pocket.

Do you really need to increase your fleet?

When looking to buy a new truck to increase your fleet you will have to look at whether you can financial support the increase. Reducing the number of vehicles in your fleet is sometimes the best thing that you can do for your business as it will prove to be more financially sustainable without the additional costs that come to maintaining each truck.

You can use the help of a financial advisor who will be able to help you evaluate if you need the additional wheels and possible blind spots you overlooked.

Buy what you need and can afford

Financing a truck is no joke. If you are looking for all the bells and whistles you will have to ask if you really need it. You will have to measure the truck against the usage and needs of your business or else it will become a financial burden.

When applying for a truck loan you will have to compare to get the best quote. There are various loans that you can apply for even if you have bad credit. The variable rates range from 4.14% to 7.81%. You should be aware of loans that say 0% interest rate, because these usually peak to a higher interest rate after a set period of time.

However, looking at the features of your loan is important. Apply for a loan that takes your tax, cash flow and business requirements into consideration.

Know when is the right time to finance your rig

Timing your purchases can make a huge difference in locking in the best deal that will help you save. The best time to buy a truck is usually late in the year. There is a risk that when buying your truck at the beginning of the business year you could be giving up the opportunity to writer off too soon.

This will also work perfectly if you time when you opt to find a loan as many lenders offer brilliant deals for new applicants towards the end and beginning of a year.

Get a lender who knows the business

A lender who knows the type of business you run will understand what type of loan will work perfectly to finance your new rig. Choose a lender who gets the vision of your business and will want to help you succeed with a loan that doesn’t drag your business down.

Ask your lender if they offer flexible repayment plans that will understands when your business hits financial hardships.

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