Work Truck Acquistion, Financiing and Leasing Update

                                                                                         

Locating financing and leasing for Work Trucks, such as semi trucks, dump trucks, construction trucks, boom trucks, car carriers, box trucks, concrete and cement trucks, day cabs, heavy duty trucks, logging trucks etc can be a acquisition and financing, leasing opportunity. Today’s economy is all over the place and conventional work truck financing and leasing has dried up at many banks and/or lending institutions. Work truck owners can seek and find special financing and leasing in the secondary markets where there are repos and off lease trucks to be secured for acquisition.

These acquisition deals and related financing are spread out from California to the East Coast and enables start up and seasoned owner operators an unique opportunity to acquire a work trucks, trailers and related items for little or possible no money down… Some dealerships are tied to local or regional banks for built financing on these trucks. The clearance of these work trucks and related trailers are paramount for these dealerships and banks to continue operations.

Some lenders offering repos and off work trucks in the repo market offer these trucks with a minimum credit score of 525. This gives the startup and/or seasoned business an opportunity to start and/or expand their fleet with bad credit. This opportunity would have never existed in the past. Other lenders offer no credit check but are reference and income driven to make sure they have qualified a good candidate to take over one of their over the work trucks.

The work truck financing and leasing doesn’t stop here, others lenders with good credit and time in business offer no down payments and up to 60 months to repay. This obviously gives the over the work truck owner operator an unique opportunity to acquire work truck financing. Other work truck financing. leasing programs start at 575 and the down payments can be anywhere from 6-10% down based upon the applicant and the specific work truck. In addition, if you are a cash buyer, there is large opportunity to acquire a work truck at a substantial discount….In today’s economy, we have even found reference driven lenders, credit reports aren’t considered as the main criteria for financing and leasing. Prior Bankruptcies can be a road block for many finance deals, however these lenders will look at them on a deal by deal basis and in most instances will not be a deal buster…All trucks are reconditioned and subject to your inspection prior to release….

The residual buyout clauses in these lenders can range from a $1.00 buyout to
15% residual buyout( Trac lease) So it is important to understand your buyout
Clauses and the effect on your particular deal..

The types of work trucks we are talking for financing and leasing are built by:

Peterbilt, Kenworth, Freightliner, Mack, International, Volvo. Sterling, Ford, GMC etc

Don’t forget the financing deals on reefer trailers, flatbed trailers, drop deck trailers and gooseneck trailers…This could include manufacturers such as Wabash, Doonan, Utility, Wilson, Fontaine, Innovative, Great Dane and Vanguard

In conclusion, this is a buyers market for owner operator trucks, and trailers, Check out all the deals in the market and make sure that you have a stable income base to assume whatever debt that you may occur.

Happy hunting for your acquisition and related work truck financing and leasing

About the author:
J.M Luna has over thirty years experience in the financing field. This includes accounting and taxes, leasing, hard asset money and commercial loans..
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