Financing For Semi Truck Sleepers: How To Find The Best Deal

Tuesday, February 14, 2017

If you're in the market for one or more used semi trucks for sale, you're probably worrying about how to find the best deal. Some vehicles, such as Mack pickup trucks, can cost at least a hundred thousand dollars when new, which leads more and more drivers looking into used ones. Very few companies, and even fewer independent drivers, have the money necessary to pay for new or used semi truck sleepers in full, which is where financing comes in handy. If you're interested in financing used trucks, learn how to find the best deal possible.
Financing Semi Truck Sleepers Through A Local Bank
One of the first places drivers go to discuss finance options is their local bank. While these banks are good for home mortgages and checking accounts, they might not be the best place to look when you're purchasing a used semi trucks for sale. A local bank won't know how Mack pickup trucks are different than Peterbilt trucks and may not be able to gauge if you're getting a good deal, which means you'll need to be extra vigilant when shopping.
Getting A Loan Through A Dealer
This is one of the easiest ways to finance your vehicle. Going through a dealership means that you'll get to personally meet with people who are handling your loan. One major benefit of this is that you'll be seen as a person, not just an account number. You'll be judged on more than just your credit score, which is a big benefit if your credit is less than stellar.
Look for a dealer that offers great rates and flexible terms. Because dealers have the unique experience that comes with working in the trucking industry, some may even offer payment structures that allow drivers to skip payments during slower seasons. If you're looking for used semi trucks for sale, look for a dealership that offers competitive rates on used vehicles. These rates can sometimes be higher, but if you find the right dealership, it's possible to find some that match the rates of a new truck.
Go Directly To The Manufacturer
Some manufacturers offer financing, but these deals are usually only available on new vehicles, not used semi trucks for sale. This is fine if you're intending to purchase something new, but many newer drivers (and even established ones) can't afford to finance a brand new vehicle. Manufacturer financing and new vehicles can sometimes be prohibitively expensive for companies or drivers when they're just starting out.
Finding the best deal for semi truck sleepers is vital, whether you're just starting out or you've been driving for a while. However, if you're not sure where to look, it can be hard to get the best financing rates. Before you commit to financing terms, call your local bank and some dealerships to get an idea of the type of rate you can get. Your truck is your livelihood so make sure you're not overpaying each month when the payment is due.

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