Semi trucks, tractor semi trailer, used tractor trailer are for sale with special dealer lending and leasing.. In this economy, start up and seasoned businesses have the opportunity to obtain coventional financing or secondary off lease and repo leasing
In this unsteady economy, countless financial institutions have limited finances ear marked for tractor sleepers, big rig trucks and over the road trucks. Some lenders have left this trucking market and have decided to utilize their monies in distinct more stable markets. In this recession, many semi truck and trailer lenders have simply gone out of business.
The start up and seasoned business looking to enter this trucking market have run into a road block in this conventional truck lending arena. In the current economy, countless semi tractor lenders will compel that that the applicant exceed a personal credit score that exceeds 650. Even though the credit score of 650 may be reachable, this is only the first of many hurdles the applicant will try to conquer. The down payment on the banking side could be anywhere from 10-30% depending upon your credit and time in business history. The personal and business credit will be scrunitized beyond the credit score and past bank repossessions, tax liens, child support, and judgments will be factored in by the lenders.
Countless truck applicants have become fatigued with the requirements by the conventional lenders. Rejection after Denial has irritated the applicants and the down payment money and all the lenders otherneeds. have made the big rig truck applcant look for other solutions.
Due to this decline, numerous lenders have been over run with all the semi trucks returned due to repossessions and off lease returns. These financial institutions have thousands of off lease and repo trucks on their books and must recondition them and resale or re-lease them promptly.
An off lease big rig truck has been returned to the bank as the lease has termnated. The lessee has made a judgment to return the big rig truck in lieu of exercising the buyout option. A repo has arisen due to a default of the lessee for non payment terms or a violation of the terms of the lease.
The financing programs that be present today in this secondary market target want minimum credit scores in the mid 500s. Furthermore, these programs require minimum down payments and less rigorous paperwork requirements.
In this seconday banking market for truck sales, the start up and seasoned business must select a tractor trailer out of the dealers inventory.
Additionally, some tractor trailer dealers are presenting semi trucks with no credit check requirements. This is a great financing program for the company driver or the unemployed driver looking for financial security. These dealers are more interested in your down payment and your driving history than your past credit.
Each financing, lending program for these semi trucks are similar, however different. The buyout clauses to take title are accessible in these programs but one should understand them fully in conjunction with the other parts of the leasing arrangement
The conventional and secondary market lending programs are accessible to the following manufacturers.
Kenworth, Peterbilt, Mack, Freightliner, Internationals, Sterling, and Volvo
In conclusion, start up and seasoned businesses have an opportunity for conventional financing if their personal credit and other factors permit. If conventional leasing isn't accessible, then the secondary market is a great opportunity for the truck driver to acquire a semi truck
Happy hunting for your tractor trailer, new or used, and its related banking and leasing.