Commercial Truck Financing Rates

The Facts about Commercial Truck Financing Rates

Interest rates for loans have never been lower than they are right now. While financing is difficult to acquire in many cases, because banks have made it more difficult for borrowers to gain approval for their loan applications, if you can get a lender to say “yes,” you are assured a great and very affordable interest rate.

In fact, interest rates for cars, homes, major appliances and other big ticket items are literally “rock bottom” these days. But, as I already mentioned, money is “tight.” It’s available, but in this shaky economic climate, you need a superlative credit rating to get the financing.

Truck Financing RatesThat’s true for normal consumer purchases. It’s less true, however, for those seeking financing for a Commercial Truck. The reason why that is so will soon become obvious. Actually, lenders are much more willing to provide financing for purchasers of commercial trucks than they are for consumers looking to buy cars or even homes. That’s because the lenders know that Commercial Trucks are valuable as collateral once the loan has been approved and consummated.

If the borrower – you, for example – defaults on the loan, the lender still has the Commercial Truck and will be able to recover most, if not all, of the financing provided by selling the vehicle. So … if you’re interested in acquiring a Commercial Truck, you need to know that you have a better chance of doing so than if you were looking to buy a family car.

Of course, even though financing is more readily available to you than it is to an average consumer looking to make a purchase of a non-commercial item, you still will benefit greatly if your credit rating is good or, of course, excellent.

Obviously, the more creditworthy you are, the less you will be asked to pay in interest for your purchase of a Commercial Truck. And, these days, that means you will pay very, very little … a shockingly low interest rate, perhaps the lowest that has been available in many decades.

And, while your creditworthiness is important, you may be able to get an even better Commercial Truck Financing Interest Rate if you elect to buy used, not new … and plunk down a larger initial payment. It’s true … a large down payment on a previously-owned Commercial Truck will result in a smaller loan … more modest monthly payments … and, best of all, an even lower interest rate.

With so many benefits available to you, it probably makes good sense to use the strategy outlined here when you start shopping for a Commercial Truck. Look for a used vehicle. The continuing economic downturn has hurt many truckers and their perfectly good and, in many cases, near-new trucks are available for sale – often at bargain prices.

Purchase one of these used Commercial Trucks and use the money you save by not buying a new truck to increase your down payment. If your credit is good, the lender you choose will reward you with a strikingly low and very affordable interest rate.

You’ll save money … lots of it.