January 27th, 2012 
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Finding used truck financing is not always an easy task. New trucks are relatively easy to obtain truck loans for – however they actually represent only a small percentage of the truck bought and sold every year. If you’re having trouble wrapping your head around the concepts of truck finance or seem to be running up against dead ends as you’re looking for the ideal truck loan, check out our 5 top easy ways to get truck finance.
Truck Finance Brokers
These middlemen between yourself and the used truck seller have established relationships with a huge variety of lenders. Many of the lenders they have access to are not necessarily known for truck loans, nor are these loans there main source of income – so they are not advertised as truck financiers. Nevertheless, finance brokers have easy access to a lot of companies that you’ve probably heard of, but never know they would lend you cash for a truck!
The other major benefit of using a truck finance broker is the expert exploration of the different used truck financing types and options, which can easily become confusing.
Approach Lenders Directly
If you already know what type of loan will best suit your business model and financial situation, and you know of several lenders who offer used truck financing, you can approach the lenders directly to apply for a loan. Have the following handy:
• Your business tax returns
• Cash flow projections
• Work history and company director details
• Workflow projections showing how the truck will be used
• Independent asset valuation, if you need additional security other than the truck itself for your loan
• Your accountant’s cover letter on top of all of this!
In House Financing
This is a valid option for used truck financing through dealers – although it should not be your first option, as the interest rates tend to be higher and hidden extras are often rife in dealer financing. Dealers who either specialise in used trucks, or branded dealerships (like Volvo, Mercedes-Benz, etc.) who sell both new and used models of their own dealership’s truck, usually offer in-house finance options.
If you opt for in-house financing, use this as bargaining leverage when negotiating the price you’ll pay for your used truck. Point out that the dealership will also be making money from your truck loan repayments, so perhaps the price of the actual vehicle should come down!
Ask for Credit
Although not a usual option, if you’re buying the truck for an established business it is possible that private sellers will offer you in-store credit with no interest terms. Be prepared to offer them a down payment, and have your official credit history and scoring documents ready. Still, as the in-house credit option is only rarely offered, it pays to see if you can get a loan through a used truck financing broker as a backup option.
Save Your Pennies – Finance Yourself!
Perhaps the least complex method of used truck financing, as well as the cheapest, is to simply save the money to purchase your truck outright. Of course, you must also weigh up the fact that this can take a long time, and your profit-making potential will be limited in the meantime without that truck.
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