Semi trucks, tractor semi trailer, used tractor trailer are for sale with special dealer lending and leasing.. In this financial system, start up and seasoned businesses have the opportunity to acquire conventional leasing or secondary off lease and repossessed lending.
In this volatile economy, countless lenders have restricted funds ear marked for tractor trailers, sleeper trucks and over the road trucks. Some banks have left this trucking market and have decided to utilize their monies in different more established 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 existing economy, numerous semi tractor lenders will compel that that the candidate exceed a personal credit score that exceeds 650. Even though the credit score of 650 may be accessible, this is only the first of countless hurdles the applicant will try to conquer. The down payment on the lending 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 banks.
Many truck applicants have become fatigued with the wants by the conventional lenders. Rejection after Rejection has irritated the applicants and the front funds and all the lenders other requirements have made the over the road applicant look for other alternatives.
Due to this recession, numerous lenders have been over run with all the tractor sleepers 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 fast.
An off lease tractor semi has been returned to the bank as the lease has terminated. The lessee has made a choice to return the big rig truck in lieu of exercising the buyout option. A repossession has arisen due to a default of the lessee for non payment terms or a violation of the provisions 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 rigid paperwork requirements.
In this secondary lending market for truck sales, the start up and experienced business must go for a over the road out of the dealers inventory.
Furthermore, some over the road dealers are offering tractor sleepers with no credit check requirements. This is a huge leasing program for the company driver or the unemployed driver looking for financial security. These dealers are more concerned in your down payment and your driving history than your former credit.
Each financing, lending program for these big rig trucks are alike, however different. The buyout clauses to obtain title are accessible in these programs but one should comprehend them fully in conjunction with the other parts of the leasing deal
The conventional and secondary market financing 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 financing isn't available, then the secondary market is a huge opportunity for the truck driver to acquire a semi truck
Happy hunting for your tractor trailer, new or used, and its related financing and leasing.