Freightliner commercial trucks are known for years of reliability and fuel efficiency. For high quality, choose from a large supply of vehicles offered at different rates. There are several financing options available to help you invest in your used Freightliner truck. Check out the following five tips designed to help you finance a used Freightliner truck.
1. Truck Dealers
Freightliner truck dealers give various financing options to their customers. They provide long-term leasing programs and credit advances to those who cannot make full payments. Customers can make low down payments and choose from different insurance options.
2. Business Loan
Through a small business loan, buy used vehicles and equipment. There are specialized loans available to women, minorities and small business owners. The two main types of loans are secured and unsecured. Secured loans require collateral from the borrower, which protects the lender. Unsecured loans require no collateral and include higher interest rates. Some borrowers use a lien on their property as a form of collateral.
There is a long list of factors to consider as you look for business loans. Finding the right, affordable interest rate is the most important step. First, see if you meet the qualifications before you show interest in a lender.
3. Truck Loan Financing
Truck financing companies have loans available to truck companies. Find a wide range of interest rates and flexible repayment options. Some short- and long-term loans include extensions. Comparison websites help you to browse through the many selections of truck financing companies.
4. Merchant Cash Advances
A merchant cash advance is a full payment given to your business. As collateral, you have to guarantee a certain percentage of credit card sales. The repayment terms are usually short compared to longer terms for business loans. However, these advances are not loans and the companies can charge very high interest rates.
5. Invoice Factoring
Invoice factoring is an option for companies that do not qualify for loans. In factoring, the company sells its unpaid invoices at discounts. Receive immediate cash back for the sales that you’ve made in the past.
Freightliner is a line of trucks that is worth an expensive investment. You need financing options that suit your company’s budget and provide flexible repayment terms. First, make sure you qualify for the loan or have access to alternative options. In the end, know your options and receive the money you need for a fleet of quality trucks.