We get it. This blog is filled with ideas to give you an idea for life on the road as a trucker. One of our friends in truck financing came across an unique twist — could we help people who are considering actually considering buying a small to medium size truck? We decided to give it a shot! Here’s a first of a series — specialty truck financing – thanks to our friends at On Specialty Truck Finance.
Buying a Box Truck
When you’re looking to get a box truck, you’ll surely be wondering about how to obtain the financing for the truck, and whether you should buy or lease the box truck. In this guide, we’ll assume you’ve made your choice in wanting to buy a box truck with a loan. If you’re looking to buy a truck with box truck loan, this guide is for you!
In this guide, we will cover:
What to Think About With Box Truck Loans
What to Consider With Box Truck Lenders
We will assume at this point that you have identified the type of box truck you want to buy, and are ready to learn more about getting a loan for your box truck. To get a box truck loan, keep in mind that several factors will be considered in your loan application, including:
Your credit history
Your revenue (in the business)
Other factors (eg assets for collateral)
With these factors in mind, let’s dig into the process to get a box truck loan.
Box Truck Loan Down Payment
Oftentimes when applying for a loan, you will be asked to provide a down payment. Though the down payment varies, usually a financier will want to see some amount put down on your end to know you’re serious. Since there are many loan types available, we won’t get into the details for down payments, but it should be a consideration when you are considering the mechanics for getting a box truck loan.
Box Truck Loan Interest Rates
As it often does in the finance world, interest rates for box truck loans depends on a variety of circumstances. Wouldn’t it be great if there was just a standard rate? Depending on the type of loan you choose, you will want to consider the interest rate when getting a loan for your box truck.
Box Truck Loan Lenders
Okay, in case you weren’t already aware: all box truck lenders are not the same. You can do a search online to do your own research, but lenders come in a variety of flavors. Some lenders provide favorable rates, while others won’t. Some lenders specialize in providing loans for commercial trucks and equipment, while others just enter into the business because they want to expand their offering. You will have to sift through all of this if you do your thorough research to find the lender for you. All we ask is that you give us a chance to let you know why we might be the perfect lender for your new box truck!
Securing a loan for your box truck is very important for acquiring your box truck and putting it into operation, but you want to ensure that you’re going about it in the right way. If you have determined that applying for box truck loan is the right move for you, we look forward to reviewing your application and providing you with a fair deal. Get in touch to speak with a qualified box truck loan specialist today!