If you're a truck driver and are looking to become an owner-operator, the first thing you'll need is your own truck. Having your own truck increases your independence quite a bit, as well as giving you more control over your income. However, you may find that getting financing for a semi truck is a bit different than financing a passenger vehicle, and you could be having some trouble convincing finance companies to loan you the money. Use this information to learn more about two tips that can help make it easier for you to get financing for your next semi truck.
Have Verifiable Cash Reserves
The first thing you want to do when you're looking to get financing for a semi truck is have verifiable cash reserves. This point can't be stressed enough, since it can make all of the difference in determining whether or not a lender is willing to take a chance on loaning you the funds.
Cash reserves should go over and above any down payment that you have. Lenders need to see that even after you have supplied a down payment, you still have money in reserves that you can use for repairs and maintenance. Semi trucks are frequently used for long haul traveling, and this can quickly put wear on the truck. If you don't have money in reserves and your truck malfunctions, you may elect to stop paying for the truck since you can't make money off of it while it's in disrepair.
Start putting money into a checking or savings account so that you can easily produce a statement which shows that you have money in reserves if the lender asks for proof.
Go Through A Dealer
Another tip that can help increase the chance that you'll receiving financing is to go through a dealer. Some lending companies are hesitant to extend loans to people looking to get a semi from a private party because there just may not be enough information about the current condition of the truck or its maintenance history. If you get your truck through a dealer, the records may be easier to obtain, and there may also be some form of warranty in place.
Getting financing for the semi truck that you need doesn't have to be difficult if you know what to do. Start using these tips right away so you can finance your next semi as soon as possible. For more information, visit sites like http://www.arrowtruck.com/.