| When you're in the market for a new or used semi | | | | and trailer is going to depend a great deal on your |
| truck and trailer, you generally have the option of | | | | creditworthiness. If you're considered a high credit risk, |
| buying it right on the spot with a one-time cash | | | | your terms will usually be less favorable than if you are |
| payment, leasing it or financing it. Very few people | | | | considered a safe credit risk. Get a copy of your |
| have enough money available for an outright cash | | | | credit report from each of the three major credit |
| purchase, so most will either enter into a leasing or a | | | | reporting bureaus. They're free! Review each credit |
| financing arrangement. Leasing has its benefits, but if | | | | report carefully and should you notice any |
| you want to one day take ownership of your semi | | | | discrepancies, find out how to remedy them |
| truck and trailer, financing is probably going to be your | | | | immediately. Then spend a few dollars to find out your |
| best option. Remember, financing a semi truck and | | | | credit score. The higher the score (over 720 is the |
| trailer is very similar to financing an automobile. | | | | best), the less credit risk you are which means you |
| Keep the following in mind during your efforts at | | | | should be getting the most favorable rates of interest. |
| obtaining semi truck and trailer financing: | | | | Be ready with proof of insurance |
| Contact your bank first | | | | Regardless of where you obtain financing for your |
| You'll usually have the option to finance your semi | | | | semi truck and trailer, you will likely have to provide |
| truck and trailer right at the place of purchase. In doing | | | | proof of insurance. If you don't already have insurance |
| so, you're able to pick out your truck and drive it home | | | | on your truck, make sure you plan for this in your |
| the same day. However, you're not obligated to get | | | | budget. If you do, it should be easy to transfer and |
| financing on-site. And you may end up paying for this | | | | update your coverage. |
| convenience because on-site financing companies | | | | Understand the terms of your financing |
| won't always offer you the best financing | | | | Delayed payment plans, plans that allow you to vary |
| arrangement. Even if it is the best the company can | | | | your payments according to your "slow" seasons and |
| offer, it may not be the best you're able to get. If | | | | "busy" seasons, rent-to-own options and other |
| you've got an established banking relationship, discuss | | | | payment plans all sound good, but they may not be if |
| your plans beforehand and see what type of financing | | | | they end up costing you more in the long run. Take |
| deal you can get right from your bank. That relationship | | | | time to read all the fine print so you know exactly |
| might get you a lower interest rate and an easier | | | | what you're getting into. If you don't understand |
| approval process. | | | | something, ask for clarification - before you sign on the |
| Know your creditworthiness | | | | dotted line! |
| The financing you're able to obtain for your semi truck | | | | |