MIDVALE, Utah, April 17, 2017 /PRNewswire/ -- Dallin Hawkins, Director of Sales & Operations - Integrity Financial Groups, LLC his shares insight on:
Finding Truck Financing for First-Time Owner-Operators
A new owner-operator already knows how difficult it is to secure financing for a first truck.
It's not easy to find a financing company that's willing to work with a first-time owner-operator on financing. And if a first-time owner-operator can find one, there's a good chance it's not a company that they want to work with. Even worse, tracking down the information needed to be sure they're getting a good truck lease deal can be next to impossible.
Fortunately, if an owner-operator knows how to get started and what to look for, they are almost certain to be able to lease the new truck they need to get themselves into business. Start here to begin a search for truck financing and truck leasing.
Truck Financing: Beginning Steps
Before an owner-operator starts looking for financing, they need to take a good look at their financial situation. Looking at themselves the way that financing companies look at them. Owner-operators will have a better idea of what kind of financing options are available.
If the owner-operator has enough cash to make a healthy down payment, they'll qualify for different programs. The state of their financial situation will also give them an idea of the kind of truck they can afford.
Owner-operators will be in a better position if their credit history is good. They'll be more attractive to lenders if they've had their CDL for a good length of time.
Truck Financing Programs for Owner-Operators with Good Credit
If an owner-operator has great credit with a FICO score of 700 or more, they'll qualify for the best truck lease programs. These programs will give financing with a low down payment. Some require as little as 10 percent down, and with stellar credit, the lessee might not need a down payment at all.
These programs also give lessees access to the newest trucks and relatively short truck leasing terms.
Truck Financing Programs for Owner-Operators with Average Credit
If their FICO score is decent but not amazing, owner-operators are going to have to shell out a little more for a down payment. And the monthly lease payment is likely going to be higher.
If their FICO score is above 630 but less than 700, expect to put down about 20%.
Truck Financing Programs for Owner-Operators for Poor Credit
Having a weak credit history definitely limits lease options. But it doesn't automatically disqualify anyone for a new truck lease.
The owner-operator will have to come up with a bigger down payment, maybe 25% or more. And there's likely to be a cap on the amount they can finance. This will limit the value of the truck they're able to lease. They'll also have to be free from major financial liabilities such as tax liens or delinquent child support payments.
Taking the first step toward leasing a new truck when you're a owner-operator is intimidating. Integrity Financial Groups, LLC has the expertise to help you do truck financing and truck leasing right.
Visit the site or call at 801-386-8222 today to start the process of getting behind the wheel of a new truck.
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SOURCE Integrity Financial Groups, LLC