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Financing Your Truck Purchase

Oct. 5 2023 Buying Guide By Empire Truck Sales

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In order to get the truck you need at an affordable price, you may want to consider financing your purchase. Just like with other cars or trucks, you can apply for financing to buy a new or used commercial truck for your private business, your fleet, or your independent contractor work. Here’s what you need to know about how to finance your truck.

The Benefits of Financing

Buying a truck isn’t cheap, and many drivers and fleet managers alike opt to finance their commercial truck purchases for a few reasons:

  1. You don’t have to have all the money you need up-front; instead, you’ll make a down payment that’s anywhere from 10% to 20% of the total cost of the vehicle. 
  2. You’ll be able to budget better by making affordable monthly payments on your truck over a span of months or years. 
  3. You may be able to get a higher-quality truck if you finance your purchase than if you had to buy it outright.

Loan Types

Typically, vehicles can be purchased with either an unsecured or a secured loan. Unsecured loans tend to be easier to get, even if your credit score isn’t great, but they offer lower borrowing amounts and higher interest rates. Secured loans give you better borrowing power and have lower interest rates, but they do require the use of your commercial truck as collateral, which means it can be repossessed if you default (fail to make payments) on your loan.

Find a Lender

If you already have an account with a bank or credit union, talk to someone there about obtaining a loan to buy your commercial truck. If your accounts are in good standing, chances are high that you’ll get a reasonable loan with a good interest rate. You can also look at local dealerships like Empire Truck Sales, since we have our own financing department to help you out.

Ready to buy? Stop by one of our thirteen dealership locations here in the South to speak to one of our sales associates about our financing options and to browse our full inventory of new and used trucks for sale. Empire Truck Sales is proud to serve our customers in the states of Alabama, Mississippi, Louisiana, and Florida.