Used Freightliner Trucks for sale

       

Used Freightliner Truck Financing Options

Home
Trucks 4 Sale
SelectCertified
First time buyer trucks
Truck Financing
Warranties
Freightliner History
Tractor Trailer Sales
Freightliner Cascadia
Century Class info
Classic XL info
FLD Model info
SelecTrucks Info

 

 

What does it take to purchase your first truck from SelecTrucks of Kansas City?

There are several possible financing solutions to this question. Which one is the best? This depends on a couple of key points related to your credit history, type of truck you will need, driving experience and down payment that you have available to invest.

Click here to see all Trucks-For-Sale

Standard Finance Option

This option is typically reserved for existing owner-operators and small fleet operations. However, first time buyers with better than average credit and a down payment may also enjoy this option (with approved credit).

Minimum Requirements

· Better than average credit

· 10-20% down in True cash and/or a combination Trade equity

· Comparable installment history with at least 2 years verifiable on credit report

· Previous established truck credit preferred but not mandatory

· At least 2 years comparable and verifiable over-the-road driving experience

· Could have a bankruptcy in past, but must be at least two years in past with strong re-establishment showing on credit report

· No tax liens

· No past due child support

The above is minimum criteria. Approvals are subject to credit analyst review and approval

Features and Benefits of the Standard Finance Option

· Freightliner/SelecTrucks WorkReady see our "WorkReady" process for full benefits

· Your choice of warranty combinations that best suit your business model

· Plus, 60-Day Buyer's Assurance covers additional components from the day you take delivery.

· Lower overall pricing structures

· Larger selection of trucks with more diversification choices in specs

· Retail financing (*with approved credit) through the Daimler Truck Financial

· Competitive finance terms that aggressively build equity in the vehicle.

Secondary Finance Option

This option is made available when customers have less than perfect credit and ample down payments to help offset some additional risk in loan structures. It may also be an alternative to those who are looking at slightly higher mileage than primary lenders will loan on. These lenders in many cases take longer to research credit backgrounds and may have interviews over the phone, with applicants, to learn more about reasons behind credit discrepancies

Minimum Requirements

· Less than perfect credit where other lenders say no with approved credit (Not Bad Credit)

· 20%-30% down in True cash and/or a combination Trade equity

· Comparable installment history with at least 2 years verifiable on credit report

· At least 2 years comparable and verifiable over-the-road driving experience

· Could have a bankruptcy in past, but must be at least two years in past with strong re-establishment showing on credit report

· No tax liens

· No past due child support

The above is minimum criteria. Approvals are subject to credit analyst review and approval.

Features and Benefits of the Standard Finance Option

· May look at higher mileage trucks with lower acquisition cost

· May overlook some credit issues that are in the past

· Secondary Finance companies still prefer trucks that have been inspected and are warrantable to help reduce risk

· Niche markets

· Your choice of warranty combinations that best suit your business model

· Larger selection of trucks with more diversification choices in specs

If it is your first truck you have probably found that finding the right truck is the easy part. Finding a financing solution can be next to impossible. Many of the traditional lenders will not consider a first time buyer for financing. Lenders weigh risk associated with each loan and applicant. Every used truck can be considered high risk. When you introduce a first time truck buyer into this equation the high risk becomes even greater. This being true because the first time buyer has no business or commercial track record for the lender to review. While they maybe great drivers and look good on personal credit there is a large unknown as to how they will adapt to the business side of trucking. The only thing that they can access is the customer’s personal financial track record on their credit report. This is one reason that a good credit report with comparable installment history is very important. This is also a good reason to consider a company like American Truck Business Service when starting a new trucking company. This type of service is mandatory under the "First Time Buyers Option" for exactly this reason. With other types of financing it is not, but it is still recommended and may help you when being considered for one of the other types of financing explained on this page. When weighing the risk of the truck age and mileage are the key points. Statistics prove that the older the vehicle and the more mileage the greater the chance will be for catastrophic failure. Many customers’ initial inquiries include looking for the lowest price vehicles with a misconception that it will be easier to finance and make payments on this type of truck. It is in most cases the exact opposite is true, as the main drivers of lower pricing are older and/or higher mileage trucks.


Questions related to truck purchase:
• What truck are you driving now and what do you owe on it?
• Who do you run for?
• How long have you been driving for?
• How long have you been with your current employer?
• Have you ever purchased on your own?
• What are you driving now?
• Why are you looking to trade?
• When did you buy your current truck? From whom?
• How long do you usually keep your trucks?
• What kind of miles are you running annually?
• Have you had services issues or concerns in the past?
• What about your current truck do you like the most?
• What about your current truck do you like the least?
Questions related to learning about the customer’s finance habits:
• What do you owe on your current truck(s)?
• Did you put a lot of money down on that purchase?
• Do you typically buy or lease? Why?
• For customers that claim they operate a leased truck from their employer:
- Do you have to make payments or do they deduct it directly from your settlement/pay?
- Do you think they would be willing to provide a payment reference?
- Do you know if it is a lease-purchase or are you renting the truck (i.e. no purchase option)
- How long have you been leasing it for?
• What kind of terms do you usually look for in financing?
• How long do you typically finance your trucks for? OR What is your typical finance term?
• Do you have any special needs regarding cash flow and your truck payments (i.e. skip, seasonal, step payments)?

Pre-qualifying Purchase and Finance Questions
• How do you usually make your payments while you’re out on the road?
• If you have questions on your loan or financing, who can you/who do you contact about it? How?
• Where do you presently get your truck insurance from? Have your rates increased lately?
• Who is you normal finance source? Why?
• How long have you financed with your current lender for?
• Does your current lender require you to keep any other accounts with them (i.e. checking, savings, mortgage)?
• Are you the only person that signed on your current loan (i.e. spouse or relative)?
• Will you be the only person signing on to this next loan? (i.e. co-buyer or relative)?
• How do you usually title your trucks (i.e. personal, company, or DBA name)?
• Do you know what type of interest financing you current loan uses?
• Are there any pre-payment clauses in your current financing?
• You said you own your truck right now. Did you finance it or another one someplace before? Where?
• How much cash and/or trade-in equity do you have available for a down-payment?
• What is more important to you? Equity in your equipment or the lowest monthly payment?
• How would you characterize your credit history?
• Is there anything that has occurred in your life that may have impacted your credit? Can you tell me about it?
• Do you own your own home? How long have you been there?
• Have you been someplace else already where you have filled out an application?
• Can we take a moment to make sure all of your finance references are correct?
• If we need them, are copies of your haul contracts (dedicated or otherwise) available to copy?

Click here to see all Trucks-For-Sale

free hit counters

 

 Home | Trucks 4 Sale | SelectCertified | First time buyer trucks | Truck Financing | Warranties | Freightliner History | Tractor Trailer Sales | Freightliner Cascadia | Century Class info | Classic XL info | FLD Model info | SelecTrucks Info

This site was last updated 04/08/14