Overdrive Magazine | Trucking Business News & Owner Operator Info
Issue link: https://read.dmtmag.com/i/85435
When buying a truck under warranty, find out whether warranty work can be done at any authorized shop in the nation and whether the warranty covers labor, parts, towing, down time and a replacement vehicle. >>>>>QUIPMENT F FINANCING YOUR E Keep your debt low and your credit rating high to land a loan with good terms. inancing a truck can be frustrating, confusing and time-consuming, especially for first-time buyers. It also can be costly if you are not prepared. Give yourself plenty of This excerpt is from the 2012 Partners in Business manual, produced by Overdrive and owner-operator financial services provider ATBS. The next Partners in Business seminar will be June 15 during the Great West Truck Show in Las Vegas. To order a manual and for additional information, visit PIBlive.com. The program is sponsored by Bandag, Ryder Vehicle Sales and Shell Rotella. time to shop for a truck and for favorable financing. The good news is that truck loans, like business loans from a bank, usually have much lower rates than credit cards. Loans for trucks and other secured loans, such as cars or houses, are lowest because assets are backing them up. A bank's business loan often is around 1 percent a month (12 percent annually). That's where the best credit card rates start, but they're usually much higher, even 20 percent or more for owner-operators with bad credit ratings. Get a copy of your credit report before you attempt to secure equipment financing. Your credit history could contain wrong or harmful information that you'll want to explain to a potential lender. Always be up-front about your problems. Showing you have overcome hard times demonstrates determination and strong character. When you apply for a loan, be prepared to provide as much information as you can. The more you tell a potential lender about yourself and MAY 2012 OVERDRIVE 45 Max Heine