If you're thinking about taking the leap of faith and becoming an owner-operator, the first thing you'll need to do is purchase your own truck. Part of the benefit of branching out on your own is that it gives you the chance to begin to make money for yourself, as opposed to putting in all of your hard work and watching someone else grow rich as a result of it. If you don't have enough money saved up to buy a semi truck outright, taking out a loan is a great way to get your hands on the truck right away. But, before you can get that loan there is something that you need to do. Read below to find out the main base that you should have covered if you want to be approved for a semi-truck loan.
Be Prepared To Demonstrate Some Back-Up Funds
When you compare financing a passenger vehicle with financing a semi truck, the difference is like night and day. So many automobile lenders will quickly approve you for a loan as long as your credit score meets their minimum threshold. However, the criteria changes when you're looking to get a semi truck.
Although people do use their cars to get to work, a semi-truck essentially is your work. It allows you to carry loads for your clients so you can get paid. If your regular car breaks down and you can't get to the job, you can always take public transportation, carpool or ask a friend to drop you off. If your semi truck breaks down and you don't have any money saved to get it fixed, you won't be able to make any cash at all.
Start Setting Up The Savings Account
Lenders know this so they are usually going to want to see that you have at least some savings put aside. If a tire blows out or the radiator on the truck starts to leak, you should be able to demonstrate that you have the funds on hand to get it repaired. You can show this by keeping money in a special savings account that you don't touch. Your bank statement for that account should be enough to show that you're prepared to be a responsible owner-operator.
Getting approved for a semi truck loan can be a life-changing experience. It gives you the license to take control of your career and finally step fully into the driver's seat once and for all. For more information on used freightliner trucks for sale, contact a local business.