This is a good time for buying semi trucks, since its currently simpler compared than before to get the perfect heavy commercial truck for your own business fleet, and that is actually thanks to these tough financial periods. Should you be a hired truck driver for years and you are getting bored forking for others and helping them make lotsa money, than perhaps its time you should become your own boss and start a trucking and cargo transportation business.
Many people remain as employees their whole life because they cannot afford to buy their own commercial truck, but it is not that difficult to get the money to start your own truck business. Plan your finances carefully today and you will eventually buy a good big rig and make money for yourself and family.
Despite having bad credit, it is still possible to get commercial financing for a semi truck. For example, there are truck leasing companies that help drivers with poor credit to get cheap used commercial vehicles in good condition. Some of these are repossessed from owner-operators that went out of business and cannot pay the monthly payments for their trucks.
You can lease a big rig with poor credit financing to start using a small transportation business much easily and quicker compared to other alternatives. Some commercial equipment financing companies also help you get a business loan to cover your other start up expenses until you get a steady flow of business contracts and income. However, we do not recommend you try to buy a semi truck with no money down as you are taking too big a risk. Having at least $20,000 dollars as start up capital will be more feasible to be successful.
If you have bad credit and want to lease a commercial truck, take the time to fix your credit and put aside more savings before you take the leap. Having a stable trucking job as a employee driver can help you repair any financial mistakes in the past and pay off your existing personal debts. This way, you can qualify for cheaper truck loans in a few months.
When you choose a semi truck loan company, make sure you get a lender that specialize in heavy commercial equipment loans and leasing, hence they should not be your local banks. These experienced lease financing organizations are more familiar with the entire semi truck market and can provide more comprehensive services to help new owner operators. We do recommend you to have a few years of truck driving experience for others before you try to start your own trucking company. It takes time to get familiar with routes, the nature of this transportation industry, customer contacts, networking with other drivers etc. These are all essential to be a successful owner of a commercial truck fleet.
Nevertheless, if this is what you have in mind, always be in preparation for buying your first semi truck so that you can avoid bad credit semi truck loans if possible. No matter if you a experienced trucker, an employed driver or a new semi truck driver who has recently gotten your CDL license, there are many cheap off lease heavy trucks and repo semi trucks for sale online, at Craigslist or Ebay Motors.
With your own big rig, you can do trips on your own, get a partner so that you can take days off work or even hire drivers and employees. It is more flexible and you can make arrangements that best fit your financial goals and make time for your family instead of always away on long haul trips. For example, you can choose to take on only local trucking jobs for other businesses while letting your partner drive the truck for inter state jobs.
So yes, there are lenders who can help drivers buy a cheap off lease semi truck with bad credit. The higher interest rates is offset by the cheaper prices for these used commercial trucks, so it is still very affordable. Some truck leasing lenders also allow you to lease a semi truck with little or no down payment.