Increase Your Chances Of Getting Approved For Financing As A New Owner/Operator In The Trucking Industry.

If you have driving experience and are in a position to transition from being a company driver to being an owner/operator for your own company, here are five key things to consider that will make it easier to get financing approval.

1. Have Your Financial Affairs In Order. Five Things that financial institutions look at when making an approval decision is if the customer fits into the following categories:

• Homeownership – Having a mortgage is a positive.
• How many years with a CDL (Commercial Driver’s License) – The longer the driving history, the more it helps.
• Fleet – Do you currently own two or more trucks and want to purchase another? This helps show business growth.
• Positive Bank Statements – Showing consistent money coming in and a moderate balance at the end of each month. This is always a big plus.
• Above Average Personal Credit – Not having excessive bad marks and/or late payments on your personal credit and having a decent credit history will always help your chances for approval. See our blog; There Must Be A Mistake; My Credit Score Is What? To see what can affect your credit score.

2. Thoroughly Research Trucks For Sale. By shopping the available market, you put yourself in a position to find the best truck to fit your needs and give yourself the power to negotiate when coming to an agreement on price.

3. Consider A Down Payment. While we always do our best to provide financing approvals that allow our customers to put as little down as possible, setting money aside for a down payment can increase a new owner/operator’s chances of getting approved.

4. Other Expenses. Remember that the expenses don’t end at the truck’s price; you must also consider the costs of Sales Taxes and Insurance. It’s important not to overspend on a truck to have extra funds to cover those costs. (We can provide you with the option to finance the sales taxes.)

5. Communication. Open communication between our customers and ourselves is of the utmost importance. Keeping everyone on the same page allows the Seller of the Truck, the Truck Purchaser, and the Funding Source to work through the process as smoothly and quickly as possible. So that when the time comes to pick up the truck, there are no hiccups or delays.

The Trucking Industry continues to be in high demand for drivers and owners/operators. So why not set yourself up for success? This way, the Financing Process can be easy and enjoyable!

Before purchasing your next Truck, call Tri-Lease at (866) 590-2220. Our account managers are ready to help you find the right option for your business. At Tri-Lease, we work hard to ensure a financial package tailored to your specific needs.