If you've made the decision to go from working for a trucking company to becoming an owner-operator, the first thing you're going to need is a truck. Your truck needs to be in the best possible shape because without it, you won't be able to make those lucrative deliveries that allow you to sustain your livelihood. Because commercial trucks can be quite pricey, you're likely looking for ways to sweeten the deal. Take a look at the following tips so you'll know how to get a bargain when you're ready to buy your truck.
Go to a Dealer
When it comes to getting a good deal on a commercial truck, buying from a dealer is the way to go. The lending agency that is financing your truck may look more favorably upon purchases made from a dealer, and it is this way for a reason.
Mack trucks for sale often go through a rigorous inspection process. The entire truck is subjected to an evaluation to determine if there are any mechanical problems that need to be addressed. This benefits the buyer because you want to know up front if there is something wrong with the truck. Investing in such a major purchase is no laughing matter and so it's important that the lender make sure that the truck isn't going to break down soon after you buy it. After they examine the inspection report, they may reward you by offering a more competitive interest rate.
Buying from a private seller can be risky because you might not have the security that comes with the inspection. If the truck fails after you take possession, there's a greater chance that you could default on the loan, simply due to being out of work. The lender will need to get more of their money on the front end and might just increase your interest rate because of it.
Go into it With Cash Reserves
When you have cash reserves that can be used to repair a truck, you'll be able to get back on the road more quickly. Approach the lender with provable cash reserves and they'll be more likely to give you a better deal.
The sooner you can get your truck, the quicker you can start the journey to business ownership. Your commercial truck is out there; let this information serve as a guide to help you get an affordable one.