Trailer Tractor

Trailer Tractor Tractor Semi, Tractor Semi Trailer, used tractor trailer are for sale with special dealer financing and leasing. In this economy, start up and seasoned businesses have the option to o...

Trailer Tractor

Tractor Semi, Tractor Semi Trailer, used tractor trailer are for sale with special dealer financing and leasing. In this economy, start up and seasoned businesses have the option to obtain coventional financing or secondary off lease and repo financing.

In this volatile economy, many lenders have limited funds ear marked for semi trucks, big rig trucks and over the road trucks. Some lenders have vacated this trucking market and have decided to utilize their portfolios in different more stable markets. In this recession, many tractor semi and trailer lenders have simply gone out of business.

The start up and seasoned business looking to enter this trucking market have run into many road blocks in this conventional truck financing arena. In the present economy, many semi tractor lenders will require that the applicant exceed a personal credit score of 650. Even though the credit score of 650 may be obtainable, this is only the first of many hurdles the applicant will try to conquer. The down payment on the financing side could be anywhere from 10-30% depending upon your credit and time in business history. The personal and business credit will be scrunitized beyond the credit score and past bank repossessions, tax liens, child support, and judgments will be factored in by the lenders.

Many truck applicants have become tired with the requirements by the conventional lenders. Denial after Denial has frustrated the applicants, the front money and all the lenders other requirements have made the tractor semi applcant look for other alternatives.

Due to this recession, many lenders have been over run with all the semi trucks returned due to repossessions and off lease returns. These lenders have thousands of off lease and repo trucks on their books and must recondition them and resale or re-lease them quickly.

An off lease semi truck has been returned to the lender as the lease has expired. The lessee has made a decision to return the item in lieu of exercising the buyout option. A repossession has arisen due to a default of the lessee for non payment terms or a violation of the terms of the lease.

The financing programs that exist today in this secondary market target require minimum credit scores in the mid 500s. Additionally, these programs require minimum down payments and less stringent paperwork requirements.

In this seconday financing market for truck sales, the start up and seasoned business must select a semi truck out of the dealers inventories.

Additionally, some semi truck dealers are offering tractor semis with no credit check requirements. This is a great financing program for the company driver or the unemployed driver looking for financial security. These dealers are more interested in your down payment and your driving history than your past credit.

Each financing, lending program for these tractor semis are similar however different. The buyout clauses to obtain title are available in these programs but one should understand them fully in conjunction with the other parts of the financing arrangement.

The coventional and secondary market financing programs are available to the following manufacturers.

Kenworth, Peterbilt, Mack, Freightliner, Internationals, Sterling, and Volvo

In conclusion, start up and seasoned businesses have an opportunity for conventional credit if their personal credit and other factors permit. If conventional financing isn't available, then the secondary market is a great opportunity for the truck driver to acquire a semi tractor.

Happy hunting for your tractor trailer, new or used, and its related financing and leasing.

About the Author:

Rick has over thiry years experience in the financial field, including leasing, working capital and hard asset money loans, and commercial lending. U.S Corporate Capital Leasing assists the start up and seasoned busineses for financing in all different fields.

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Article Source: ArticlesBase.com - Tractor Semi, Tractor Semi Trailer For Sale With Financing and Leasing