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How to Finance Medium Duty Trucks

Financing for medium duty trucks

The American economy heavily depends on medium duty trucks to transport vital goods. According to the American Trucking Association, these goods are more than 70% of US freight tonnage. Industries such as hospitals, food, and beverage use these medium duty trucks to move medicines and goods. Needless to say, without trucks, the US economy could come to a standstill.

However, these trucks – including sprinter vans and water trucks – can be expensive. On average, they cost about $80,000 per truck. There are over 7 million people in this vital industry, who either own the trucks or drive these. Luckily for them, there are plenty of financing options available.

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What Is a Medium Duty Truck?

Medium duty trucks are commercial trucks categorized as classes 4, 5, and 6. That’s because these duty trucks have the GVWR (Gross Vehicle Weight Rating) between 14,001 and 26,000 pounds. Some of them include sprinter vans, tractors and combines, and water trucks.

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As a business owner, you might be looking to buy such a truck. Rather than using your capital to buy the equipment, look into finance programs. This is where a commercial truck financing company can help you. They can find you the financial loan needed to put your truck in the best way possible use for your business.

“To get a loan, the condition of the truck is more important than your personal credit score.”

When Should You Finance a Truck?

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Whether you are a trucker or own a trucking company, you can find commercial truck loans. Commercial truck financing is a specialized industry. Also, the medium duty trucks themselves can serve as collateral for your loans. Hence, this minimizes risk on the lender’s part. Therefore, it is easy to qualify for these loans, even when you are not an “ideal borrower.”

With truck financing, you get the cash infusion you need in order to expand your warehouse, add extra routes, or anything else.

There could be many reasons to choose commercial truck financing, but generally they fall under these categories:

  • You decide to purchase a new or used truck.
  • You’re leasing a new truck or a used one.
  • You already own a truck, but need an upgrade or repairs.

Furthermore, the terms of financing largely depend on your specific circumstances. This is why it’s best to speak with an expert.

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Financing for Medium Duty Trucks Is Easy

Looking to own a medium duty truck for the first time? Maybe you own a startup trucking company. As everybody has to start somewhere, medium duty truck financing can help you get the cash you need.

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Get the Right Finance Options:

You’re in the right place, as you can get equipment loans for all kinds of commercial trucks. With an expert truck financing specialist, anyone can get equipment loans easily. However, the key strategy is to approach the right company. More so, these companies specialize in financing commercial trucks and trailers, sprinter vans, tractors and combines, dump trucks, and water trucks.

“Reach out to a company that focuses mainly on commercial truck financing.”

They can offer financing for commercial trucks, that includes bad credit, a recent bankruptcy, and even previous repossessions.

Offer Equipment Financing:

Moreover, choose an exclusive financing company. They get exactly what you’re looking for with financing that fits your needs and your budget. You will find –

  • Fast financing approvals
  • Low down payments or upfront payments
  • Personalized customer service
  • Affordable monthly or periodic payment terms
  • Low credit score reservations
  • Ease of upgrading your equipment over time

Get Pre-Approved Fast:

A good financier can assess your truck’s actual value and tell you the exact loan amount you need. First Capital Business Finance has a wide range of equipment financing options and covers a wide selection of commercial vehicles. First Capital also lends to people with bad credit and no credit.

“You can get a commercial truck loan even with or outstanding child support payments or bad credit.”

Can You Get Medium Duty Truck Financing With Bad Credit?

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Yes, you can get a loan on medium duty trucks even with bad credit. There is one important thing you must know: your truck loan can get expensive.

You can get equipment financing even with a bad credit score. However, what varies is how much you can pay for the funding. Additionally, the interest rates might be higher.

Commercial truck loans are secure forms of financing. Especially for business owners with limited personal credit, this is the best option.

Get Medium Duty Truck Financing from First Capital Business Finance

Are you starting a new business or are you a new truck owner? Either way, First Capital Business Finance can provide you with affordable equipment loans. From financing and leasing to bad credit loans, we provide the cash flow your business needs to grow.

Call us at 888-565-6692 to speak to our commercial truck financing specialists or click here to get a free evaluation today!

medium duty trucks, sprinter vans, water trucks, duty trucks

How to Finance Medium Duty Trucks | First Capital Business Finance

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