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A Buyer’s Guide to Financing a Semi-Truck

Feb. 15 2023 Buying Guide By California Truck Centers

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If you’re in a hurry to get your hands on a new semi-truck, financing your purchase may just be the best option. With a loan, you’ll be able to spread out the initial cost of your semi into more affordable monthly payments, without having to wait around to get your hands on the keys. To learn more about how to finance your semi-truck, and learn a few insider tips, just keep reading on!

Prep

Despite what you may expect, semi-truck loans are actually pretty easy to get approved for. However, if your credit score is extremely low, or your debt-to-income ratio is high, your APR may increase quite a bit. As a result, you may end up paying more for your truck over time due to your high-interest rates. To avoid this, try to take some time to improve both your credit and your debt to help reduce your rates. 

Budget

Just because you’re financing your truck doesn’t mean you don’t have to set a budget. Semi-truck loans are typically secured, meaning your model can be repossessed if you miss a certain number of payments. Before you sign on the dotted line, be sure to have a budget set for your loan payments, and remember to leave yourself enough money each month to cover bills and savings deposits. 

Lenders

There are quite a few different lenders on the market willing to help finance your semi. Generally speaking, you’ll have your choice between banks, credit unions, dealerships, and online lenders. However, not all of these institutions will offer you the same rates, and you’ll need to research your lenders before you decide to apply. While application fees can be a bit pricey, if you’re having trouble deciding between two options you may want to consider submitting with both lenders. This way you can directly compare their offers and choose whichever one you prefer. 

Still looking for a semi-truck that fits your needs? Having trouble finding a loan that suits you? Then you’ll want to visit one of our many locations across the state of California! All eight of our dealerships offer amazing financing options, a wide variety of new and used trucks for sale, and expert staff to help you find exactly what you’re looking for.