Financing options for a new O/O with 1 yr OTR experience

Cardinal Logistics can arrange financing with $2000.00 down payment.

Farm2Fleet has a new financing package; don't know the details.

Both companies will keep you running hard with plenty of freight.

 

Most dealers have financing sources as long as you have experience, good credit and cash for a down payment. It will be much better if you have your own financing. Credit unions will usually offer better terms than most banks. Some banks will lend money for a line of credit but not for class 8 equipment. Paccar, Navastar, Mercedes Credit and Chrysler Credit are some of the larger class 8 lenders. There are also some leasing companies that will finance the truck via a lease where you own the truck at the end. You may want to do a search for "equipment financing." But, I would check for financing locally before going to an outside source. Most lenders will require 10-20% down with good credit. Lenders may want to know where you plan on taking the truck. They may even require a lease as a condition to finance. Take your time. Stay away from any of the lease purchase programs offered by carriers. Payments are usually very high and you will pay much more for the truck than if you hd your own financing. Check around with different lenders. Remember, every time anyone checks your credit it takes points from your credit score.

 

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Since you have experience, I am sure you’ll easily find lots of good financing sources in no time. But when offers begin to come in, make sure you choose the one that can meet your financial needs in the best possible manner.