Did you know that there are close to 2 million trucks in the United States of America as of 2021? If you plan on owning a trucking fleet and a successful trucking business then you need to secure truck fleet financing. Purchasing new semi-trucks and trailers is not cheap, and without truck fleet financing tips you’ll struggle to get your trucking fleet started.
You can make a great living by running a trucking fleet, but there is plenty of truck fleet financing advice that you should seek and heed for the best results. Having a firm idea of what is truck fleet financing will go a long way towards picking the right option.
The good news is that you’re in the right place to learn from a friendly truck fleet financing guide today! Keep reading this article to learn more!
Use Bank Loans
One of the most effective routes that you should take to get truck fleet financing is through banks. It might seem intimidating meeting with large banks to ask about borrowing money from them, but many have initiatives to help out small businesses that are trying to get started.
You need to keep in mind that interest rates and loan terms will vary wildly from one bank to the next. It is a good idea to explore all of your options before applying for a loan with a bank.
Consider Direct Truck Loans
Another option that you have at your disposal is going with direct truck loans. You’ll get in touch with a trucking lender and apply for loans that are customized to meet the needs of trucking fleet managers. If you have money left over you can also look at Go Power Fleet to provide solar power to your trucks and truckers.
Leasing
Leasing is another viable option if you’re set on starting your own trucking fleet. Leasing won’t build towards owning the trucks that you’re using, but it does have the benefit of lower upfront payments compared to purchasing new trucks. You’ll also gain the ability to upgrade your trucks without spending a lot more money.
If you’re new to the trucking industry then you need to take a long look at leasing your trucks until you get your business up and running.
Franchising
There is also the franchise model that you can consider going with if you’re set on managing a fleet of semi-trucks. You’ll need to pay an upfront franchising fee in order to get started with this truck fleet financing option.
You need to give some real consideration to going with franchising, as it is the best way to limit your costs when you’re getting started. You’ll save money on maintenance and fuel costs, but you’ll also have a much lesser degree of control over operations.
Apply for Truck Fleet Financing Today
Getting truck fleet financing is important if you’re set on reaching your goal of becoming a trucking fleet manager. Having truck fleet financing explained will help you understand all of your options and pick the one that matches up the best with your goals and your finances. Consider franchising for the cheapest startup costs, or look at getting a loan through a bank to purchase your trucks.
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