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Heavy Truck Financing - Options To Get The Best Truck To Work Hard For You

Michigan Truck Sales & Equipment (MTE) sells all makes and models of previously owned, quality semi-trucks, trailers, and construction equipment. Our factory-trained, ASE Certified technicians are the best and they help us guarantee our quality inventory of used equipment.

We understand that even with the lower expense of used equipment, it can be hard to purchase the best to keep your business moving. We strive to help our customers with the best solutions and deciding the best way to pay for your heavy-duty equipment can be overwhelming. 

A great review that covers the process of financing equipment is found in a detailed article of Smart Trucking"SEMI TRUCK FINANCING: A PRACTICAL GUIDE FOR THE OWNER OPERATOR" by CATMAC22* (2018, July 27) explains how to decide what financing option you should select by doing your homework.

What Are Your Options?

1. Financing through a carrier. While this option is not recommended, it may depend on the company you are working with. You can read the pros and cons to better understand the good and the bad of this option.

2. Taking out a traditional loan. As you will read, this option is not often used, because it's may be hard to qualify. If you have been with a bank that knows your history, and you have great credit, you may be able to select this option. A loan may be a way of saving money as opposed to leasing.

3. Leasing gives you more flexibility. Leasing is usually: "easier to qualify, more flexible terms compared to equipment loans, and often obtained without down payments." There are two types of leasing options.

  1. capital lease is one that is reported to be better for owner-operators. At the end of the lease, the equipment is owned by the owner-operator.
  2. An operating lease is "more like renting than a capital lease," and is usually recommended for companies wanting to run a fleet of equipment. This gives companies a way of staying in newer equipment. 

Continue to follow this recent, well-written and organized article from Smart Trucking. Ask our sales team for further information. When you partner with us, you get quality service form our entire team. We are a NAPA Truck Service Center and that gives you a nationwide network that delivers quality service and over-the-road warranty.

The entire team at Michigan Truck Sales & Equipment is here to partner with you, and it's always an honor to work with you. We will deliver the best used, heavy-duty trucks, trailers or construction equipment and service to keep your business on the move. Let MTE be your trucking partner.

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