| Are you a long haul, owner-operator trucker? Have | | | | about this---FICO's down to 600 (co-signers allowed |
| you felt the finance pinch? It's been getting harder and | | | | and the credit scores averaged), no time in business |
| harder to get the vehicles financed, but there is hope. | | | | requirement, only one payment due at lease signing, |
| There are a few reasons for the finance pinch. One | | | | and very favorable terms. |
| of the main reasons has to do with the cost of fuel. | | | | The financing is structured as a lease, but it can be |
| Fuel has increased dramatically and that leads to | | | | custom tailored to suit your needs. This can range |
| reason number two for the finance pinch. | | | | anywhere from a 20 percent residual (lowest |
| Repossessions have increased a whopping 107% in | | | | payment) to a purchase type (capital lease) lease |
| the year 2007. The good news is, there is hope and | | | | where you only pay $1.00 at the end of the lease term |
| we'll talk about that briefly here. | | | | and the truck is yours. Not bad, right? |
| Off lease trucks can be an excellent purchasing option | | | | If you've taken a few hits credit wise and you don't |
| and here's why. If your credit score is below 650 and | | | | think you'll fit into that sort of program, that's ok. There |
| you don't have a two year track record with your | | | | are still options. It just becomes a little more challenging. |
| business, it's become increasingly challenging to get | | | | With the right collateral, it's possible to qualify even with |
| financed. This range is kind of the breaking point. Don't | | | | the lowest of credit scores (400's). Wow! Remember |
| get me wrong, there are options if you fall below this | | | | this is possible, but it won't work for all applicants. |
| credit score range, but they don't always come with | | | | There is still plenty of money to be made in the |
| the most consumer (you) friendly terms. | | | | trucking industry. Let's face it; truckers are responsible |
| Back to the off-lease trucks, they come in the form of | | | | for getting America all of our resources and products. |
| repossessions or are just trucks that were not | | | | Americans need the trucking industry, but unfortunately |
| purchased at the end of a lease term. Don't look for | | | | the money market has tightened a bit. Despite the |
| any unbelievable sales prices because trucks are still in | | | | tightening of the money market, there are still options. |
| demand, but do look for very relaxed terms for | | | | One excellent option is to consider off-lease trucks. |
| lessees with less than favorable qualifications. How | | | | |