January 12th, 2010
As a commercial truck financing company you could say we have our finger on the pulse of the commercial trucking industry. When people are thinking of purchasing a commercial truck they contact companies like ours to look for financing. Depending how busy we are determines, to a degree, how busy the commercial truck market is.
I’m happy to report that for the first twelve days of 2010 we have been very busy with new inquires! This is a strong indicator that the trucking business is gaining some momentum. This is further supported by the types of inquires we are getting. During 2009 many of the calls we got were from people planning on financing a truck at a later date; when things “got better”. The calls we are getting now are from people who want to do something now, not later. This further supports the idea that things are coming back.
The price of trucks seem to be on the rise for the first time in two years. Perhaps its a good time to get off the porch and buy that truck before prices are back at the pre-recession level.
If your having a hard time financing a truck give us a call. We specialize in people with bad credit.
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November 4th, 2009
One of the first questions we ask an applicant is where he will be putting the truck to work. More often than not the answer comes down to these five companies. The most common we here of are UPS, Fedex, Schneider, Roadway, and Yellow Transportation. Interestingly I researched these findings and have found the same results. An exception to this is that there are a lot of owner operators working through brokers. This is both good news and bad news for a potential lender.Some owner operators use brokers as sort of a hit and miss source of business. They check the load boards every so often and if they find a load, great. Other, more established truckers have a relationship with a small selection of brokers that feed them a steady stream of business. This a better way to work. Not much is left to chance. Bottom line, try to hook up with one of the large carriers mentioned above. Otherwise develop relationships with a few brokers and strengthen those relationships through consistency, reliability, and hard work.
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October 19th, 2009
Good news for those looking to buy a truck. Better news from a cash flow perspective. Here’s what I mean: The average truck that we financed last year was about $25,000. Today that average is down to $14,000. Both trucks do the same thing but the cost to finance them is almost half what it was last year. This is important in today’s trucking economy where loads are not as steady and pay is not what it was last year. What is interesting is the customers are coming to us with these cheaper trucks. We are not approving them for less. This tells me truckers are smart business people. They are aware of the current economy and are being conservative in what they get into. They are also smart enough to take advantage of the glut of trucks on the market and the subsequent drop in prices. Commercial truck financing is based on cash flow and a cheaper truck allows a driver to service the contracts he has while staying lean on the payment. I see this trend continuing for the foreseeable future.
Tags: Commercial truck financing, semi truck financing
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October 1st, 2009
What’s going on out there? All of a sudden we have been hit with lots of dump truck business over the last couple of weeks. No complaints we love dump trucks due to there strong value. Could this be sign of a recovering economy? What makes this better is the customers that are coming to us have business already lined up for the trucks and they are paying higher than average rates. Most of this is concentrated in the great lakes region and south east. We will continue to monitor this activity and keep you posted. Another interesting point is most of the guys were previous over the road drivers making a move into more local business. Interesting.
If your thinking of making a move into something different give me a call. Next week I’ll give another report on whats hot in the commercial truck financing world.
Tags: dump truck financing
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September 25th, 2009
We have been getting a lot of request for refinancing trucks and trailers lately. The main reason someone wants to refinance their truck is to leave the carrier they have and go elsewhere. We like these deals because it means the owner operator stands to make more money. More money means a stronger client. It’s late on Friday but I just wanted to get this idea out before the weekend. If your thinking of making a move and want to take your truck with you give me a call, 520-760-3648. We can run the numbers to see if it makes sense for both of us.
Tags: Refinancing, semi trucks
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September 24th, 2009
Well, we have finally joined the 21st century and added a blog to our site. We look forward to keeping you up to date on what’s going on in the world of truck financing with an emphasis on the challenged credit customer. This information may help you grow your business and save you some frustration along the way. The world of commercial truck financing is a challenging one for sure. So keep checking in. There’s always something different going on. Perhaps you might get some entertainment out of it as well. As a financing company specializing in tough credit, you might be comforted to know your not the only one out there with challenges.
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