In our third video post we go into a little more detail on what we are looking for in approving a customer. Check out semi truck financing to see how we approve a customer. Also visit our main site at semi truck financing.
]]>In our second video we go over the types of credit we can work with and how we get them approved. Check out Commercial Truck Financing – Bad Credit to see the types of credit we can work with and how we get them done.
]]>Yes, we have turned into computer geeks. We have spent the last couple of weeks learning how to do a video on our blog (I never said we were intelligent!). If all goes well we will do videos from now on instead of boring text.
In this post we will talk about four alternatives for people with bad credit. There’s more than one way to obtain financing if you have bad credit. Check out the post here. If you would like more information on our program check out our commercial truck financing page.
]]>Another sign the economy is moving upward, we have noticed many more inquires for used dump truck financing. Could this mean there is more construction, road work, infrastructure going on? Yes, I would guess that it would. Another indication that the economy is gaining strength is that the average price for used dump trucks and other commercial vehicles are also moving upward. Last year we saw the lowest average overall price on trucks than we’ve seen in over ten years. This year that trend has stopped. It’s too early to tell but we are approaching pre-recession levels on used truck prices.
For someone looking for used dump truck financing they are usually looking for fulfill a contract. The number of contracts for dump truck work is increasing as well. We believe we will see this trend well into the future.
To remind you of what we do, Capital Solutions is a leader in used dump truck financing for people with bad credit. With no minimum credit score we can help almost anyone finance a commercial truck. For those thinking of buying an existing dump truck business visit business valuations for more information
]]>The Hino Motors that we know of today is a subsidiary of the Toyota Motor Corporation and a leading manufacturer of buses, trucks, and engines. To understand the steps that Hino took to reach the company that we know, we are going to look at the history of Hino trucks and commercial vehicles.
The Road to Hino
The origins of the Hino Motor Company begin with the Tokyo Gas Industry Company, which started in 1910. As a leader in its industry, the company was able to expand its line of products and eventually built the model TGE A type Truck in 1917. By 1937, this company decided to merge itself with several other Japanese companies to form the Tokyo Automobile Industry Company, which was later renamed the Diesel Motor Industry Company.
Interestingly enough these are the same founding companies that went on to create Isuzu motors, but in 1942 a portion of the company was spun off to create Hino Heavy Industry Company Limited, which marked the beginning of the company as we know it. Its name derived from the company headquarters location of Hino City within Tokyo.
The Growth of Hino
From its beginning, Hino focused on diesel engines, heavy duty trucks, and buses. There is a brief period where they attempt to enter the private car industry through a partnership with Renault, but that is quickly put aside around 1967 when Hino first partners with the Toyota group. By 1984 Hino trucks enters the US market with a medium duty truck designed with the cab over engine. Their first attempt at a practical use for a hybrid vehicle occurs in 1991 with a hybrid diesel and electric engine system to power a bus in Japan.
Today’s Hino Trucks
In 2003 Hino officially becomes a subsidiary of Toyota Motor Company, and its medium duty and heavy duty trucks are re-introduced into the US. That same year Toyota and Hino jointly develop the first hydrogen fuel cell bus service in Japan. Over the next two years Hino introduces hybrid light duty and medium duty trucks to Japan.
This commitment to hybrid and electric technologies places Hino on a path to develop some of the most cutting edge commercial vehicles in the world. Currently, the company is testing a method of hybrid electric bus that does not require a plug for charging. Instead, a wireless system is built into the road to charge the batteries of the bus, so that it can continue to operate without the need for additional fuel.
Today, Hino is 3rd when it comes to the largest truck manufacturers in the world. As the fastest growing medium duty and heavy duty truck manufacturer in the US, and a leader in both diesel and hybrid technologies the Hino brand has a bright future ahead of it.
]]>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.
]]>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.
]]>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.
]]>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.
]]>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.
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