Specialty Truck Financing

Written by Jill Morrison
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Specialty truck financing can be obtained for any trucks that are used for specific purposes in business. These specialty trucks may include dump trucks, cement trucks, commercial trucks, drilling trucks, cranes, and utility trucks. Those looking to obtain a specialty truck have the option to pay in cash, obtain a lease, or take a loan in order to purchase a truck.

Options for Specialty Truck Financing

Since 90 percent of buyers cannot afford to pay cash for specialty trucks, obtaining a lease or a loan are the two main choices in specialty truck financing. Depending on the intended purpose of the truck, how long you will be using it, and your business needs, you can decide whether to lease or purchase a vehicle with the help of a loan. Advantages and disadvantages exist for both financing methods.

If you are interested in buying a specialty truck, you will need to know exactly what type of truck you want and also the type of loan you are looking for. When you obtain a loan, you will be able to pay for your specialty truck in monthly payments over a designated period of time. Interest charges will apply so that you will have the convenience of paying small amounts each month instead of one large sum for your truck.

Leasing is a popular alternative in specialty truck financing. Leasing allows you to pay for a specialty truck over a certain period of time and to return the truck at the end of this period. Leasing contracts usually range between 36 and 60 months. Some leases allow you the option to purchase the truck after the lease period has ended. Leasing is a great way to try out different vehicles and to decide which model of specialty truck is best for your business.

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