Owner Operator Truck Loans
If you are a driver looking to get into the owner operator business, getting a loan may be difficult if you are a first time buyer. Here are the main criteria lenders will look at in order to approve you for a truck loan:
Experience: How long have you been driving a truck? Do you have over the road experience?
Haul source: Do you have an established company ready to hire you as an owner operator when you get a truck? Getting financed on your own authority for the first time is very difficult.
Your credit history: Bad credit including child support problems, tax liens, and other items may prevent you from getting a loan.
Down payment: The more you have for a down payment the better. A larger down payment will also reduce your total interest.
These four factors combine to determine your ability to take out a loan for a truck. You should be strong in at least 3 of the areas in order to obtain a loan and begin running as an owner operator. For example, if you don’t have many years of experience, you should have a haul source, good credit, and a significant down payment.
Remember to speak with multiple lenders to obtain the best possible terms for your owner operator truck loan.