5 Unbeatable Tips To Get Your Truck Finance Fast and Easy

There is a growing trend for large trucking companies to hire owner-operated truckers as independent contractors. It is a cost savings for the company in that they are not required to pay benefits and pensions. For contractors, owning your truck is the key to generating a high yearly income. Fully equipped trucks can cost $200,000 or higher. This is where truck finance comes into play. Knowing the steps to follow will help you find the best deals. 
This article contains information that will make your truck finance fast and easy. Here are 5 unbeatable tips to help you get
Truck Drivers need to do some research before taking a truck loan
started:
1. Determine What Your Monthly Payment Will Be.
Assuming that you have chosen the truck you want to purchase and the right equipment, your first step is to determine whether or not you can afford the payments. To do this go to truckpaper.com/Info/Calculator.aspx
This will give you a monthly payment. Two key factors determine your payments, the rate of interest and length of the loan. Financiers often have some room to negotiate your interest lower. Lowering the interest rate by one or two percentage points can save you several thousand dollars over the term of the loan. You will also save money if you shorten the term of your loan from say 60 months to 48 months.  Lastly, determine if you will be able to comfortably pay the loan or if you would need transportation factoring to cover payments.
2. Complete Making Your Monthly Budget
Once you have a monthly payment, add your monthly insurance, registration, maintenance and fuel costs. Next, calculate your taxes on the purchase and tax deductions. You may need your accountant to help you with these details. Then subtract this number from your monthly income. This will give you a monthly profit projection for your truck. Remember that your insurance on a new truck will be higher. You new vehicle is most likely more fuel efficient. Take an average of your monthly fuel usage for the past year as a guide to determine your new fuel costs.
3. Your Credit Score is Critical to Getting the Best Deal

You can use your credit score as leverage for getting the best interest rate. The higher the score the better are your chances for a lower rate. Try to clean up your outstanding bills. Pay off credit cards as much as possible and do not take on any additional expenses. All of your payments for the truck, credit debt, mortgage and other loans should not exceed 40% of your gross monthly income.
4. Know what Your Financiers are Looking For
Financiers will be asking you to provide the following information:

• How many years have you been driving trucks? The longer the better.
• What is the percentage of time your truck will be on the road? What is your down time for maintenance and repair?
• What is the cost of your truck?
• Are you an independent owner-operator or do you work as an independent contractor for a large trucking company?
•  What long-term contracts do you have with a company and how much income do they produce? You will need to submit tax forms to substantiate this information.
• What other collateral do you have such as home or equity investments?
• Your past loan history is important. Have you had past truck loans? What was your payment history for these loans?

Your financiers will be looking at your past driving record, past profit record and down time. As for new Business or Owner Driver Application, check out this guide as well because there are many factors will be considered when approving a new business or owner driver application.
5. Check Multiple Dealerships and Truck Finance Brokers
When applying, try to get a pre-approval. This will make you a cash buyer. You then can negotiate for a better trade in value for you old vehicle. Check for special buyer incentives.
For example, you may be able to negotiate a package deal for warranty and preventive maintenance. A key factor is: Does your dealer have a nationwide network in case of a breakdown and do they provide a comparable vehicle for an extended breakdown? 
Be sure to get all these details in writing. Then, take your time and review each offer. Consult your accountant or attorney if need be before signing a contract.
Following these five tips will give you the information you need to make an intelligent and cost effective decision. You will be able to compare the tips given here with the details as they appear in your contract.
It will also give you a “heads up” when it comes to negotiating key points such as interest rate, length of your loan and package deals for warranty and preventive maintenance.