An Idea about Cost of Leasing a Used Semi Truck for Owner Operators
>> Dec 29, 2015
Usually when owner operators are
considering to buy a used semi truck, there is only one question lingering in
their mind - How much will it cost me? Well, by cost they mean will they be able
to pay for it out of their incomes and will it be worth it?
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Image:www.gotruckcapital.com
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There are 4 factors that determine
your monthly payments, when you lease a semi truck, they are:
·
The
actual cost of truck
·
Your
creditability
·
From
whom are you leasing it
·
Time
period of finance
The
actual cost of the truck:
The prices of used semi trucks vary
a lot depending on factors like age, model, condition, miles the truck has
worked, etc. Usually a new one costs you around $100,000, a 7 year old will
cost you $40,000 to $60,000 whereas a 10 to 15 years old will cost you $35,000
to $45,000. Mostly, finance rates will go down as the price will rise.
Your
credibility
The better your credit, the less you
have to worry about the down payment. Also, if you give in more money as down
payment, the interest rates can get a lot cheaper. However, if you want a semi truck loans bad credit no money,
then there are 3 things that can actually kill the deal badly, and they are:
·
You
have a child support liability
·
Your
bankruptcy is not yet discharged
·
Your
vehicle is recently repossessed
From
whom are you leasing it
If you are buying a new truck
directly from the dealer, then you can expect to get a financing deal from the
dealer itself. On the other hand, if you are buying from a private party who
does not offer a cheap financing option to make the deal better, then it is a
good idea to look for other options.
Well, the thing is, if the dealer is
using the cheap financing option to make good sales, then you must always go
for it. However, if the dealer is not offering a good deal, then you must
always consider calling a couple of financing companies.
Time
period of finance:
The duration of your finance
certainly affect your overall cost. Furthermore, if you have bad credit, then
your interest rate will be higher than someone whose credit is great. So, if
you have bad credit and are charged more interest rate, then it is ideal to pay
the loan as fast as possible. Try to make the highest payment what you can manage
every month and make the finance period as short as possible.
Hopefully the points discussed above
have not scared you a lot. It is understood that the bad credit has a way of
not working in your favor when you are looking for applying for loans, but still,
most of the people believe that it is better to have a truck of your own,
rather than driving one for someone else.
Think of it like this - most owner
operators earn $10,000 a month. Now, if you have a bad credit, then you might
end up paying $2000 every month as truck payment with high interest rate.
However, still you take home $8000 driving your own truck, rather than taking
$4000 driving for someone else.
1 komentar:
Assallammualaikum Ka Lina..hee
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