5 Things You Didn’t (But Should) Know About Truck Financing*

Dec 18, 2019

What if financing could save you instead of cost you? Or the approval process was quicker and managing your account was more efficient?

The reality is closer than you think. Here are a few things that may surprise you about financing a new truck.

  1. There’s no one-size-fits-all lending model.

Every truck is different, and so are its buyers. This is something conventional lenders and financing agents often fail to see.

A bank loan, for example, often comes with cookie-cutter terms and conditions, not to mention an unpredictable loan approval waiting period.

But there are other options that won’t have you stuck in 12 months of equal payments or one that requires your first payment the minute your loan closes. In fact, some Daimler Truck Financial customers in seasonal businesses only make payments during peak business months.

From delayed first payments to extended payment periods, or even payments that change incrementally, there are a wide range of loan and payment options available to meet your business needs and to equip you for success.

  1. First-time buyers can still qualify for a loan.

When it comes to adding trucks to your business, you have to start somewhere. A typical commercial lender will likely ask you for proof of long-standing business and credit success. But, at FUSO, we don’t think you should be penalized for being new to the game. You should be welcomed.

For many of our first-time buyers, we offer underwriting standards similar to car loans when using Daimler Truck Financial. We do want to know that you’re reliable, but in many cases, long-standing business success is not required. Your own personal credit history will suffice.

  1. The approval process doesn’t have to be long and complicated.

With a bank, you never know how long it could take for your loan to be approved. Plus, the application process often feels tedious and unnecessary.

Financing doesn’t have to be like that. Through FUSO and Daimler Truck Financial, you receive the customized terms you need, quickly and easily. We are in this business, and our goal is to help you succeed with industry insight and knowledge that traditional lenders may not understand. The application process is streamlined, and the approval process shortened.

We can even help you with account for administrative requests that come up throughout the year like year-end interest statements, amortization schedules and payoff quotes.

  1. Financing can save you money.

Did you know that keeping trucks past their intended life cycle will end up costing you?

While at times it seems like financing is the more expensive option, the cost of maintaining an old truck will eventually outweigh the price of a newer, more efficient truck. Financing can actually provide a lower total cost of ownership than you would have when keeping an older truck with maintenance issues and inefficient fueling systems.

  1. Financing is about relationships, not applications.
    Ultimately, you want to finance through someone you can trust, someone who knows your business and cares about your success. Your finance partner should offer terms, rates and financing options that favor your best interests, not just their own.

Find a lender that checks all the boxes. To learn more about financing through Daimler Truck Financial, contact your local dealer.

* Actual rates, terms, down payment and eligibility will be determined by Daimler Truck Financial's credit team based upon the creditworthiness of the customer.
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