The trucking industry is extremely profitable if done right. While owning a truck or upgrading your fleet may be a big step and investing all your cash in one place may be a risk, this is when commercial truck financing can help you out. People in the trucking industry use commercial truck financing for multiple reasons. It may be for buying or leasing a new truck, buying or leasing a used truck or upgrading a pre-owned fleet.
Generally, truck loans are taken as equipment loans. In these loans, the equipment itself serves as collateral. This means that you do not have to risk any other valuable of yours while getting a new truck. Fortunately, Freightliner is a versatile and experienced company that offers a plethora of services in addition to a strong and well-structured financial loan and lease plan.
Freightliner’s Commercial Truck Financing
Freightliner has been in business for over half a century and is marking its 80 years in service in 2022. A company is known to provide vehicles focused on the future, always advancing and offering innovative machinery. The company aims to innovate and make products that are technologically inspired.
Freightliner started in 1942 and has since continued the proud tradition of developing and engineering some of the best trucks on the road today. The company started with making lightweight and durable trucks initially. They soon continued to venture into the world of heavy-duty trucks and now are the best-selling brand of heavy-duty trucks in North America.
The company follows a "purpose-built" manufacturing process, which allows them to deliver trucks that work at optimal performance levels. Before assembling the trucks, the team at Freightliner designs and builds digital mock-ups of every truck. Using these designs, the company makes improvements and upgrades the trucks according to specifications.
Freightliner focuses on five main aspects of building trucks that positively affect the owner. These are fuel efficiency, connectivity, safety, quality and uptime. These factors make the truck profitable for the owner and decrease its real cost.
This company offers services like Detroit Services, including Detroit Assurance, Detroit integrated Powertrain and Detroit Connect. This increases profitability and decreases downtime. The trucks at Freightliner work on Detroit Integrated Powertrain, which works on three components: engine, transmission and axle. These components work together to provide reliability, efficiency and performance to the user.
“Freightliner and Daimler have partnered to help you decide the best course of action, whether it is in insurance, lease or retail”
Who Should Apply For Commercial Truck Financing With Freightliner?
Freightliner offers a wide range of financing for trucks and ensures a fair and reliable process with Daimler Truck Financial. Customers looking to own a truck for their business, upgrading their fleet, drivers who run their business solo (sole prop), business owners looking to upgrade, Freightliner has an option for everyone.
Freightliner is just one of the four well-known brands Daimler Truck Official partners with to provide Commercial Truck Financing. They offer a wide range of services for all kinds of truck businesses. Each plan is tailor-made for the kind of business you run. Be it owner-operator, fleet owner, vocational or municipal.
Daimler Truck Financial has been the financial company for Daimler Trucks North America since 1974. People at Daimler are extremely experienced and knowledgeable when it comes to the truck market. The employees at Daimler are professional and know how to help their customers make the best decisions.
With over 200 trained and knowledgeable employees, Freightliner and Daimler have partnered to help you decide the best course of action, whether it is in insurance, lease or retail. The company offers exceptional finance programs for qualified applicants, competitive credit finances, a low down payment on approved credit, long finance terms for customers with good credit, quick assistance and decision for credit-related inquiries, various payment methods to match your business needs, balloon payments and insurance options by EPG Insurance Inc.
How Do You Qualify For Freightliner Commercial Truck Financing?
Freightliner Commercials in accordance with Daimler Truck Finance have divided financing into categories. These categories are made in order to facilitate the customers depending on the type of business they run.
Their commercial truck financing offers lease and loan options for various trucks. They tailor finance plans for your budget and needs. The loan and lease can total upto $750,000. These trucks operate on city, regional and national highway routes. They also manage requests for amortization schedules and interest statements.
Whether you require a fleet of 10 trucks or a hundred, Daimler Truck Financial will assist you in financing your fleet whether you want to add to it or upgrade it. The finance terms available include TRAC, retail financing, closed-end leases, and conventional retail.
The company also offers solutions for staggered deliveries as well. The company is well-versed in dealing with financing fleets and provides the right plan with their Fleet Credit and Fleet service team. The loan and lease balances can be up to $750,000, offer various lease and loan options, also offer flexible payment options such as skip, token, balloon, seasonal, extended terms, deferred payments, required credit for staggered deliveries and periodic vehicle purchases.
The services at Daimler Trucks do not just stop at the basics. The company offers vocational financing for interested buyers as well. They finance the entire truck. From dump trucks to heavy-haul tractors, the company offers comprehensive plans for customers. They understand that vocational vehicle owners use their trucks as business owners.
The teams at Daimler Financial offer help with drawing out plans with the lowest possible operating costs. Customers qualify for vocational financing if they own a seasonal business and require flexible financing may use vehicles such as dump truck, construction, logging, flatbed, snowplow, cargo, etc. the services provided may be delivery or carpet cleaning or other services of this sort and require additional equipment with a truck.
With Municipal Financing offered at the commercial truck company, the team helps you plan long term and make budget-friendly expenses. In partnership with the customer, the team factors in lost fuel efficiency, repair costs, and other expenditures.
Running a school, college, or other entities becomes even harder with ever-tightening budgets. Plus, factoring in other expenditures makes the task difficult as well. This program is perfect for customers who need help with financing in the bid and purchase cycles, need multiple purchase scenarios and need tax-exempt contracts.
“Freightliner with Daimler truck finance offers suitable financial loans. Customers with bad or poor credit can also contact the company and continue their process with varying rates”
Freightliner Loan Application Process
Start by finding a dealer with a Freightliner to get your desired truck. Then identify your business, so you know your specific needs. You can then use options like monthly installments and the cost of the truck you can afford using the calculator available on the website.
Once you are done with that, you can use the calculated cost to find trucks that suit your budget and the needs of your business. Freightliner offers all kinds of trucks, and their trucks are efficient, fuel-efficient and deliver top-notch performance.
Freightliner with Daimler truck finance offers suitable financial loans to interested buyers with good credit, and the rates and terms are decided to depend on the cost of the truck, your downpayment and the credit score you have. Customers with bad or poor credit can also contact the company and continue their process, although their rates might vary.
It should be noted that before the entire process commences, the interested buyer should know the kind of truck they want to buy. This is because the equipment or vehicle serves as collateral in the loan or lease. The company will first consider the type of truck you want to buy; vocational or long-haul (semi). Vocational trucks usually operate in a single location like garbage trucks dump trucks, while semi-trucks are used to transport cargo over hundreds of miles.
Getting a long haul truck is risky in some aspects. As the long haul truck will be traveling, there will be more wear and tear that the business owner would have to repair. In addition, once the entire payment period is over, you may run out of commission for the specific truck type, which may affect your earnings later.
In addition, the financier will also assess the condition of the truck. If you get an old truck financed, this means the collateral will be less valuable. This may change the amount of down payment or interest rate. However, if you have just started a new business, getting a used truck is a good choice as you can save money to put into other aspects of the business or repairs in the future.
When choosing a used truck, try looking for a truck that has been used for less than 10 years. In addition, it should also have fewer than 100,000 miles on it. This will be good in the long run as once the truck is being used in business, the repairs will not surface immediately.
Before your financier assesses the commercial truck you want, you will have to provide the following information; Make, model, serial number, Mileage, Year, new/used, Condition report, and any major repairs made in the past.
Freightliner Commercial Truck Financing Interest Rates
Freightliner Commercial Truck partners with Daimler Truck Financial; thus, the rates, down payment, terms and eligibility are decided by the company depending on the creditworthiness of the buyer. The insurance coverage and related information are all provided by EPG insurance. While terms and conditions, including other related information, can be found on the policy forms available on the website.
The Freightliner website hosts a payment calculator where customers can enter the truck sale price, which includes full sales price, title, license and other fees except the sales tax, down payment. The total cash you will put down as the first payment and the trade-in value if there is any, sales tax rate.
In addition to that, the complete percentage rate of the local and state sales tax that applies to your purchase, interest rate or the tentative APR on your commercial truck loan, and the total length of your loan term to get the amount you will have to pay each month as installment.
The website also has an option where you can calculate the maximum cost of a truck you can afford. This will be done by entering the monthly installments you can pay, the down payment you are willing to make, sales tax rate, interest rate and finance period in months.
Services Offered By Freightliner
Freightliner does not just help its customers with finances and trucks. It helps buyers keep the trucks in shape and in good condition so that they perform well in the long run. Freightliner offers a number of services which include the following.
Uptime Management Suite
Through this service, you can track repairs and when you need to go for a particular repair service again. This minimizes downtime as well. Using a mobile app, it has become easier to make appointments and calculate their costs. This is both convenient and efficient for customers.
Additionally, they also provide a service tracker web application where customers can estimate the time their vehicle will be ready for delivery to the time it is actually ready. This also tracks which repairs have been completed and which need to be done. This management suite also includes programs like Uptime Pro and Uptime performance, both programs where customers are updated on the performance and efficiency of the truck and how their truck should be at different stages of maintenance.
Freightliner partners with Elite Support Certified, which offer unmatched customer service. Once a truck comes in for repair, an expert immediately after inspection checks for the repairs needed, checks available parts, and estimates the cost of the entire process. He then meets the customer or truck owner and informs them of the entire diagnosis.
Pinnacle Fleet Solution
Pinnacle fleet solution is another service provided at Freightliner for fleet owners particularly. Having one truck can be a lot of work while owning an entire fleet, and looking after business with that can be difficult.
Pinnacle solutions offer support where customers can track how efficient their fleet is, what possible changes can be made and how going forward, can they make the entire business profitable. The pinnacle fleet solution service helps customers with state-of-the-art systems which help with tracking efficiency, billing tailored according to customer specifications and dedicated and well-versed staff, which offers viable solutions for each query.
The benefits truck owners can gain from this particular service are the not-to-exceed pricing system which is available nationwide; billing, which is available in a centralized and decentralized system; invoice dispute management which is available online and point of sale pricing with varying features, detailed repair histories, customized reporting such as for parts changed or added, uptime tool, and a target customer program.
Detroit service is a chain of 700 authorized locations that have employees ready to get the trucks back on the road as soon as possible. The Detroit services entertain overnight deliveries, offer low-cost repairs and offer a full range of Detroit parts.
This service by Freightliner is offered 24/7, no matter what your location is. This service is great for performing minor repairs and lightweight work in case of an emergency.
“Freightliner is known for its impeccable service. It offers a complete financial truck loan to help customers upgrade their business easily”
Freightliner is known for its impeccable service. The company offers a complete financial truck loan which helps customers upgrade their business quite easily. Customers commend the professional and knowledgeable employees who guide the customers in choosing the best possible plan for themselves.
Furthermore, Freightliner does not stop at the finances. With innovative and carefully engineered trucks, the company makes sure they provide the right amount of services to make the entire experience hassle-free for their customers. With 24/7 repair service, apps that can be used to track and estimate the cost of repairs, reliable employees who deal with issues professionally and most of all, top-quality trucks of all types.
What is a commercial truck loan?
The commercial truck loan is a specific loan made for business owners in the truck industry. Fleet owners or owner-operators can use this truck loan and get their desired trucks without spending all their cash. Commercial truck loans can be availed from online lenders, banks and truck financing companies.
Should I get a commercial truck lease or get a commercial truck loan?
You can opt for two options; one is an equipment loan, while the other is an equipment lease. When you choose an equipment loan, you own the equipment once you have made all the installments. It is more like taking the truck on rent with an equipment lease.
Once you are done paying monthly installments, this means your lease period has ended, and you do not own the vehicle either. However, the owner may give you a few discounted options to buy the truck at the end of the lease.
As a whole, the lease may relatively be more expensive than a truck loan, but after the end of the lease, you may be able to lease another upgraded version of the truck. With a truck loan, you will own the vehicle; however, the vehicle will have a few miles on it. You can contact a financial expert and weigh the price, taxes and interests to find a better option for yourself.
Can I get a commercial truck loan with bad credit?
You can still qualify for a commercial truck loan with bad credit. However, having bad credit may require you to pay a significantly higher down payment and pay your monthly installments with high-interest rates. You can negotiate with your lender and make sure you provide documents that vouch for your situation and explain you are bad credit as well.
Furthermore, since the truck will serve as collateral in your agreement, your financer might be flexible with your bad credit situation.
How much do you have to put down on a semi-truck?
Generally, most lenders require a down payment of about 15% of the total cost. However, this cost may vary based on your qualifications and the factors the finance company considers before finalizing a deal.
However, a good credit score and sufficient finances may mean you don't have to pay a large down payment, while a poor credit score means you may have to pay a relatively larger cost.
How long can I finance a semi-truck?
A few factors come into play before deciding how long you should finance a semi-truck. Many commercial truck finance companies offer programs ranging from 12 to 72 months. The time you finance your truck depends on the interest rate you are paying and the price of your truck.
It is also better to pay the cost as quickly as possible as this saves you from additional interest fees and other charges. If you would like to pay smaller monthly payments, you could go for longer payment schedules.
How long does the funding process take?
After submitting the required documents and filling out the forms, it should take around 24 hours for transactions to take place. A responsible and professional finance company will complete your case as soon as you submit the required documents and get done with your side of the process.
How much does it cost to lease a semi-truck?
The cost to lease a semi-truck depends on the type of semi-truck you want. A newer and more advanced version of a truck may cost you more due to the efficiency and features it contains, while going for more affordable options may mean paying less during your lease. You can find out more about the cost of leasing a semi-truck by contacting the experts at Freightliner.
Truck financing companies who are well-versed in the business and specialize in commercial truck financing may charge lower interest rates and require a lower down payment as well. Furthermore, these companies assist in calculating the total amount you would need to finance your truck.
As with any lender you choose for your truck business, it is always good to check the reliability of the company and how it has treated customers in the past. With Freightliner, you do not have to worry at all. It’s a company that has been serving people with top-notch services for over 50 years now.
With the help of Freightliner, you will be able to finance your dream truck or upgrade your fleet expanding your business and reaching new profits in the trucking market.