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Old Commercial Truck Financing

Do you own a trucking company and are looking to expand your fleet with used trucks or used trailers? Best rates and terms on used truck financing at your fingertips.

Liara Cohen
Liara Cohen
September 13, 2020

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When you are in the trucking business, you always want to make some profit, right?  Buying an old truck in a better condition would seem like a better deal. However, you must have a basic knowledge of the nitty-gritty of older commercial truck financing.

In the long run, it doesn't matter which type of truck you have. Ultimately, you need some money; otherwise, that truck might not be yours for a very long time. 

It means that to buy an old truck, you first need to either have cash or find a company that finances old commercial trucks. It is not an easy task to find such a company. Several people complain about facing issues while trying to finance a truck, which is seven or more years older.

Why buy an older truck? 

A lot of people want to invest in older trucks because these trucks often come cheap. You may get up to 70% to 75% off on the original price. If the condition of the truck is good, then it becomes a profitable deal.

Generally, owners of old trucks want to sell them when they want to earn some bucks while cleaning their places. 

The idea of buying old trucks may lure you because of the money savings and service you may get. This may be true if you are buying an old truck on cash. However, the case is the opposite if you want to buy an older truck and opt for older commercial truck financing. 

Finding a financer for an old truck can be a very difficult task.

Why do some companies not finance older trucks?

Financing a vehicle

Financing a vehicle may give you the same feelings as purchasing a personal vehicle. However, it can be a more complicated business. 

Financing companies are, usually, in the dilemma of finding a perfect customer, whereas customers try to find a perfect and cheap deal. Financing a truck for business is a very long and complicated process. 

The primary reason for this complication is that commercial trucks are very expensive. When the finance company agrees to finance a commercial truck, it has taken a big risk. In case the client defaults on the loan, then the company will be at a loss.

Thus, these companies take strong security and client-checking measures before financing any vehicle.

older commercial truck financing

When we talk about buying an old truck, it sure seems like a cheap and sweet deal. However, finding a financer for old commercial trucks can be quite difficult.

Finance companies want to invest in such potential clients who want to buy a new vehicle and who will be able to repay the dues properly. So, even if the client becomes a defaulter, then the company can sell the vehicle and recover money.

The case is entirely different in the case of older commercial truck financing. In case of default by the client of the old truck, the company will not be able to recover their losses. This is so because as the truck is already old, the company may not be able to recover money by selling it. 

After looking at all these risks, there are very fewer companies that intend to go for financing older trucks.

Try to understand it with this example - Suppose you want to find a suitable marriage partner for yourself. You are looking for a partner who is young and energetic. However, the marriage bureau sends you the profile of a person who is 20 years older than you. 

Then what will be your reaction? You will say no because your requirements for a life partner are completely different. This same situation happens with these financing companies’. They are just not looking for investing in older commercial trucks.

The base is, all lenders have a certain criterion to look for within their clients. If you do not fit that criterion, then you will not be able to finance your truck. After considering everything, it does not seem like finance companies will go for financing old commercial trucks any time soon.

How hard can it be?

Although it may not look so, it is pretty hard to find a financer who agrees to older commercial truck financing. A number of people complain that most companies do not want finance trucks older than seven or so years.

Buyers have to call for several companies before finding the one who approves of financing old trucks. 


Mostly we are not able to find any financer for older commercial truck financing because we try and find 

financers online. In reality, finance companies with large businesses are present on the internet. Most truck finance who have advertised themselves on the internet to get potential clients. 

These companies want to attract such buyers who either want to finance a new vehicle or are stable enough to repay the EMIs. Investing in such clients is less risky; thus, it proves that these people are valuable clients. Also, these companies work on a very large scale. 

Large scale companies do not have time to go for small and old vehicle-related assignments. They mostly ignore or reject older commercial truck financing applications. 

If one wants to finance an old truck, then there are good chances that you may get a good deal from small companies. Small companies want investments; it is more likely that they will listen to your situation and respond accordingly.

Small and specialized companies readily accept older commercial truck financing requests. For a number of financers, the age of the vehicle should not be an issue. They look out for the overall condition and value of the truck.


If you want to get finance for a new truck, then there are chances that you may get a good deal from a large company. However, it would be much better if you contact a small or specialized company for financing old trucks. 

As long as the equipment and condition of the old truck are satisfactory, you may not have any issue in finding an older commercial truck financing company.

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