- January 9, 2023
- Posted by: Sergey Grushetskiy
- Category: Semi Truck Financing
We all know any type of large purchase like a vehicle is a big investment. But when it comes to trucks, that investment takes on a whole new meaning.
Drivers are looking to earn a living with that truck, so a mistake during that process can end up harming their earning potential down the road.
This is why it’s critical to carefully plan your next truck purchase so that you not only get the best deal, you also make an investment with the highest possible returns for years to come.
In this article, we’ll give three key tips on what to plan for when buying your next truck.
Decide Whether You Want To Buy New Or Used
This is the first step and likely it will be based on your current budget. The main advantage of a new truck is, of course, reliability and peace of mind. New trucks will have a full factory warranty as well as all new equipment like brakes, tires, and other accessories.
But buying used can save thousands of dollars and with a little research, used trucks can be found that are well-maintained and still have hundreds of thousands of miles left in them.
Make Sure Your Budget Includes All Costs
When setting their budgets, many buyers looking into owner operator financing only consider the monthly payments on the truck. But that may leave you without enough money for other costs like regular maintenance.
Make sure to consider the full ownership cost of the truck per month, not just the monthly payments. This may mean you need to consider a lower-priced truck. But in doing so, you will not run out of money at the end of each month.
This is also why you don’t want your monthly budget taken up with high financing charges, so working with underwriters that take your whole history into account to offer the best financing is critical.
Know What To Look For In A Truck
If you are a new driver, you may not know the ins and outs of truck buying well enough to see all the warning signs of a poorly maintained truck.
Even with a new truck, you may not be fully aware of which features you need the most and which you can do without depending on your routes.
If so, try to find an experienced driver who you can ask to inspect the vehicle or at least consult with over a phone call or in person.
Experience is invaluable, and someone who has already made several purchases can help you avoid common pitfalls new buyers may face.
Help With Buying Your Next Truck
Buying your next truck is likely one of the biggest investments you will make, so it needs to be done right.
AT 10-4 Financing, we help drivers all around the country finance their new trucks so they can get out on the road and start earning money fast.
Contact our financing experts at 10-4 Financing today and learn how we can help get you behind the wheel of your next truck fast and with the lowest payments possible.