Buying A Used Commercial Truck?

Are you planning on buying a used commercial truck? While you’ll certainly save a great deal of money, it is crucial to perform extensive research to ensure it is optimal and will adhere to all your demands. Additionally, you must become aware of costs which are fixed, even when your truck is rarely used.

Determine Your Financing Options

There are two basic ways to raise the funds needed to acquire a commercial truck, and this is either by saving your own funds until you have enough or borrowing money from a bank or lender. The advantage of saving and using your own money is that you won’t be beholden to anyone or have to worry about interest payments. The downside is that saving enough to buy the truck yourself will take time that you may not have, and even if you have enough cash on hand to purchase it outright, the funds might be needed elsewhere.

Borrowing money gives you the advantage of not having to pay the full sum up front; you can pay down the cost of the truck in installments. However, most lenders will not deal with you unless your credit history is good and you’ll have to pay interest which will increase the long term cost. Plus, the loan you get will depend on your capacity to pay, as well as the vehicle’s condition and other factors.

Work With a Reputable Seller

Buying a second hand vehicle always comes with the risk of getting a lemon, and there are plenty of unscrupulous sellers out there who would be happy to sell you one. As a consequence, it is important to be careful when dealing with them and always rigorously inspect the vehicle before completing the purchase to ensure it has no serious mechanical defects. This seems like simple advice, but you’d be surprised at the number of people who are duped into buying lemons each year, and it isn’t always easy for the untrained eye to spot them.

Search for the Right Insurance

Once you’ve acquired the financing needed to buy the truck and met a seller, the next thing you need to do is find the right insurance. Standard auto insurance probably won’t suffice since commercial vehicles are subject to stringent regulations, and the insurance you get will also have to factor in delays and potential freight losses.

Identify a Parts Replacement Source

Every vehicle will break down at some point and require replacement parts. For this reason it is highly recommended to choose a truck brand whose parts and services are readily available. Stay away from vintage or limited edition models; while such trucks are great for collection purposes, they are not suitable for commercial operations because their accessories may be too rare, difficult and costly to replace. Irrespective of how small a component might be, if you’re unable to get the replacement part, then this means your commercial truck will never reach its potential, and in fact can cause serious problems over the long term.

Let’s keep truckin'.

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