Heavy-duty trucks play a vital role in the transportation and logistics industry, enabling businesses to move goods across vast distances.
For many companies, purchasing a heavy-duty truck can be a significant investment.
This article will explore the different classes of heavy-duty trucks, discuss the financing options available, and provide helpful tips for securing the best possible financing terms.
What is a Heavy Duty Truck
The Federal Highway Administration (FHWA) classifies heavy-duty trucks into two main categories based on their Gross Vehicle Weight Rating (GVWR): of 26,000 or greater.
Class 7: Heavy-duty trucks with a GVWR between 26,001 and 33,000 pounds. These trucks consist of city tractors, refuse trucks, and furniture trucks. They are designed for more demanding tasks and longer distances than Class 6 trucks.
Class 8: The heaviest category of trucks, with a GVWR exceeding 33,000 pounds. This class encompasses semi-trailer trucks, cement mixers, and dump trucks. These vehicles are built for long hauls and are capable of carrying massive payloads.
Heavy Duty Truck Financing Options
Heavy Duty Truck Loans
Obtaining loans from banks, and credit unions can be challenging. The “big banks” typically lend to customers with really strong credit profiles. Finance companies that specialize in commercial truck financing like TopMark Funding have more options and less strict criteria.
These loans generally have fixed interest rates and require a down payment of around 10-20% (or greater depending on your credit profile) of the truck’s purchase price.
Leasing a heavy-duty truck involves signing a contract to rent the vehicle for a specified period, usually ranging from 12 to 60 months.
At the end of the lease term, the lessee can either return the truck, purchase it at a pre-determined residual value, or negotiate a new lease agreement.
Leasing can be an attractive option for businesses looking to keep up with the latest truck models and technologies without the upfront costs of purchasing.
Credit score: A strong credit score is essential for securing the best possible financing terms. A higher credit score can result in lower interest rates, reduced down payment requirements, and better loan terms. It’s crucial to review your credit report for inaccuracies and take steps to improve your score before applying for financing.
Down payment: Save up for a substantial down payment, as this can lower your monthly payments and interest rate. A larger down payment also reduces the risk for the lender, making them more likely to approve your loan.
Consider the total cost of ownership: In addition to the purchase price, factor in the costs of insurance, maintenance, fuel, and potential repairs when determining the affordability of a heavy-duty truck.
Expert advice: Consult with industry professionals or financial advisors specializing in heavy-duty truck financing like TopMark Funding. Our expertise can help you navigate the financing process and secure the best possible terms.
Conclusion
Heavy-duty truck financing can be a complex process, but understanding the different classes of trucks and financing options available can help you make informed decisions.
By maintaining a strong credit score, and saving for a down payment, you can secure the best financing terms for your heavy-duty truck purchase.
Don’t forget to factor in the total cost of ownership and consult with industry professionals to ensure you make the most informed decision for your business.
With the right financing strategy, you can invest in the heavy-duty trucks needed to grow your business and meet the demands of today’s transportation and logistics industry.
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated commercial vehicle finance company. We specialize in commercial vehicles and construction equipment. Our mission is to become your long-term financial partner by helping you grow your business and fleet.
Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.
I just purchased my fourth truck with topmark, its the right place to grow your business. I want to thank specifically Dylan, he got me through the deal, swiftly and timely. He has a great personality and I looking forward to working with him in the future. 10/10 Dylan thank you my man.
Dylan was fantastic. Him and the entire team was fantastic I’m very appreciative of Dylan for helping me a communicating with me through the whole process. Everything worked itself out and it was perfect timing. Thank you and I appreciate you.
Top notch company, fast funding for my start up. Real easy all was done online. Communication was great at every step. Will most definitely use them again for my next truck! Thank you TopMark for helping me out!
Dylan, he is one of my go loan guy from here on out. He was with me with every step of the funding process. So glad I found them and very happy doing business with them (TopMark), especially Dylan Schmidt. He is your go to loan guy if you need funding!
I had an outstanding experience working with Dylan Schmidt at TopMark Funding on securing a loan for the purchase of my commercial trailer. From start to finish, Dylan was knowledgeable, professional, and incredibly supportive throughout the entire process.
Thanks to Dylan’s expertise and dedication, I was able to get the financing I needed without any headaches. I truly appreciate his hard work and highly recommend him to anyone looking for financing assistance
TopMark made it happen while other finance companies were dragging their feet. Dylan did a great job communicating and working with me through the entire process of finding and financing my first truck.
Dylan has been extra helpful during this entire funding process. You can tell he is a kind person who really cares about his customers, as well. I'm glad Enterprise works with TopMark Funding so the purchase was as simple as possible.
TopMark Funding made the process of funding our first truck simple and stress-free. As a new company, we really appreciated the personal touch — they didn’t just approve us, they supported us every step of the way. They call to remind us when payments are coming up and always check in to make sure everything is okay. Anytime we had a question or concern, someone reached out immediately. Their service is smooth, professional, and genuinely caring. Highly recommended!
Top mark moved fast once I found the truck that I wanted. My rep Brian is one of the best. Keep me updating the entire process and Made sure the deal got done. Definitely hit him up if you looking at going through TOP Mark Funding!!!!
Thank you for MAKING IT HAPPEN!! BEN you are the best. You are pleasant and such a go getter. Helped expedite the process smoothly Thank you for all your help, Im super happy to have meet you and look forward to doing business with again soon 😊 If your looking for business or trucking business ask for Ben.
Very professional! At the beginning I was very skeptical because of what I was doing. I’m just a poor boy from the south. Trevor kept me informed on everything,(most of the time I dreaded to hear from him ,but he was great) he can make things happen!!!!!!!! I have big dreams in the dump truck world and Trevor give me the opportunity to get something newer and more reliable!! He’s in California and I’m in Alabama and he made my dreams come true. I would love to go have a beer or margaritas with this guy anytime!! Thank you
Worked with Top Mark for the purchase of one truck last November, overall pretty good experience. I would have liked a bit more detail of the financing aspect because it was a bit confusing at first, but honestly i would use them again if i ever needed anymore trucks. Definitely a company i would recommend to someone that wants to finance there 1st truck!
Worked with Brian Perry for a few days to purchase a second moving truck and he was swift and responsive. However halfway through financing, the person who was helping me invest in this truck decided they would buy the truck outright and we would make payments to them instead to bypass interest etc. Brian was understanding in a what I am sure was an annoying situation and there was no problem getting the $1,500 initial documentation fee refunded to our account. If I ever found myself needing financing again I would use this company.
Be sure to ask for Mitch or Nick. They were amazing to work with. They made the process so easy, I never had to get out of my truck. 10/10 review for these guys and the company, I'll be back at Top Mark for my next purchase.
