Tag equipment financing

It is every trucker’s dream to drive a high-powered and efficient truck that operates without the constant worry of breakdowns or costly repairs. Indeed, nothing beats owning a truck that provides peace of mind while allowing you to run your day-to-day operations without stress. This is made possible by investing in a truck that is designed to deliver these essential benefits.

While some brands are more popular than others, others have built a reputation of being every trucker’s first choice. In this article, we explore some of the best semi-truck brands to buy from and highlight what sets them apart.

WHAT ARE THE BEST SEMI-TRUCK BRANDS TO GET IN 2024?

FREIGHTLINER

When it comes to medium and heavy-duty trucks, Freightliner has etched its name as a household name. With their trucks made to last, it is no wonder that they are a top choice for drivers looking for dependability and longevity. 

A popular Freightliner truck is the Cascadia known for its aerodynamic design, fuel efficiency, and its engine is either powered by Detroit or Cummins heavy-duty engine. Freightliners also have advanced and automated safety features, making them ideal for overall efficiency in long-haul and urban transportation.

VOLVO

People often discuss Volvo in terms of its quality and safety, two words that have become synonymous with the brand. As a manufacturer of different vehicles, Volvo’s commitment to safety also rubs off on their trucks as they are equipped with advanced safety features. So if safety is a top priority for you, then you should go for Volvo. But that is not all about Volvo trucks. 

Other benefits of Volvo trucks include efficient fuel management, durability, advanced technology, and great resale value. Volvo also has one of the most successful trucks as the FH has sold over 1.4 million units to date.

The Volvo VN and VNR are also the most talked-about for their fuel efficiency. The VNR is particularly great for regional-haul and urban delivery. 

MACK

Mack trucks are popular because of their functionality. As one of the largest manufacturers of trucks in North America, Mack Trucks has a reputation for being known as tough work trucks.

Mack was founded by Jack and Gus Mack in 1900 and was initially known as the Mack Brothers Company, but later switched to vehicle manufacturing. In April 2000, Volvo acquired the parent company of Mack Trucks, Renault Vehicules Industriels, making Mack Trucks a subsidiary of Volvo. 

Most Mack Trucks run on the Cummins L9 engine which means higher performance and lower maintenance. Some popular Mack trucks include Mack Anthem and Mack Titan. You can identify the Mack Anthem by its bold design, but you can count on its great aerodynamics and fuel efficiency. The Mack Titan, on the other hand,  is an ideal choice if you are operating heavy-duty tasks.

KENWORTH

If you are looking to get the best value for your money, then a Kenworth semi-truck may be what you are looking for. Nicknamed the K-Whoppers, Kenworth trucks are reliable and durable and can be trusted for several uses. 

The T680 and T880 models are bestsellers Kenworth trucks that have been lauded for efficiency, functionality, and durability. 

On the one hand, the lifespan of the T680 is set at 1.5 million, which means it can last for decades. The T880, on the other hand, is known as a versatile workhouse and is popular for its ruggedness and engine makeup.

PETERBILT

Peterbilt started in 1939 and specializes in the production of medium and heavy-duty trucks and commercial vehicles. A standout feature of Peterbilt semi-trucks is their durability and low maintenance. 

The Peterbilt 379 semi-truck, for example, is built to last, often running up to 750,000 miles without needing a rebuild, with many even surpassing the 1,000,000-mile mark.

The Peterbilt 389 is another model truckers love. It comes with a 600-hp Cummins engine, advanced safety technology, and comfort features that ensure a smooth and enjoyable driving experience, even on long hauls.

INTERNATIONAL

If you’re looking for heavy-duty and medium-duty severe-service vocational trucks, you should consider going for International. Their semi-trucks are built with high technology that ensures efficiency and durability.

Popular among International truck models are the LT and RH series. They both feature the S13 Integrated Powertrain, which enhances fuel efficiency and reduces emissions. The LT Series is designed for long-haul driving, combining comfort and efficiency.

On the other hand, the RH Series is built for local and regional haulage. It has a maneuverable design that makes it ideal for navigating tighter spaces. 

WESTERN STAR

Western Star builds durable and versatile trucks which makes it a go-to choice for truckers serving diverse industries. Powered by Detroit and Cummins truck engines, Western Star semi-trucks are designed to handle the toughest conditions. They also have sturdy steel frames and rust-resistant coatings that ensure that they perform for a long time while requiring minimal maintenance. 

Popular Western Star trucks include the 47X, 49X, and the 57X. The 47X is known for its durability, the 49X is one of the most advanced heavy-duty trucks while the 57X has driver-focused designs and advanced safety features. 

CONCLUSION

Buying a semi-truck is a big move, and you must prioritize getting the one that will serve you in the long run. Common qualities you should look out for include durability, fuel efficiency, safety, and low-cost maintenance among others. The brands listed above are trusted and can give you great value for your cash. 

ABOUT INSPIRED FUNDING

Inspired Funding has helped hundreds of truck companies secure the trucks they need to succeed. Whether you’re expanding your fleet, starting a new business, or navigating bad credit, we’re here to make truck financing simple and stress-free. 

We specialize in truck financing designed to get your business on the road to success. From box trucks and dump trucks to cargo vans, semi-trucks, and other vocational vehicles, our process is easy. Get guaranteed low payment on used and no hard pulls on credit scores. 

With competitive interest rates, flexible down payments, and manageable repayment plans, you can focus on growing your business without the stress. Start your journey to funding today!

There are several ways to finance a tow truck, including equipment financing, bank loans, and leasing. These options give you the flexibility to choose the one that best suits your business needs. 

The great news? There’s always an option available for you. In this article, we’ll walk you through everything you need to know about tow truck financing and how to select the best option to increase your chances of approval.

WHY YOU SHOULD FINANCE A TOW TRUCK

Recent market trends show that the price range for a new tow truck varies from $90k to over $150k based on the model and manufacturer you choose to go with. Unless you’ve got that hefty sum tucked away safe, it might be wise to look into financing options​. The bright side is that there are many financing alternatives out there​. 

Deciding to finance a tow truck instead of buying it with cash upfront is beneficial due to the tax benefits that come with it along the way! Through financing, purchase expenses can be deducted from your income resulting in tax savings for your business operations! 

For instance, If your business generates a revenue below $10 million and you invest in a truck valued at $20k, there’s a possibility to deduct the entire cost of the vehicle in that same fiscal year.

Similarly, choosing a lease agreement could allow you to deduct the full lease payment as a tax write-off, whereas with a purchase option, you wouldn’t qualify for these deductions

TYPES OF TOW TRUCK FINANCING

Every trucking company is different, which is why there isn’t a universal financing solution. There are factors to take into account when exploring financing options. 

Achieving the best financing strategy entails understanding your company’s circumstances and selecting an option that aligns better with your business considering cash flow capacity, size of the operation, and budget constraints.

Let’s take a look at some of these types of tow truck financing so that you can make informed decisions. 

TRADITIONAL BUSINESS LOANS

If you walk up to a bank to ask for a loan to finance your tow truck, there is a high chance you walk out with the amount you need provided you meet their terms and conditions. This is called a traditional business loan. 

These are loans you take from banks or credit unions to finance any aspect of your business, including purchasing a vehicle. For this type, you would need an ideal credit score, a down payment, and collateral, which in this case will be the tow truck. 

EQUIPMENT FINANCING

Just like a mortgage helps you purchase a house, equipment financing helps you purchase any equipment for your business. This means this type of loan cannot be used for any other thing. 

Qualifications for equipment point directly to your ability to pay back, which is why it is more common for lenders to give 80% of the equipment value, while 20% serves as a down payment. Similar to the traditional loan alternative, the truck serves as collateral. 

Length for repayment can range from between months to years, and the interest rates depend on agreed-upon terms. 

LEASING

When you opt for equipment financing, you get to own the truck when your debt is paid, but that is not the case for leasing. Of all tow truck financing, leasing seems to be the less expensive option because it requires no down payment or high interest rates. However, you cannot own the truck at the end of the lease term. 

So why opt for leasing at all? 

Leasing is an attractive option for businesses who are looking at upgrading their trucks to newer models. What this means is that you can lease new or better truck models as you see fit. Regardless you can go for lease-to-own agreements, which allows you to purchase the truck after leasing is complete, but this comes with its conditions. 

BUSINESS LINE OF CREDIT

A business line of credit is a credit system that allows you to access funds on an as-needed basis. It works best for short-term loans and can be used to pay for your down payments and other expenses like repairs. 

ALTERNATIVE FINANCING OPTIONS

If credit score and business history are a concern for you, then you should consider alternative financiers. These are lenders that provide tow truck financing with bad credit. Best of all? You can find them online. 

Because they provide tailored financing solutions, you can expect flexible funding solutions such as quicker approvals and more adaptable terms, compared to banks. If you are new to the business without a credit score and business history, this is the option you can look out for and explore. 

QUALIFICATION FOR TOW TRUCK FINANCING

While we have already covered some of these, let’s have a checklist of the basic things a bank or lender will look out for before giving you a tow truck loan:

• A FICO score of 650 and above
• At least three in business
• A minimum of 20% down payment
• No recent bankruptcies
• High credit balance, etc

HOW TO APPLY FOR TOW TRUCK FINANCING

RESEARCH THE FINANCING OPTIONS

Now that you know that there are different financing options available, the first step is knowing the right one for your business. Evaluate your business needs and financial strength to know the best option. 

APPLY FOR FUNDING

Once you have found the perfect choice for your business, begin the application process. Gather vital documents like 

• Business balance sheet
• Business and personal tax returns 
• Bank statement
• A copy of CDL
• Vehicle documents

Having all documents ready will make you prepared and make the application process easy. The application process will include stages like prequalification where the lender reviews essentials like credit score, revenue, and business history. Here, you get an idea of the loan amount and terms you may qualify for.

GET FUNDED

After going through the pre-qualification process, you and the lender will discuss essentials like loan terms like down payments, repayment length, interest rates, and more. Once this is done and finalized, you can get approved and get funded.

CONCLUSION

Finding the right tow truck for your business is easier than you think. With the right financing plan and a clear understanding of your needs, you’ll be ready to hit the road and drive toward success in no time.

ABOUT INSPIRED FUNDING

Inspired Funding has helped hundreds of truck companies secure the trucks they need to succeed. Whether you’re expanding your fleet, starting a new business, or navigating bad credit, we’re here to make truck financing simple and stress-free. 

We specialize in truck financing designed to get your business on the road to success. From box trucks and dump trucks to cargo vans, semi-trucks, and other vocational vehicles, our process is easy. Get guaranteed low payment on used and no hard pulls on credit scores. 

With competitive interest rates, flexible down payments, and manageable repayment plans, you can focus on growing your business without the stress. Start your journey to funding today!