Commercial Loan and Warranty Options For Used Trucks

When a prospective truck buyer finds the perfect used vehicle for their needs, the next question that often arises is how to pay for it. Assuming they’re not paying in full with cash, about 70% of truck buyers finance their new and used vehicles. For most, their bank, credit union, or other lender are the financing options that come to mind.

Often overlooked are options that can be provided by the dealership. Ascendance Truck Centers offers robust credit financing for used vehicle purchases, as well as extended service/warranty and maintenance plans. With a minimum down payment or trade-in and approved credit, the buyer can be on the road within hours of picking out their new commercial vehicle.

Commercial truck loan options vary and serve a broad range of buyers, regardless of vocation or size. Including but not limited to, first-time owner-operators; small fleets of fewer than three vehicles; large fleets of four or more vehicles; and traditional, private operators, such as landscaping companies, appliance or home repair, and other small businesses not related to hauling freight.

As with passenger cars, buying and financing a used commercial vehicle can lower the purchaser’s upfront cost. Financing allows the buyer to retain more capital to grow their business without the weight of a high upfront expense. Additionally, financing a commercial vehicle and warranty allows the buyer to put the equipment to work and begin driving revenues, while maintaining a predictable monthly budget, and building credit for the future.

Financing a vehicle and choosing optional extended service plans is easy with Ascendance. What are the first steps? The process begins with the dealership finance manager or banker running a credit report to determine the credit score, which will help qualify the borrower and establish the loan’s interest rate. The better the credit score and report, generally the lower the rate. If the borrower is an owner-operator, they will also ask how long the company has been in business; the longer, the better. Buyers will also be asked to provide past or future hauling references; financial information, such as banking and any financial institutions they may have used for financing in the past; and the number of trucks currently owned.

Most borrowers should experience no issue finding a lender. However, those with little, bad, or no credit history may face a larger down payment, a higher interest rate, or require a personal guarantor on the note to share the risk. A guarantor may be required for those who cannot qualify for a loan on their own. This can be a family member, the owner of a company they haul for, or even the borrower, if their corporation is actually buying the vehicle.

Interested in equipping your vehicle with protection? With Ascendance, warranties on used vehicles are available and can be bundled with financing. The all-new International Worry-Free Bundle Coverage offers up to a two-year factory-backed engine and aftertreatment warranty, extended vehicle coverage with towing included on the purchase of any used 2018 or newer LT or RH series equipped with the A26 or X15 engine. Extended vehicle coverage includes 800 plus components including transmission, axles, frames, bumpers, and more. Additionally, this bundle features a zero-dollar deductible, no claims maximum, and one-hundred percent parts and labor coverage.

This policy can “wrap” onto any existing policies the used unit may already have attached at the time of purchase, effectively adding additional coverage to the existing policy.

If you are looking to purchase a used truck from Ascendance Truck Centers, let us help ease the burden of finding the best financing for you. We work with top lenders
to ensure the best products are being offered to qualified buyers. To learn more, visit our Financing page.