First time buyers, owner operators, fleets, our finance department can help you own your dream.
With 20+ years of industry experience our finance department is dedicated to listening to you and talking with you to help you find the right package that fits your plan. You can learn more about programs available thru our Truck Center Companies family by viewing our "Current Programs", reviewing some our our "Frequently Asked Questions", or you can contact us today!
If you are simply interested in applying for credit, please complete the "Secure Online Form" and we will contact you shortly.
- Competitive Financing
- GAP Plus
- Physical Damage
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Financing Frequently Asked Questions
- How much will I have to put down?
- Down payments vary depending on the buyer's overall credit history. A seasoned owner-operator can rely upon an established credit history to reduce down payment requirements. Remember, a lower down payment will cause equity in the truck to build at a slower rate. Establish a desired trade cycle when purchasing to help you determine down payment requirements to achieve the trade equity you desire when it's time to trade for your next truck.
- How long should I finance my truck?
- Typically you can finance new units up to 60 months. Used models vary in months of repayment depending on the age of the truck. By selecting a lower term, fewer months of repayment, you can build equity faster due to the larger monthly payment. Longer terms, meaning more monthly payments, will create lower monthly payments. However, longer terms with lower monthly payments could affect your desired trade cycle.
- What could I expect my interest rate to be?
- Interest rates are established on an individual basis and are largely affected by credit history, driving experience, homeownership and status of revolving debts. A first-time buyer can expect to pay more interest than an experienced owner-operator. Fleets that operator 10 or more power units could qualify for special financing.
- What insurance do I need to cover my truck?
- If you have financed your truck, the finance company will require proof of physical damage insurance (comprehensive and collision) with their name and address shown as loss payee. Primary liability and non-trucking (bobtail) liability are not required coverages by the finance company but are highly recommended for the truck owner's protection.
- What is primary liability?
- Primary liability insurance covers the truck owner's financial responsibility when involved in an at-fault accident. Primary liability coverage is typically provided by the motor carrier while under their dispatch.
- What is non-trucking (bobtail) liability?
- Non-trucking insurance covers the truck owner's financial responsibility of an at-fault accident when not under dispatch by the motor carrier.
- Should I lease or purchase?
- A lease is usually desirable for 1 of 2 reasons. One, when you only want to expense the monthly payment and not claim the unit as an asset. And, two, a lease typically has at least a 15% balloon payment at the end of the term providing a cheaper monthly payment. An owner-operator looking to lease should consider their desired trade cycle. Equity in a leased unit will not build as fast due to the balloon payment.
- What is a TRAC Lease?
- A TRAC Lease is a tax lease where the finance company retains the depreciation of the collateral and the customer expenses the monthly payments.
- What is GAP Protection Coverage?
- GAP is an amendment to a vehicle finance contract that waives a portion or all of what you owe on the finance contract after an insurance settlement is paid for the total loss of a vehicle by your primary insurance carrier.
- What is GAP Plus Protection Coverage?
- GAP Plus provides not only GAP Coverage as described in the GAP section, but it also pays you up to $10,000 or 10% of the original vehicle price for a Class 8 and up to $5,000 or 10% of the original vehicle price for Class 3 thru 7. This money can be used for: New down payment on a replacement vehicle, insurance deductible, sales tax, and license fees. Once you have selected the replacement vehicle from the original selling dealer and a copy of the contract, dealer specs and bill of sale are sent to the claims department, a check will be sent to the dealership for reimbursement.
- What is Physical Damage Insurance?
- Coverage for the physical destruction of your insured truck or trailer throughout the U.S. and Canada, with available options including collision, comprehensive items and specified perils.
- What is Non-Trucking Liability Insurance?
- Non-trucking liability coverage is designed to protect leased owner-operators against liability claims that occur when you are operating your truck for personal or non-business use.