If you need a big rig to move goods, plant or construction material, you want to save as much money as you can while getting the best benefit. Sometimes a bit of homework can save you a lot of money – and headaches along the way. Here is how you can save money buying your next truck, and get a great deal on truck finance.
1 – Sketch out your truck’s plan
A truck may be part of your business – or it could be crucial to your business itself. Like every business, you need a plan. If you’re hauling canned or bottled goods, a curtain-sider is the right choice. If you’re a house mover, you may only need a semi-trailer. If the truck you need has one specific purpose, it narrows down what trucks you can buy. Having a plan for not only your truck but how it will make money also makes your loan application process easier – possibly cheaper. You should have a budget for money going out and what money you expect to come in, too.
2 – Buy a truck with high residual value
This may sound like the opposite of saving money, but buying a newer truck (yes, they are more expensive) is actually a sound investment. If you buy a new or near-new truck that is in good condition, this will save you money on repairs, maintenance and possibly fuel. Newer trucks with high residual value are better prospects for loans, as lenders see them as lower risks. This means possible savings in interest.
3 – Look for economical options
If you can, find trucks that are aerodynamic, have low tare weight, and better fuel economy to add value to your bottom line. Even if you only make gains of 5% on fuel costs per tank, this can amount to thousands upon thousands of dollars per year saved in petrol or diesel. That means better cash flow for the business – another positive in the eyes of your lender.
4 – Don’t just insure the truck, insure your business
When approaching lenders, you should already have some kind of business insurance in place. If your business is completely dependent on your truck (or trucks), cash flow could reduce to a trickle as you wait for repairs or replacement parts to arrive. Remember, lowering risk means lowering your interest rates, which means lowering your repayments. This is always better for your business!