Thinking about buying a new-to-you truck? There are plenty of good used trucks to be had, but often, it’s the loan that people worry about the most. So let’s look at some details to help make your used truck journey successful.
In deciding whether or not to grant you a loan, a finance company will consider the age and condition of the truck. Some companies only lend to people buying newer trucks and those with excellent credit.
Also, older work trucks used for hauling tools and equipment may present a higher risk. And, since they are not worth as much, the people who buy them tend to have lower credit scores.
All this can make lenders a bit uneasy. It doesn’t mean you can’t get a loan, just that it will probably have a higher interest rate.
Putting the Odds in Your Favor
So what can you do to increase your chances of financing a new truck? When financing any vehicle, you want to do all you can to show the lender that you’re financially responsible.
First, set a personal budget. Then, figure out the upper limit you can afford when it comes to a truck payment and stick to it when shopping.
When you apply, ensure you can show proof of income, income history, current debts, and your driver’s license with your current, correct address. Some companies ask for additional proof of address, such as a utility bill.
It’s also a good idea to check your credit score. Make sure there are no mistakes.
Now the tedious part begins, shopping for the best rates. They vary among companies, so do your homework. Also, don’t turn in too many applications because this can hurt your credit score. If all this sounds like a hassle, we can help!
Work With the Pros
At Consumer Auto, we have a wide network of dealers and lending agencies eager for your business. Once we get to know your needs, we’ll do the “legwork” for you, saving you the tedious search for a company that will loan you money for your next truck.
We’ll find the best rates available and help you meet the requirements to qualify. All it takes to get started is to fill out our no-obligation form below. This gives us a little information so that we can begin searching for the perfect deal for you.
We’re Used Truck Specialists
When it comes to used trucks, we are the go-to people, and we want to make buying a used truck a good experience. We have an entire team of Canada’s best used truck finance specialists to help you out.
Your next step is to fill out the form below. It will only take a couple minutes. Then, we’ll contact you in a day or two with details about how much you’ll likely be able to borrow and how to get the best interest rates. So let’s talk, and we’ll get the process moving.