Live Life Over the Road and Buy Your Own Rig

Trucker to Trucker is the #1 online resource for trucks and equipment sales. If you are looking for a truck for sale, trucking equipment or trucking services, you'll find them here. Today, we're putting the spotlight on buying and financing your own rig

Maybe you sit and look at trucks for sale, dreaming of a new career. Finding a rig of your own and purchasing it is not as hard as you think. Unless you have a lot of cash on hand (and who does in this economy?) you will probably have to look into financing a commercial truck. Where to start? Who should you talk to? What things should you consider? What if you have bad credit? All these questions and more probably race through your mind as you think about the big picture.

First of all, if you are thinking about purchasing a commercial vehicle, you can consider buying a used truck. A brand new commercial truck can cost anywhere from $30,000 to $250,000, and with the bad economy still rearing its ugly head, there are plenty of "gently used" commercial trucks out there simply brimming with options. Before you even apply for financing, however, make sure that the vehicle you're thinking about purchasing has been inspected by a trusted mechanic. There are a lot of dishonest people out there who are desperate to make money, and they might not be honest about the condition of their used vehicles.

Once you've settled on the truck you want to buy, it's time to get your ducks in a row. Obviously, in the ideal scenario you will have at least twenty percent of the purchase price to pay as a down payment, and your credit score will be above the "fair" rating. You will have a valid CDL license, and you will be able to provide proof of income to show the financing company that you will be able to pay your monthly payment. If all these things are true, you will probably be able to negotiate a fair interest rate, and you should be able to get a reasonable monthly payment amount.

If your credit score is less than great, or you lack 20% for a down payment, there are certain programs that will try to help you. Some offer first time owner deals, and some cater to credit-challenged buyers. Some even offer no money down payments, to get you into a truck right away. In these cases, often the monthly payment will be a bit more, but once you start driving and making that money sometimes you can renegotiate the terms of your loan. Now is a great time to get financing on a commercial vehicle.