The Basics of Used Truck and Equipment Financing

Posted 10.05.2012

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Business owners have one common interest: saving money. One of the best ways to keep your bottom line from being hammered is to purchase used trucks and equipment. The savings really start adding up if your business regularly purchases equipment or has a vehicle fleet of any size. But the problem for many businesses is that dealers offer more attractive financing options for new equipment. A common sales pitch is that you may as well buy new, since the better interest rates can make up for the difference in price. But why would you spend more to save more? It doesn’t make sense.

If you want to purchase used equipment in a private sale from another company or off the web the problem is the same. Banks typically don’t like used equipment financing, and the terms on these loans if they offer them are unattractive (such as high down payments, house as collateral, etc.).

Tip 1: Get a Broker for Your Used Vehicle Financing
The more business-savvy option is to find a better deal on used vehicle financing. When you go to look for a mortgage or insurance, most consumers recognize that their best option is to go to a broker rather than directly to a bank or an insurance company. Patron West is like that broker, only for finance companies that will get you the best rate on used trucks or any other equipment you may require.

Tip 2: Go Anywhere To Purchase What Your Business Needs
This will open up your options and allow you to purchase from any source, so you aren’t limited to any one dealer or supplier. Patron West will even help you finance private or cross-border sales, so you can take advantage of low prices in the US on larger truck or equipment purchases.

Tip 3: Harness the Power of Pre-Approval to Negotiate Your Own Terms
When you finance a deal with us, we give you pre-approval for a certain amount so you know what you have to work with. This allows you to shop around and get the best deal on your own terms, rather than just accepting the terms that are given to you.

It’s also handy to know what your buying power is going into a deal rather than being told the price and having to go somewhere else and ask for that financing. This lets you take advantage of deals that may not be there by the time your bank gets back to you. We consistently provide answers for clients within 24 hours, sometimes same-day. With a pre-approval, you don’t have to wait at all. Purchase what you need at the deal you want. Find out more about pre-approvals.

Tip 4: Have the Paperwork Done For You
If you are purchasing through Patron West, we will ensure that the equipment is free and clear of liens, even if it is a cross-border sale. If you are purchasing a piece of equipment off of Kijiji or another website, you run the risk of not finding out that there is a lien on the equipment until after the sale. A lien registry may show nothing on the equipment, but a debtor search will show a lien on the record of the person selling the equipment. We have the ability to do both with a click of a button, while a first-timer would have to go through a lengthy process to do both searches. We’ll even handle the customs paperwork for you if you are looking at a cross-border sale.

Partner with Patron West, and you’ll save your company money and headaches on your used truck and equipment financing.

Contact us today to find out what we can do for your business.

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