Do you want to drive your own truck but don’t have the funds available to purchase one? In this situation you have two options: you can finance a truck or lease it. Financing means taking out a loan to purchase the vehicle and paying it back in monthly installments. Leasing means that you are basically renting the vehicle for a monthly fee.
There are many benefits of financing over leasing. Find out how you can personally benefit from owner operator truck financing from 10-4 Financing.
The Benefit of Ownership
The biggest benefit of financing a truck rather than leasing it is that when you are finished paying off the loan, you own the truck. The truck is yours from the time you complete financing paperwork and drive it off the lot, but if you don’t make payments the lender has the right to repossess the truck. Once you make your last payment and the balance of the loan is paid in full, the truck belongs to you and you alone.
When you lease a truck, you are agreeing to pay a certain amount each month for a designated period of time to drive the truck. When the lease period ends you have the opportunity to purchase the truck or turn it over to the dealership. At the end of the lease you could choose to finance the truck at its current value, but by then you’ve lost money you could have been investing in ownership of the truck.
Freedom to Modify You Truck
Owner operator financing gives you complete freedom to customize the truck to your preferences. You can modify it, add features, and make upgrades. The truck essentially belongs to you as long as you make your monthly payments. When you lease a truck you are required to keep it in its current condition. You are also responsible for any damages that may occur.
Financing Saves You Money
While you can lease a truck without any money up front, you still lose money on the deal. The payments you make to lease a truck never amount to any value for you. That money is simply gone. With financing you end up paying less because if you choose to sell your truck, whatever profit you make above the amount left on the loan is yours to keep. If your loan is paid in full, the entire profit from the sale of the truck goes in your pocket.
In addition, your insurance rates are cheaper when financing than leasing. And when you do your taxes, a financed truck can be deducted as a business expense because you are considered to be the owner for tax purposes.
Enjoy the Benefits of Truck Financing with 10-4 Financing
Now that you know the benefits of owner operator truck financing, contact 10-4 Financing to get started. We can help you every step of the way to purchase your own truck and start working for yourself. Call 888-908-7701 or contact us today to apply.