At Coopersburg & Liberty Kenworth, we offer financing on all our tractor trailers for sale – and it’s a good thing too, since more than 70% of our sales involve financing. Even used tractor trailers for sale can be extremely expensive, and relatively few people can afford to buy them outright with cash.
Where it can get tricky, though, is when people come in to make a purchase, but their credit is… not so good. We want to help, and we’ll do what we can to make the deal happen, but ultimately, we still have to justify ourselves to our own bank. If they won’t back the loan, we can’t offer it.
So, here are a few tips for helping to make a deal more likely to happen if you’re looking at tractor trailers for sale with less-than-perfect credit.
Four Tips for Making That Credit-Based Truck Purchase Happen
1 – Clean up your credit beforehand
Get a free copy of your credit report and look for anything on it which could be quickly resolved. Often, there are one or more items which a person may have forgotten about, which can be easily paid off. In best cases, there might even be incorrect claims that can be challenged and removed, providing an instant boost to your credit score.
2 – Consider debt consolidation
Debt consolidation means taking out one large new loan which is used to pay off several smaller existing loans. This can be a good way to improve a credit score, since it pays off old debts. If you can establish a few months or a year’s worth of constant payments on the consolidation, even better.
3 – Bring in collateral
Deals don’t have to be made solely based on your credit record alone. If you have another piece of property of high value -such as a different vehicle title – that you can put up against the truck loan, that will make it a lot more likely we can make the deal happen.
4 – Take advantage of trade-ins
Another option is to reduce the overall amount of the loan via trade-in. At Coopersburg & Liberty Kenworth, we’ll take just about any still-running truck as trade-in. It doesn’t have to be a Kenworth, either! We’re happy to accept street-legal trucks from any manufacturer.
Do you need more help making a credit-based deal happen? Contact Coopersburg & Liberty Kenworth directly for more advice.