If you’re in the market for a semi-truck, odds are that you’re going to need some form of financing in order to purchase it. Regardless of whether it’s your first or your fiftieth truck purchase, semis can come with a high price tag, and most people don’t have sufficient liquid funds to buy one outright. Since you’ll likely need financing for your truck, it’s a good idea to get pre-qualified for that financing before you head out to the lots and start looking at trucks. Why get pre-qualified before you even start shopping? Keep reading to learn the benefits.
Know Exactly What You Can Afford
If you haven’t been pre-qualified for a loan on your semi-truck, you don’t really have a firm grasp on what your budget is for your new truck. You could perform your own calculations and make an estimate, but this isn’t the most accurate way to set your budget. You could end up selecting a truck you love, only to find out you can’t qualify for that large of a loan. By sorting out your financing needs first, and getting pre-qualified for a truck loan, you know exactly what you can afford, so you can ensure you’re only looking at trucks that are within your budget.
Make the Shopping Process Easier
Knowing your budget has the added benefit of making your truck-buying process much simpler for you. Many semi-truck lots have a huge selection of trucks to look at, and narrowing your search based on your firm budget can help make choosing a truck a lot easier. Additionally, your sales representative can feel completely confident in showing you trucks that fit your pre-qualified financing amount. They’re less likely to try to push you into a higher-end semi if they know you already wouldn’t qualify for financing it, and they can feel confident when showing you trucks within your budget that you’re a serious buyer. Nobody’s time gets wasted, and both parties are a lot happier for it.
Get into Your Truck Even Sooner
With the qualifying process on your loan already complete, once you find the semi you want, you can close on it and get it out on the road even sooner. Pre-qualification allows you to finalize your loan and the purchase of your semi-truck much more quickly, and that means you’ll be hauling loads even sooner.
So, if you’re in the market for used semi-trucks, make sure you get pre-qualified for financing before you head out to the nearest lot.
