The first type of financing is called operating or operational lending. This type of loan will be used to purchase and maintain the truck. The second type is called term loans. These are long-term loans that will be paid back in installments over a period of time. The third type is called asset-based lending, which uses the value of the truck as collateral and can be used to purchase other trucks or equipment as well as pay off debt incurred by previous purchases and investments in your business or company. All three types of financing will have a different fixed interest rate; which is determined based on your credit score and other factors. The better your personal credit and business credit is, the better your chances of financing approval. Better credit will also help you get lower interest rates.

You may need to borrow money , and use the equipment as collateral. You can do this through two different ways. One way is to lease your equipment, where you pay a set amount each month and at the end of the term, you own the machine. The other option is called buying out, where you pay off the full value of the machine upfront. Get access to the best big rig lending options for you.