No company owner likes to feel fooled or ripped off. A bad deal is always painful. But when you’re talking about a huge purchase like a commercial truck, the agony -- and cost -- amplifies 1,000 times.
Certainly you’d rather focus on your business instead of paperwork or other deal details. That’s why you should look back at those purchases gone wrong so you don’t fall victim to the same pitfalls.
Why’d Your Commercial Truck Deal Fail?
Your lender didn’t act fast enough.
Scenario: Your lender didn’t process the paperwork quickly enough (or perhaps it hasn’t even gotten around to compensating the seller). You missed out on the commercial truck that was best for you because the lender didn’t make you a priority.
How a lender does it right: A committed lender is always there to pick up the phone when you’re ready to act. Timely preapproval is one tool a good partner will use to put you in a cash buyer’s position so you can immediately jump on an advantageous deal.
There was an issue with the title.
Scenario: You found a great deal and were afraid to lose it. Your seller was so anxious to make money, he wasn’t transparent with you. How so? The seller had a lien on the title that wasn’t released or the seller bought the truck and tried to jump the title by selling it to you without flipping it first.
Without knowing it, you got burned -- unable to get the title and the vehicle registered. You were left making payments on a vehicle you couldn’t put right to work.
How a lender does it right: Your leasing and financing company should always make sure there are no title defects. That way, you can register your vehicle. It's in the lender’s interest to ensure you get your vehicle on the road ASAP. The longer the delay, the less money you’re making.
Red flags weren’t pointed out.
Scenario: You saw a good deal on a year, make, and model with which you don’t have a lot of experience. Or maybe you bought a vehicle built in a year when problems adjusting to new emissions laws were frequent (stricter emissions standards started rolling out in 2007), and issues with the technology kept the truck off the road.
Oh, by the way, your seller never showed you proof of any work done to the truck. He had no paperwork. No receipts. No clue where he ordered parts from. You just took his word for it and soon had to repair problems you originally didn’t know about.
How a lender does it right: Intek Leasing, for example, has financed thousands of trucks over the past 31 years, so customers can rely on our feedback and experience. When a change in technology is giving certain trucks trouble down the road, we alert potential customers.
As for documentation, we ask for it. Period. If we don't receive any shop history, we’ll advise you to treat the supposed work like it was never done. The right lender will make sure the paperwork is fleshed out so you can get on the road.
Scenario: Your seller wasn’t familiar with collateral. He also didn’t understand the extent of the work the truck needed before you could put it to use. So you got stuck in a situation where your monthly payments exceeded your comfort level.
How a lender does it right: A quality lender understands collateral and how it can impact your growth. And companies like Intek that are industry-specific are capable of spotting issues with the truck of your dreams so you don’t end up owning a nightmare.
Get a Better Deal
Didn’t enjoy your last commercial truck shopping experience? Don’t let it be your last. Relationship-based lenders like Intek make growing your business easy on you.
Feel free to request a quote if you’re looking to get a better deal on your next vehicle.