How to buy a used truck in a tight market

Buying a used truck has always been great option, but the market for used trucks been anything but normal over the past 4 years.

Below are few really simple steps to getting the truck you want when the market is tight.

Get Pre Approved

If you’re pre-approved, you’re a cash buyer which gives you more leverage in the negotiation with the seller. You’ll also know what price range and year you’re approved for. You don’t have to buy the truck you are pre-approved for either. You can take your pre-approval and buy a different truck if you want.

Put Down a Deposit

Found the perfect truck?  Offer the seller a $500 or $1,000 deposit max. This shows the seller that you’re serious and that you have your finances in order. A good financing company will pay for the truck in a few days.

Make Life Easy for the Seller

The buyer or financing company should create the bill of sale. If there is a lien, get that paid off and pay the lender. Bring a cashier’s check or offer to wire the funds directly into their account.

Find a Buyer for Your Truck

If you are going to sell an existing truck, put that up for sale before you find your new truck. Too many times we see people will find a truck to buy and then they have to scramble to sell their old truck. Oftentimes this means they will get less money because they are in a hurry to sell.  By putting your truck up for sale first, you will understand the market for your truck. 

Tell the buyer of your truck that you will sell your truck when you find a new truck. This gives the buyer time to get financing or come up with the funds. 

Looking to add another truck or piece of equipment learn more about our Pre-Approval process here or give us a ring at 973-403-7788.