Best Sources for Financing Should Understand Trucking Business

Financial Services Vice President Patrick Gaskins explains that while credit may be easier to find for trucking companies with strong balance sheets, it's essential the lender understands the big picture, including the total cost of ownership.

CHERRY HILL, NJ - Recent news reports in the transportation media indicate that financing for commercial truck purchases is becoming a little easier to find. But finance expert Patrick Gaskins says that the decision to choose a lender should not be focused strictly on interest rates. "Financing should be based on many factors, including fuel efficiency, maintenance costs, and resale value of the vehicle to be financed. These all impact the choice of the best financing solution," he explains in a blog posted on the AmeriQuest Transportation Services Website.

Gaskins points to reports that show that more banks are returning to a market that has been dominated by manufacturers' finance arms. With more lenders, there is more competition for a well-run trucking company's business. "To find the right source of financing, keep all options open," Gaskins says. "Traditional bank financing may make it extremely difficult to manage asset lifecycle costs and take advantage of cost savings associated with replacing equipment based upon its variable costs."

A better route, Gaskins says, is to find a source of financing that truly understands the trucking business and can evaluate things like vehicle specifications, acquisition costs, maintenance costs, fuel economy and utilizations patterns. "The goal is reduce the overall operating costs for the fleet, not just to get the best interest rates," he says.

The AmeriQuest blog also explains how document management in the financing process is yet another factor that can positively affect the total cost of ownership of a vehicle. To view the entire blog, go to http://blog.ameriquestcorp.com/credit-for-trucks-easier-to-find/.