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Things to know about truck repair financing

Trucks must be regularly maintained in order to prevent the eventual break down. It is therefore inevitable to make some regular repairs. The average cost of a truck repair is nearly $5000 dollars. A vehicle needs to be repaired: One can find it more economical to repair an existing vehicle than to buy a new one. It is all about what will better serve the needs of the company. However, having a truck down might represent a loss of revenue.

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Things to know about truck repair financing

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  1. Trucks must be regularly maintained in order to prevent the eventual break down. It is therefore inevitable to make some regular repairs. The average cost of a truck repair is nearly $5000 dollars. One can find it more economical to repair an existing vehicle than to buy a new one. However, having a truck down might represent a loss of revenue.

  2. A commercial truck repair financing program is found by the businessman. The loan is generally based on loan-to-value or remaining truck value (in the range of 25% to 50% of the original value of truck).The auction value, low market value and trade value of the truck can be used in determining the loan value. The loan given for truck repairing is based on the equity and therefore serves as a great option to those who have poor credit score.

  3. If a traditional bank is consulted, a good credit score is usually needed in order to obtain the necessary funds to repair the truck. Commercial financial centres therefore represent an interesting option for those with bad credit. Though a bank can provide more money and better terms than any truck repair financing program, there can be some problems with the transaction process with banks that can’t happen with the smaller-sized truck repair financing. Before taking a loan, there is a rigorous process through which all the terms are reviewed. Contracts are to be read carefully. Any equipment-leasing company can consider truck repair financing.

  4. Contact Us: WEBSITE: http://trufco.com/ PHONE: (613) 519-4400 EMAIL: INFO@TRUFCO.COM

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