What type of truck should I buy and how to finance it?

May 22, 2023 News

If you want to start your transportation company but still need to know what kind of truck to buy and how to finance it, don’t worry. Here we tell you the most common trucks within the logistics and transportation industry, their advantages, and their benefits so that you can make the best decision when buying your truck.

Inland transportation continues to grow exponentially, bringing significant logistics challenges and inviting us to evaluate the advantages and disadvantages of driving a specific type of truck. The load and the type of unit or trailer that transports it commercially differentiates one company from another and may be the answer to why some transport companies earn more money than others.


Types of trucks

Types of trucks are commonly unknown, but it is essential to know them before starting a transport company since you would need regulatory permits to operate according to the law, and the company’s business plan to obtain loads depends on this.


¿Qué tipo de camión comprar y cómo financiarlo?


Belly: they are part of the Dump Truck. Since the unloading mechanism is located under the trailer, it is ideal for transporting road-building material.





¿Qué tipo de camión comprar y cómo financiarlo?


Dry Van: It is one of the most common vehicles within the industry. They dedicate to transporting dry cargo, that is, non-perishable products and, in some cases, palletized such as canned food, vehicle parts and accessories, metals, wood, paper coils, textiles, etc.




¿Qué tipo de camión comprar y cómo financiarlo?


Reefer: in Spanish Refrigeration unit. It is used only for transporting refrigerated cargo such as meats, vegetables, frozen products, dairy products, and everything that needs to be transported with temperature monitoring. The rear of a Reefer is large enough to have maximum power and be able to transport products without suffering damage or deterioration caused by the outside temperature.



¿Qué tipo de camión comprar y cómo financiarlo?


Car Hauler: Also known as ‘nanny’ trucks. This vehicle can be fitted with two or three trailers depending on the transportation needs. They are used to move new, used, or damaged cars in the middle of an accident. They can transport from three to twelve vehicles.




¿Qué tipo de camión comprar y cómo financiarlo?


Lowboy: usually used to transport heavy machinery or oversize/overweight loads and heavy furniture. For this, its platform is very close to the ground; that is, there is a kind of unevenness that facilitates the loading and unloading of the products easily and quickly.




¿Qué tipo de camión comprar y cómo financiarlo?


Livestock: this vehicle is used to transport live animals, not only livestock in general, but also exchange of live animals between farms or transport to zoos. In particular, this trailer has special ventilation and compartments to transport the animals separately.




¿Qué tipo de camión comprar y cómo financiarlo?


Tank: also known as ‘cistern.’ It is used to transport liquids such as water or milk. The vehicle must carry the Hazmat decal when transporting waste/liquids that contain chemicals in high amounts that may become dangerous.




¿Qué tipo de camión comprar y cómo financiarlo?


Mixer: they are cement or fresh concrete mixers. They are used to transport said material to the places where constructions are being carried out, with the advantage that this trailer allows the mixing of the concrete during the entire journey while it reaches its destination.




¿Qué tipo de camión comprar y cómo financiarlo?


Hotshot (pick up): they are ideal for when you need to urgently transport loads since this type of vehicle facilitates mobility in the middle of state traffic, which makes it a less complex means of transport with high demand.




¿Qué tipo de camión comprar y cómo financiarlo?


Side dump trailer:

  • It is a three-axle tractor that pulls a two-axle semi-trailer.
  • It has hydraulic rams that tilt the hopper to one side.
  • Depending on the need, the material can be unloaded to the right or left side of the trailer.

They generally transport water between dams, gravel, and stone.


¿Qué tipo de camión comprar y cómo financiarlo?


Garbage truck: it is specially designed for the collection and transport of solid waste to the treatment facilities of different states.





¿Qué tipo de camión comprar y cómo financiarlo?


Dump truck: has a trailer that is attached to the head. This type of vehicle is used to unload merchandise from the rear. The unloading of material must be done with great care since the rear part rises too much, and this can trigger an accident when it is not handled correctly.




The first step for starting your company is to be clear about what type of truck you want to buy. Once you identify this and are sure about the approach you want for your company, you can start financing your truck in case you need more capital to buy it in a single payment.

How to finance your commercial truck?

Indeed, after knowing the types of trucks and what type of business or cargo each one is used for, you will want to know how to buy a truck.

When buying a truck, only some have the liquidity to have the vehicle’s full value. Therefore, a financing plan is always the most viable and comfortable option.

Financing your truck is possible, always remember to work with reliable and certified companies. The financing process for your truck should be an efficient and easy-to-understand process, a concept that is clear to Personal Truck Services and Inspired Funding, two allied companies specialized in the trucking industry that can help you make your dream of creating your company come true of transport. Please take note; below, we will tell you how you can do it.


Trucking loan conditions and requirements 

Truck purchase loans are accessible to anyone. Credit option is provided to Owner-operators, first-time buyers, investors, and large companies that, although they already have large fleets of trucks, want to increase the number of vehicles seeking more significant profits. The minimum loan amount is USD 15,000, and the maximum is USD 150,000. The state is not a limitation to applying for a loan; you can access a loan regardless of the state in which you are.

If you are not very clear about what type of truck to buy, we will advise you on which is the most viable option since the profitability of each truck also depends on the type of business for which you will use it. And the state in which you are going to operate. This advice is based on our years of experience within the industry. Therefore we provide you with the necessary support and recommendations so that you get the most out of your business.

Another point to consider is that the credits are only for vehicles for commercial use, that is, for transportation for product marketing purposes, but not for leisure, recreation, or personal use.


Conditions for the truck to be purchased need to commit 

The truck selected for purchase must be at most ten years old. If it is 11 years old or older, the loan will no be effective. Regarding the miles, you must have a maximum of one million miles traveled, no more than that number.

Loan terms and down payment

Loan terms are around 60 months (5 years). This time will depend on the amount of credit. For example: if the amount is low, the term time tends to be shorter.

To finance your truck, you must have the value of the initial fee, which corresponds to 10% of the total value of the vehicle. Inspired Funding, the truck financing company, has a portfolio of trucks; in case you want to acquire one of these, the initial fee would drop to 5%.


What are the requirements evaluated to access financing for your truck?

At this point, your credit history is relevant, how your compliance with your latest debts has been, how long you have experience in the industry, etc. If your record is not very flattering, the initial fee can go from 5% or 10% to 20% or even up to 40%, which is why you have an excellent score to make it easier to carry out these processes.

If you already have one or several trucks that are 100% paid for and in your name, these can serve as a guarantee to finance the new truck you want to acquire.

The credits are valid to finance any brand of truck. Some of the best-selling and most recognized brands in the United States are Kenworth, Freightliner, and Mack trucks.


In summary,

Part of the success of your transportation company resulted from how wise your investment and business expansion decisions are. It is essential that you are updated on market trends and that you are clear about what is most convenient for your company.

At Personal Truck Services, we offer you all the facilities so you can purchase the truck that best suits your business and your budget. Permit experts can advise and accompany you throughout the process. Remember that you can always contact us through info@personaltruckservices.com and our social networks: Instagram and Facebook.