Loan Options

Looking into loan options? Crossroads Lease & Finance, LLC can help with four standard loan payments. Check out the following loan options to see which one is right for you.

• Fixed Rate Loan - A fixed rate loan is the most common loan option for a truck. With this loan option, you can receive all the benefits of a locked interest rate. You can also rely on predictable monthly payments for the entire term of your loan. Finally, you own the truck outright upon the completion of your monthly payments. Many first-time truck drivers consider this loan option first before diving into variable or balloon loans.
• Variable Rate Loan - A variable rate loan is the right way to go if you are both responsible and financially stable. With this loan option, your interest rate is indexed so that you still make regularly scheduled monthly payments. If your indexed rate decreases, your monthly payments decrease as well, allowing you to pay down the loan faster. There is a catch, however. If the indexed rate is increased, a balloon payment may be required at the end of the term. Make sure you do your research before jumping into this loan option for your truck.
• Balloon Loan - If you are looking to reduce monthly payments a preserve cash for working capital purposes, you might want to consider a balloon loan. A balloon loan option keeps your monthly payments down by deferring a small portion of the principal balance to the end of the loan. With Crossroads Lease & Finance, LLC, your balloon loan does not fully amortize over the term of the loan. A balloon loan can also be called a residual payment or RV payment depending on the loan in place.
• Seasonal Payment Loan - Finally, a seasonal payment loan is appropriate for any truck driving business that experiences peaks in sales/revenue. These peaks can be seasonal, irregular, or short-term, but there must be significant differences during certain times of the year. A seasonal payment loan option allowed your monthly payment amounts to be structured parallel to your revenue stream. This way, you pay less during the months that do not bring in as much money, and more in the months where sales peak.

If you or someone you know is seeking any of these loan options, contact Crossroads Lease & Finance, LLC for more information.