A vocational, or work truck typically has different work cycles and uses than an multipurpose big rig. With individual market segments, it can be difficult to settle on a financing option that is right for your specific job. Before choosing a financing option on your vocational vehicle, consider these options to get the job done.
- Balloon options. If you plan on selling your vocational vehicle in the future, consider using a balloon payment option when financing your big rig. This will allow you free cash flow and more flexible choices when it comes to giving up your vehicle down the road.
- Retail payments. This kind of financing allows for more seasonal payments on your vocational vehicle, as it takes into account the time of year that you are working the most. For example, if you are generally using your truck in the winter, payment plans can be put in place to ease your burden during the spring or summer.
- Extended terms. If you are worried about getting locked into a finance plan for your vocational vehicle, consider working with your leasing and finance company to work out a plan that is right for you. These companies are often lenient when it comes to vocational vehicles.
- Deferred payments. Unlike multifaceted big rigs, vocational vehicles serve one specific purpose. This means that any repairs or mendings need to be taken care of as soon as possible. If you cannot fix your rig in time to make your payments, consider a deferred payment option for those unexpected emergencies.
If you need help leasing or financing your vocational vehicle, contact Crossroads Leasing & Finance, LLC today.