Introduction
Overview of Terminal Tractors
Turbo Terminal Tractors is paving the way for the terminal tractor industry. We have been one of the nation’s largest and most unique sales and leasing centers for over a decade.
Importance of Financing
Financing is an excellent solution if you want to pay for your terminal tractors over time, since the upfront price of buying them may not be an option for you. We also sell used truck trailers ranging from refrigerator containers to dry vans and flatbeds – all of which can be purchased through Turbo’s sales financing programs.
Types of Financing Options
Traditional Bank Loans
A traditional term loan is financing provided by a bank that is paid back incrementally over a fixed period of term. The term associated with a bank loan is generally set between 1-25 years (depending upon use) with repayments made monthly.
Leasing Options
Turbo Terminal Tractors offers leasing options for those who are interested. One of our options is our “New Every 2” program. This leasing program is an easy choice for those who want to lease a tractor 2 years at a time. You can also lease a pre-owned terminal tractor rental or a trailer that is either new or pre-owned. Our leased tractor guarantee is that we will replace the tractor or provide a rental if it cannot be fixed within 24 hours by our TSS team. We aim to offer convenient leasing options for our amazing customers.
Factors to Consider When Choosing Financing
Interest Rates
The interest rate plays a critical role in determining how much the total cost of the terminal tractor will be over the lease term. Lower interest rates mean lower overall costs, so it’s important find the best possible rate.
Loan Terms and Conditions
Understanding the terms of a terminal tractor lease agreement includes the repayment schedule, duration, and any fees. Make sure to ask about any penalties for early repayment or additional charges related to maintenance and insurance.
Benefits of Financing
There are many benefits of financing a terminal tractor. For one, you spread the cost over time with manageable monthly payments. This will benefit your cash flow and help you to avoid paying the large upfront cost at once. Therefore, your cash flow will be impacted by having a scheduled payment. Another benefit is that you can typically choose the length and payment schedule. You may be able to deduct the interest paid on your loan, which can help lower your taxable income.
Common Mistakes to Avoid
Underestimating Total Costs
One common mistake that people make when buying or leasing a terminal tractor is that they do not account for all the costs that go into it. It is a complex machine that will need servicing, upgrades, inspections, and more. Turbo Terminal Tractors offers Turbo Service Solutions, a diagnostic and maintenance program designed for customers to minimize downtime and maximize the efficiency of their terminal tractors. Be sure to keep this maintenance in mind to help regulate the costs of terminal tractors.
Ignoring Credit Scores
You should always stay on top of your credit scores, especially when you want to make big purchases, such as a terminal tractor. This will help you be able to request loans or finance major investments in the future.
Overlooking Financing Terms
It is important to make sure you do not overlook the financing terms. Turbo Terminal Tractors has clear financing terms to help streamline the process as much as possible. Contact us for more information on these terms.
Conclusion
Summary of Financing Options
Buying, leasing, and financing a terminal tractor is an important decision, but Turbo Terminal Tractors is here to help ease operations and help you decide the best decision for you or your business.
For more information about financing and leasing, contact us today by calling 844-GOTURBO.