Wondering how to finance your next Kenworth truck with Coopersburg & Liberty Kenworth? We’ve got answers!
To learn more about your available financing options, call our Finance Manager Jeff Saul at 856-803-1714 or fill out our Financing Form.
- What trucks do you finance at your dealerships?
- Why should I finance instead of paying cash?
We recommend financing for several reasons. Financing helps manage cash flow and supports growth for your business. It allows you to spread out the cost of the vehicle over time, keeping capital available for other expenses, emergencies, or investments. Additionally, you will be building credit that makes it much easier to buy your next truck. This flexibility can be a smart move for establishing a strong borrowing history, gaining trust with lenders, and staying current with maintenance and upgrades — keeping your Kenworth performing at its best. Discover more about the importance of long-term financing.
- What experience do you need when financing a commercial vehicle?
Having a history in financing commercial equipment can make it easier to secure a commercial vehicle loan compared to first-time buyers. Lenders prefer to see a solid borrowing history. Ideally, a borrower who has successfully held and paid off a commercial vehicle loan for at least three years shows reliability. For first-time or less experienced borrowers, lenders may require a larger down payment to offset the lack in commercial lending.
- Do I need a CDL for a Commercial Loan?
Yes, most drivers need a Commercial Driver’s License (CDL) in order to begin the process of securing a commercial vehicle loan. If you’re new to truck driving, follow these steps to get your CDL.
- What information do you need for the Credit Application?
It’s best to be as transparent as possible when filling out our Credit Application. The more you disclose about your personal lending and financial history, the better we can assist you with financing options. Complete the form to the best of your ability, making sure to fill out all applicable fields. Information you may need provide include: identification, income, credit history, insurance, employment, and collateral/equity.
- How much of a down payment is required?
The amount of money you put down is based on multiple factors: credit history, lender requirements, and the vehicle being financed. Fill out our Financing Form for additional information.
- What credit score do you need to qualify for a Commercial Vehicle Loan?
The credit score required to qualify for a commercial vehicle can vary depending on the lender and specific terms of the loan.
Borrowers in the Excellent, Very Good, and Good ranges (670 and above) are generally considered low-risk and have an easier time securing a loan.
Borrowers in the Poor or Fair ranges (669 and below) often may face challenges in getting approved. However, there are alternative options available for those with lower credit scores that can help with approval.
Additional general guidelines and information can be found in our Credit blog.
- What will my interest rate be?
Interest rates are determined based on several factors including credit profile, income, past finance history as well as the market conditions, the industry, equipment, and loan terms. To get started on financing your next truck, please contact our Finance Manager, Jeff Saul.
- How can I finance with Coopersburg & Liberty Kenworth?
You can finance with us by filling out our Financing Form. For additional information on our inventory, locations, hours, or other, Contact Us.