Loan Options Benefits
Fixed Rate Loan
Offers the benefit of a locked interest rate and predictable monthly payment for the entire term of the loan. You own the truck outright upon fulfilling all monthly payments.
Variable Rate Loan
Your interest rate is indexed so that you still make regularly scheduled monthly payments. If the indexed rate decreases, so does your monthly payment allowing you to pay down the loan faster. If the indexed rate increases, a balloon payment may be required at the end of the term.
Balloon Loan
Designed to maximize cash flow, a balloon loan does not fully amortize over the term of the loan. It traditionally offers lower monthly payments by deferring a small portion of the principal balance to the end of the loan.
Seasonal Payment Loan
Appropriate for businesses that experience seasonal, irregular or short-term peaks in sales/revenue. Monthly payment amounts are structured to parallel to your revenue stream.
TRAC Lease
The Terminal Rental Adjustment Clause (TRAC) Lease provides a known residual as well as offering you ownership opportunities at lease end. Many term and residual options are available to suit your needs and the type of equipment you purchase. TRAC leases also offer three options for you at the end of your lease – the residual amount may be re-financed, paid off, or the equipment can be returned and sold for fair market value. If the truck sells for less, you will owe the difference. If the truck sells for more, you will be owed the difference.
Municipal Financing
Equipment and Municipal Lease/Financing is an effective way for municipal governments, counties and state agencies to buy equipment without a major up-front cost. Instead, your municipality can pay for the tax-free investment over time at a competitive rate. At the end of the lease term, your municipality will own the equipment.
Fair Market Value (FMV) Lease aka Walk Away Lease
FMV lease allows the lessee to use the equipment for a pre-arranged time period for a fixed monthly payment. At the end of the lease term, the lessee has the option to purchase the equipment at its then-determined Fair Market Value, return the equipment, or upgrade to new equipment. This type of lease is subject to inspection and certain return conditions and mileage restrictions.
Apply Now