The bad credit semi truck finance arena is going through a rough patch. In the past few years semi truck financing with bad credit was not as hard to obtain as it is in today's time. In December bad credit financing on semi trucks to consumers amounted to 30% less to the figure a year ago. The first months of the new year were a real eye opener. What is happening in this market?
In this article I will discuss light commercial trucks and heavy duty commercial trucks. The market's reaction to the economic meltdown together with the decrease in demand created a terrible mix. Falling sales in the market of bad credit commercial truck finance in December last year and the first months of the current year, were more serious than car sales. The reason is simple: for a private car buyer its all about mobility. A car is simply more beneficial from a car buyers point of view. When it comes to commercial truck financing for bad credit this factor does not work. The market situation affected another factor called, repo semi trucks. We are talking about bank repo semi trucks returned due to the inability to repay the loan, all repoed semi trucks were returned by the leasing companies themselves. All repoed semi trucks were either put on sale or went to repo semi trucks auctions, there has been speculation that this situation will worsen in June-July. Banks are flooded with repos semi trucks, freightliner in particular because this is usually the type of truck used with fleets. Alot of banks and other lending partners that now own these repoed semi trucks have distributed all of there repo semi trucks for sale across dealerships all thoughout the continental US. Semi truck dealerships have created alternative methods for financing repo semi truck and trailers with no money down, even if you have bad credit. These programs have already made a big impact on current businesses owners who needed to update their trucks, as well as company drivers that were looking to become an owner operator. Bank repo semi trucks are usually in excellent condition because commercial truck repo companies that they end up in put them though a rigourous inspection. The trucks are cleaned and are ready to get rolling. repo commercial trucks are steadily competing with the sale of new semi trucks and trailers. To a consumer commercial truck repos seem to be a really good buy and that's becuase they are. However this is not good news for Commercial truck manufacturers. To the truck manufacturers these means rasing prices on new trucks will not be a good option.
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