The following is Part 12 of a 12-part special report from Trucks, Parts, Service on the state of the used truck market.
The COVID-19 pandemic hit the economy hard and left many in the market for used trucks strapped for cash and with possibly dinged up credit scores. Despite these challenges, dealers are willing and able to help customers obtain financing to get the heavy equipment they need.
Vanessa Ciervo, chief operating officer, H.K. Truck Center, says many banks are offering “great deals and even delayed payments” for qualifying customers.
“H.K. Truck Center works with multiple finance companies and we always try and take the time to really understand customers’ financial situation to get them what they need and what will work best for them. We also offer extended warranties that can be financed in,” Ciervo says.
“The biggest challenges currently are customers’ creditworthiness which, again, is why we work with multiple finance companies to try and get them approved quickly and easily. Cash flow also is a big issue customers are facing so financing your used truck purchase is becoming more important now than ever,” she says.
Learn how to move your used trucks faster
With unsold used inventory depreciating at a rate of more than 2% monthly, efficient inventory turnover is a must for dealers. Download this eBook, “Sold! Best Practices for Moving Used Trucks,” to access proven strategies for selling used trucks faster.
