Best Sources for Financing Should Understand Trucking Business

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Best Sources for Financing Should Understand
Trucking Business
1888PressRelease - Financial Services Vice
President Patrick Gaskins explains that while
credit may be easier to find for trucking
companies with strong balance sheets, it's
essential the lender understands the big picture,
including the total cost of ownership. CHERRY
HILL, NJ - Recent news reports in the
transportation media indicate that financing for
commercial truck purchases is becoming a little
easier to find. But finance expert Patrick
Gaskins says that the decision to choose a lender
should not be focused strictly on interest rates.
"Financing should be based on many factors,
including fuel efficiency, maintenance costs, and
resale value of the vehicle to be financed. These
all impact the choice of the best financing
solution," he explains in a blog posted on the
AmeriQuest Transportation Services
Website. Gaskins points to reports that show
that more banks are returning to a market that
has been dominated by manufacturers' finance
arms. With more lenders, there is more
competition for a well-run trucking company's
business. "To find the right source of financing,
keep all options open," Gaskins says.
"Traditional bank financing may make it extremely
difficult to manage asset lifecycle costs and
take advantage of cost savings associated with
replacing equipment based upon its variable
costs."
A better route, Gaskins says, is to find a source
of financing that truly understands the trucking
business and can evaluate things like vehicle
specifications, acquisition costs, maintenance
costs, fuel economy and utilizations patterns.
"The goal is reduce the overall operating costs
for the fleet, not just to get the best interest
rates," he says.
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The AmeriQuest blog also explains how document
management in the financing process is yet
another factor that can positively affect the
total cost of ownership of a vehicle. To view the
entire blog, go to http//blog.ameriquestcorp.com/
credit-for-trucks-easier-to-find/. About
AmeriQuest Transportation Services AmeriQuest,
headquartered in Cherry Hill, NJ, is a leading
provider of comprehensive fleet management
services. By leveraging the strength of more than
700,000 vehicles, AmeriQuest delivers savings,
expertise, and opportunities to its private fleet
and truckload carrier members. AmeriQuest
provides supply management services, asset
management services, material handling services,
financing, technology products, and outsourced
transportation management services such as full
service leasing, integrated logistics, and
contract maintenance. More information can be
found at ameriquestcorp.com/transportation/.