Are you in the market for a new tow truck? If so, then your business should be gearing up for the big purchase.? Aside from making sure that your credit is up to par, you need to take a good look at your business bank accounts. Try to be objective and view it from a commercial truck lender?s perspective. How much are depositing monthly? How much is going out every month? Has your account been (gasp!) overdrawn in the last couple of months? In the case that you have been overdrawn in the last few months, then it is suggested that you hold off on looking to acquire tow truck financing. Commercial truck lenders need to see that you are not financially overextended. Take some time to get your finances in order and then complete a commercial truck application in a few months.
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Business bank accounts are important because they help commercial truck finance companies assess your financial situation and evaluate the cash flow of your business. They are an essential tool in evaluating whether or not you can afford a new payment, and how much of a payment you can afford.
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A good rule of thumb to remember, prior to choosing the tow truck that you want to buy, is to have approximately ten percent of the purchase price of the truck saved in your bank account. So, if the truck that you would like to purchase is $50,000, you should have about $5000 in your bank account when you complete your commercial truck finance application.? Many commercial truck lenders will be looking for ten percent of the purchase price to be reserved in your business bank account because it shows some fiscal responsibility and good money management. It also gives the lenders a sense that in case your business has a few bad months, your business will still be able to make the monthly payment on the truck, using the reserves in your bank.
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In preparing to apply for a commercial truck loan for a tow truck or other type of commercial vehicle, it is important to remember that there is more to consider than just your credit report. Yes, having a good credit score is essential, but so are the details of your bank account. Keep a good eye on how much is coming in, how much is going out, and how much you have left over, because your commercial vehicle lender certainly will.
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