Take The Necessary Steps To Verify The Condition of Your Next Truck, Trailer, Or Equipment
With the truck and equipment shortages across the board, many in the trucking industry need to look in other states to find the right truck or equipment to run their businesses. Unfortunately, these fleet owners must travel, sometimes to another city or state, to see the equipment. This visit often occurs too late in the buying process, which poses a challenge to buying a used vehicle or equipment sight unseen.
In some cases, the equipment or truck that fleet owners are interested in buying may have maintenance issues or other problems, resulting in many deciding to back out of a purchase at the last minute. Whether it’s a dealer purchase, auction purchase, or a private party deal, business owners need to take the necessary steps to verify the condition of their next truck, trailer, or equipment, especially when it may be sight unseen.
How to Handle Buying Equipment Sight Unseen
You’ve set your sights on a truck or vehicle that you’ve found online, and now you are probably wondering if you should have it inspected yourself before you sign on the dotted line. The answer is yes. Buying equipment or a truck sight unseen doesn’t mean you have to go into the transaction blindfolded. Viewing online photos is just the starting point for assessing the truck’s condition.
If you buy a truck to make money and that truck breaks down, how will you earn a living?
The fact is it’s a used truck or equipment, and often pictures don’t always show the truth of a truck or equipment’s condition. Maybe the seller has verified the condition of the truck. This may not be enough. Perhaps the equipment or truck has more wear and tear than you saw in the online photos. Or it has a strange odor, or it makes suspicious noises. Or, at worst, a lurking mechanical problem the seller never disclosed.
There are a few ways you can protect yourself against the possibility that the truck or equipment you’re after isn’t what you thought it was, even if you’ve viewed plenty of details and pictures online.
• Get a third-party vehicle inspection
• Do your research
• Protect yourself from fraud
Get a Third-Party Vehicle Inspection Service to Confirm the Vehicle’s Condition
If you have seen eye-catching equipment or a truck that you would like to purchase, but you need to secure a loan or have the option to lease, you should be aware many lenders will have requirements for sight-unseen purchases. Some lenders may require or suggest eyes on the purchase or a third-party vehicle inspection service before releasing any funds. A third-party inspection is time and money well spent and may avoid added expenses down the road.
Depending on where you live, the average cost for a pre-purchase inspection can often run around $220.
What does CFF Require?
Commercial Fleet Financing has eased the restrictions for ‘eyes on’ or third-party vehicle inspections for seasoned buyers and returning customers of CFF. To help protect the new commercial truck or equipment buyers, startup companies will need to have eyes on the purchase or third-party vehicle inspections (the preferred method) before acquiring the funds for sight-unseen purchases. This step is to protect those new to the business.
Do Research to Gain Knowledge Before You Buy
Another smart move to protect yourself is to call the seller to determine more information about the truck or equipment and if there are any issues, big or small, that you need to know before buying. Speaking to the person can also give you clues about their reasoning for selling.
Protect Yourself from Fraud
Online fraud happens, and the best defense is to use common sense. It is vital to contact the buyer and verify that they’re in possession of the equipment. You can ask the seller questions about the vehicle’s condition. You can also discuss payment and delivery details, which will confirm that you’re dealing with an actual seller. Legitimate sellers will be open to phone calls. Those wanting to scam others will hide behind texts and emails.
Have You Found Your Next Equipment or Truck? Contact CFF Today
Contact CFF to help you grow your business. CFF’s experts will help you figure out the best financial option to empower you to be more successful.
Committed to helping customers grow their businesses, CFF has funded over 1 billion dollars to over 10,000 clients and maintains annual funding above $150 million. Commercial Fleet Financing is America’s most trusted commercial equipment finance firm and a market leader in the commercial truck and equipment financing industry.
About Commercial Fleet Financing, Inc.:
At Commercial Fleet Financing (CFF), our pros have given smart advice to fleet owners and owner-operators in the transportation, moving, towing or construction industries for more than two decades. With CFF, finding the right financing solutions is a phone call away and most borrowers secure commercial vehicle financing with ease. To talk directly with one of our finance pros and get started with credit approval in as little as two hours, CFF’s phone number is (469) 281-2962.