Interest rates on truck loans have doubled from 4% to 8% since 2022, due to the Federal Reserve raising its federal funds target rate in order to tamp down inflationary pressures. This has made the cost of ownership higher for truck buyers and has led to a slowdown in financing applications in the fourth quarter of 2022. However, used truck prices have also been falling, which may offset the increased cost of borrowing. Truck buyers are advised to get dedicated contacts to stabilize revenue and find the best contracts possible, as waiting for interest rates to come down is not a viable strategy. Read this article from Overdrive for more info!

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