Dollars & Sense
A 'Much Better Alternative MBA' to Finance is the New Industry Standard
Financing a high-ticket commercial truck is not the same thing as getting a loan to purchase your personal vehicle. There is a higher risk involved with truck financing that impacts what traditional lenders look for in prospective borrowers and how they structure their loans. Today we'd like to highlight an alternative to traditional lending.
ExpeditersOnline.com spoke with Jeff Tacker, Vice President of Operations for Expediter Services in Southaven, Mississippi, to get his input on financing a truck.
EO: Discuss the loan process and how Expediter Services/Expediter Equipment Finance is changing the lending standard.
Tacker: When someone is ready to buy a truck and arrange payment, the old industry standard dictates that you go through a regimented loan process. Your credit score is checked, you choose a truck, loan terms are discussed, and if you meet the designated criteria, your loan is approved. For the most part, with traditional lenders, the determining factor for getting a loan revolves around your credit score, which determines downpayment, rate and terms. This loan process is pretty much the same industry-wide.
However, at Expediter Services, we believe that everyone who desires it should have a chance to own their own truck. This means that you could still obtain a loan if your deal doesn't meet the normal criteria, or if your credit situation isn't ideal via the standard loan process. Through Expediter Services' Path to Ownership Program, contractors have the opportunity for an MBA, a Much Better Alternative to finance a truck.
EO: What do you mean by "MBA/Much Better Alternative" when it comes to financing a truck?
Tacker: In a nutshell, the MBA is a Much Better Alternative to the old approach of traditional finance options. We offer a true Path to Ownership that takes a number of non-traditional factors into account that other lenders simply don't or cannot consider, which includes the following: We take your work history and productivity into account when it comes to financing a truck; we welcome first-time buyers; we welcome non-homeowners; we have market competitive rates that apply to the entire spectrum of loan applicants.
We also do something that no other lender does by offering proven support programs to help owners be more successful, like Expediter Management Services Owner Operator Program. This level of support includes the lowest true fuel costs in the industry, aggressive fleet insurance rates to individuals, exclusive freight history information, industry leading operational support and back office support.
Unlike other lenders who are primarily interested in just receiving your monthly loan payment, Expediter Services, along with our partner carriers have a real vested interest in helping you continue on your path to success. It's these key features that make us a Much Better Alternative to finance a truck.
EO: Is the MBA Program making a difference?
Tacker: Absolutely! We've already had many graduate to truck ownership. Our MBA is making a difference in people's lives by opening up opportunities for those who have had a more difficult path to truck financing opportunities. We strongly believe our Much Better Alternative approach is revolutionizing truck lending industry-wide, making Expediter Services the new lending standard. Our goal is always to stay on the cutting edge of industry trends to support contractors, which helps us attract like-minded expediters.
EO: How do people access the MBA (Much Better Alternative)?
Tacker: There are many people out there who have come through the "school of hard knocks". We encourage you to put that past experience to work, and enter Expediter Services' Path to Ownership (PTO) program to get your MBA (Much Better Alternative). This will be life changing for you and your family. For more information, contact our team today at 877-349-9303 to enroll.