It's tough enough to be a trucker these days. There are fewer loads, companies are going out of business, it's tough to get paid, fuel cost are unpredictable, etc. But one of the biggest problems hitting truckers right now is the lack of credit. If you have the slightest imperfection in your credit it's all but impossible to finance a new truck. The good news in this economic crisis has been the increased popularity of niche financing companies that specialize in working with truckers with less than perfect credit. These companies have always been around but have gained in popularity due to the tightening of credit. One such company, Capital Solutions has been financing commercial trucks since 1997. They have seen a spike in submissions since the economy went south. As an example, they would get an average of 50 submissions a day in 2007. Currently this has increased to over 100 submissions per day indicating an increased need for credit in the trucking industry. Their website, http://www.capitalsolutionsonline.net, has also seen a 100% increase in traffic since the first of the year.
There might be a tight credit market for truckers. But as niche financing companies continue to cater to the trucking market there will always be a source for financing.
