The trucking industry is a vital aspect of the economy in the United States. With the current shortage of drivers and transportation means, this is the perfect time to invest in a trucking business.
Commercial trucking might seem like an intimidating business idea if you do not have constant work capital. However, it is an easy option with commercial truck financing to start with your own business at the earliest.
Whether you are low on cash or preserving it for future investments, commercial truck financing makes it possible to follow your dreams with the loan and lease options. Once you research commercial truck financing, many questions arise, such as, which commercial would work for your business? Should you invest in a new or a used vehicle? What are the features necessary according to your business type? And most importantly, where should you finance it from?
Well, once you find yourself a good financing company for commercial truck financing, the rest of the queries can be resolved by a financial advisor from your selected forum without you having to worry about it.
About Arkel Motors
Arkel Motors is one of the renowned online lenders that has been offering commercial truck financing through its platform for over 50 years. The company is based in New York and has been run by the VanLeeuwen family since its establishment.
With a combined experience of 100 years in the trucking industry, the company has mastered the services of sales and trucks. The forum has several skilled and knowledgeable employees who are determined to help you find the right truck for your business.
The company, Arkel Motors, is a full-service, authorized International dealer that offers new as well as used trucks, tractors, and chassis to its customers. They claim that they have it all required to assist any program or service line offered by International.
Arkel Motors holds pride in accepting that they have a large number of used trucks, tractors, and chassis available at their platform, with a top selection of class 5 through class 8. They claim that they are always working and updating their inventory to bring owner-operators new and updated vehicles to pick from. Each equipment available is put through the Service Department and per the International Certified Standards.
“Arkel Motors understands how challenging and costly it is to own a commercial truck today. They believe that leasing is a superior alternative”
Services Offered By Arkel Motors
Arkel Motors offers various other services to its customers when it comes to commercial truck financing. They have different inventories for new, international, and used trucks on their platform for their customer’s ease.
Along with trucks, they finance heavy-duty trailers to cater to your business needs. You can find the right vehicle with its description on their website as they have ensured to provide all the details at your fingertips.
The team at Arkel Motors understands how challenging and costly it is to own a commercial truck today. They believe that leasing is a superior alternative. Therefore, they have several leasing options available on their platform to help you manage your business more effectively and hassle-free. Different leasing packages include a mix of the following services:
- Full-service lease: Offers vehicle specs, maintenance, and 24/7 roadside assistance.
- Full-service equity lease: Offers all the services available in a Full-service lease along with retained tax ownership.
- Short-term and long-term rentals: Various trucks such as sleepers, day cabs, and others are available as rentals for a day as well as a few months.
- Dedicated maintenance: Customized plans for your truck’s maintenance at a fixed rate and scheduled and unscheduled maintenance.
- Mobile service: 24/7 availability through mobile service, which gets you in touch with technicians even in the off-hours.
- Idealnet: The program provides 24/7 roadside assistance at over 430 locations for customer satisfaction.
- Idealease fleet service: Offers a fuel car that does not require tracking, trip reports, or fuel tax receipts and gets accepted at various locations within North America
- Safety and compliance: Idealease is an Arkel Motors program partnered with National Private Truck Council to provide safety and compliance in accordance with the CSA regulations.
Apart from these services, the company is working hard towards making Arkel Motors the one-stop shop for all your commercial needs. Therefore, they have various repair and maintenance services offered, such as:
- Diesel Particulate Filter (PDF) Cleaning: Almost every highway truck has a PDF filter installed that requires cleaning once it gets clogged. To avoid the expenses of the filter replacement, Arkel Motors offer PDF cleaning to its customers and help them extend their filter life and experience a smooth trucking experience through their pneumatic and thermal cleaning process.
- International Truck OEM Parts: Arkel Motors provides its customers with International Truck parts at their convenience in order to keep your vehicle going for a long time without any disturbance. The company has a large inventory with millions of parts in stock to fit all the trucks. Moreover, each part comes with a two-year warranty.
- Navistar Fleet Charge: A Fleet Charge card provides you the opportunity to get part, pricing, and instant credit at various International locations within the United States, Canada, and Puerto Rico. You can get yourself a customized purchasing program that works with your business requirements.
- Truck Engines: Arkel provides all the facilities required to ensure that your truck runs smoothly throughout without causing you any trouble. Therefore, they provide great quality truck engines on their platform. Each engine has all the details and specifications mentioned on their website for their customer’s ease.
Some other services include:
- New York State Inspections
- Manufacturer Scheduled Maintenance
- Electrical And Computer Diagnostics
- Oil Changes & Quick Lube Service
- Brakes, Tires, Shocks
- Air Bag Service & Repair
- AC Service
- Fuel Injections
- Engine Repairs/Rebuilt
- Water Pumps
Who Should Apply Commercial Truck Financing Through Arkel Motors?
Arkel Motors have ensured to keep their business running even during the difficult times of Covid’19. They were strict with their rules, regulation, and safety precautions while dealing with their customers, ensuring that they took good care of their customers.
They understand the importance of the trucking industry and how different sectors rely on them for services. Therefore, they never compromised on their business and its operations.
The knowledgeable and skilled employees at Arkel Motors provide customized commercial financing plans that would be the right fit for your business. The company understands that time is an investment when it comes to business; therefore, they provide an efficient solution with fast turnaround times.
Arkel Motors works with different banks to bring its customers the finance or lease that would be right for them. The banks they work with are:
- Navistar Capital
- Ally Financial
- Transcom Leasing
- Hitachi Finance
- Many Local Banks or Credit Unions
Whether you are looking for truck financing, counterparts, or delivery of the parts, the company understands that these services should be provided with ease, and thus, they work towards aiming for that.
Arkel Motors is an authorized dealer for various companies such as:
- Felling Trailers
“Arkel Motors offers flexibility in their requirements to ensure that they are able to assist various businesses with different financial histories and backgrounds”
What Is The Eligibility Criterion To Apply For Commercial Truck Financing?
Arkel Motors does not mention a list of their criteria while approving an application. As the company works on accommodating every business, they do not have strict terms and conditions.
Instead, the company offers flexibility in their requirements to ensure that they are able to assist various businesses with different financial histories and backgrounds. According to their website, the company accommodates its customers regardless of their credit rating.
Credit score, time in business, and collateral are some factors that various online lenders look into when approving commercial truck financing through their platform. However, as there is no such information mentioned on Arkel Motors’ website, it is recommended that you reach out to the representative at this firm for further inquiries.
If you would like a representative at Arkel Motors to reach out to you, you can fill out a simple form available on their page for quick questions. The form requires you to feed basic information such as your name, email, phone, and query so that the representative has enough information to get in touch with you.
How To Apply?
Arkel Motors has tried its best to make commercial truck financing easy for its customers through its platform. They provide an online credit application that can be filled out and submitted for further approval. The application requires you to fill out the basic details stated below.
- Business Type
- Contact details
- Social Security Number
- Gross Annual Revenue
- Numbers of vehicles owned
- Years of CDL
- Years of ownership
Co-borrower or Guarantor information (2 required)
- Contact details
- Equipment type
- Make/ Model/ Year
- Quantity of equipment required
- BMO account (if any)
- Trade allowance
- Term plan (as per your convenience)
- Whether you are looking for a loan or a lease
- Business name
- Material Hauled
- Contact details
Previous Financing History (if any)
- Lender details
- Account number
- Personal details
Before applying, Arkel Motor requires its applicant to read through the privacy and policy mentioned under the form for further assistance. Once the applicant is satisfied and agreed upon the services, they may sign it and submit it.
Now that the application has been submitted, you may wait for a representative at Arkel Motor to contact you for further queries.
Interest Rates Offered By Arkel Motors
The company does not mention the interest rates that they charge their customers on the website. However, they claim to offer market-competitive rates and facilitate all the companies turned down by other online lenders or banks.
As the company is willing to take a risk with your business regardless of your credit rating, you can expect a little more than the usual rates. In order to get a final quote, you may contact them via call at (845) 562-0532 for quick assistance.
The company is operational six days a week; Monday to Friday, 7 AM to 9.30 PM, and Saturday, 8 AM to 12 PM.
Frequently Asked Questions (FAQs)
What is commercial truck financing?
Commercial truck financing is a smart way to start your trucking business while preserving your work capital. With the help of financing, your extravagant truck expense gets distributed over months and can be paid off over a certain month.
Does Arkel Motors only provide commercial truck financing?
Arkel Motors have excelled in financing commercial trucks through its platform. However, that is not all that they provide. The company has rental service, PDF cleaning, counterparts, truck engines, and many other things available on their platform for their customer’s easy access.
Is Arkel Motors legit?
Arkel Motors has been in business for over 70 years with a combined experience of over 100 years. The company is legit and is an authorized dealer for many renowned names such as Rogers, Fleetrite, Stargate, Swaploader, and Felling Trailers.
What to avoid when financing a commercial truck?
There are certain red flags that you should avoid when it comes to commercial truck financing; these are:
- Cash upfront: The lender should not ask you to make any payment before signing a deal.
- No early payoff: The lender you opt for should allow you to pay off your debt early with any prepayment penalties on your account.
- Double sales tax: Once you have signed a contract and started financing each month, check the sales tax on your account.
Commercial truck financing can seem intimidating if you are a beginner with no experience in this field. From figuring out the vehicle to the vendor, it can be daunting. However, once you are through the initial stage, commercial truck financing can be really helpful. It will free up your work capital for other investment areas and distribute an extravagant expense over months.
Arkel Motors is an online lender that has made its platform a go-to platform for all commercial truck financing queries. Other than truck financing, the company offers various other services through its platform for the ease of its customer at low rates.
However, as the company has not mentioned its rates on its website, it is suggested that one must contact them for a quote and compare it with another lender before signing a deal. It is a fact that there are plenty of other lenders providing better rates and more flexibility in regards to commercial truck financing through their platform.