Is a CDL Required to Purchase a Truck?
In a short answer, no you do not need a CDL to purchase a commercial vehicle. But, there are specific requirements to allow this. Within the trucking industry, an individual looking to purchase a truck without a CDL is considered an investor buyer. If this individual has a company name, LLC, or corporation, they can purchase this type of vehicle. But, once purchased, they are not allowed to operate the vehicle. The only individuals who can operate such commercial vehicles must have a CDL.
It is important to note that while you can still purchase the vehicle, some financing centers may require additional steps as these institutions are more likely to assist individuals with a CDL license than those without.
How Long is This Process / What Are the Steps Involved?
Here at Peach State Trucks, we pride ourselves on eliminating the stress that comes with purchasing a new and used commercial vehicle. Often this process is plagued with daunting wait times and hoops to jump through. We ensure our seamless process allows a quick and efficient experience for every buyer to get you on the road quicker than you could imagine. A typical purchase journey will follow these steps:
- Inventory: The process of acquiring a vehicle greatly depends on inventory readily available. Buyers can choose from in-stock inventory at a location or can choose a vehicle currently in transit.
- Selecting Your Truck: Once you have selected the perfect truck that meets your needs, you will need to place a $1,000 deposit on the vehicle.
- Inspections: Once the deposit is placed, every team from parts, maintenance, body shop, and a designated inspector will ensure your vehicle meets every criteria and test to ensure everything is running smoothly. This process typically takes around a week, depending on internal and external factors.
- Final Inspection: When the vehicle is up and running a final inspection will take place to ensure no detail has gone unnoticed
- Receiving Your Vehicle: After the vehicle passes inspection, you will be notified and delivery, paperwork, and a closing date will be established.
In addition, we allow all consumers to tag a vehicle for future purchases. In the case of a future vehicle release or a truck still in transit, you will be able to put a deposit down on a vehicle that is currently not listed in the inventory.
How is the Down Payment Determined?
A common misconception when purchasing a commercial vehicle is the idea that a downpayment is solely based on a buyer's credit. Here at Peach State, our financial experts evaluate a buyer's down payment amount based on several factors including buyer credit, vehicle type, and how the vehicle books with the financing company. With the culmination of these three primary factors, we are able to figure out the exact down payment for your purchase.
How are Group Finances Handled?
In many cases, when a family, group of friends, or partners wish to start a business and put drivers behind a fleet of vehicles, the question arises of how finances are handled amongst members. In any scenario, in the event requiring multiple individuals’ finances, we will require financial stipulations on all members involved.
The process of purchasing a used truck can seem like a daunting task. But here at Peach State Truck Centers, we have the knowledge and expertise to assist you every step of the way. With our comprehensive inventory and individualized financing options, you will feel confident finding the perfect vehicle and financial plan to meet your needs. Make sure to check out our used vehicle inventory and look forward to doing business with you!