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PIB tip: Shorter loan, less costly truck

Partners in Business is sponsored by Ryder and Goodyear.

Partners in Business is sponsored by Ryder and Goodyear.

The ideal loan term for a three-year depreciable asset like a heavy-duty truck is three or four years, during which you can reap the tax benefits of depreciation to maximize the affordability of the monthly payments. The shorter the term, the less you’ll pay overall due to interest.

The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm. It is sponsored by Ryder.

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1 comments
Russ James
Russ James

Ok, shorter term on a new rig. Right. Who's going to pay the extra $2k per month on the 3 yr note, as opposed to a (almost) live able $2500 per month 6 yr note. I'd be glad to have a new rig and pay it off on 3 yrs, but my contract pay rate would have to "DOUBLE".