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Purchase financing has the unit as security. A repair loan does not, because the money buys work rather than an asset.
Consequences: shorter terms, higher rates, more weight on the operation's revenue, and smaller amounts.
The comparison worth making is not against a purchase loan rate. It is against the cost of the truck sitting.
A parked truck earns nothing while fixed costs continue. Insurance, licensing, any lease payment and the driver all persist.
That daily cost is what a repair loan is actually competing against, and for most operations it substantially exceeds the interest on a short-term repair advance. This is one of the clearer cases in commercial lending where borrowing quickly is cheaper than waiting.
The calculation is more complex than it looks on a commercial unit.
Repair when the unit is otherwise sound, the repair restores a defined period of service, and the cost is a fraction of the remaining value.
Replace when the repair approaches the unit's value, other major systems are near end of life, or the downtime for the repair exceeds what the operation can absorb.
A major engine or transmission event on a high-mileage unit is usually the decision point, and it should be a decision rather than a default.
Yes, generally as short-term unsecured advances assessed on the operation's revenue rather than on an asset.
There is no asset securing them. Terms are shorter and rates higher.
Revenue-based lenders assessing bank deposits can move quickly, which is the point when the unit is off the road.
Repair when the cost is a fraction of the remaining value and the unit is otherwise sound. A major engine event on a high-mileage unit is usually the decision point.
