| Purchasing a tractor or trailer can be a daunting task.
Understanding the financing process itself can help give you more peace of mind.
Below are some answers to frequently asked questions to help you gain a better understanding of the types of lending options ORFAC provides.
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| Q: Do I have to be a customer of Great West Casualty Company? |
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| A: No. Although ORFAC and Great West are both affiliates of Old Republic International, ORFAC's financial services are available to the entire trucking industry.
However, as a Great West customer, you may be entitled to a discount.
Call your ORFAC loan specialist for more details.
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| Q: What type of equipment does ORFAC finance? |
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| A: ORFAC will finance new and used tractors or trailers typically less than eight years old.
Additionally, ORFAC can refinance any existing tractor or trailer loans with other banks and lenders.
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| Q: How long can I finance the equipment? |
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| A: The term of the loan depends upon the age of the equipment.
The longest term is 60 months for new or one-year-old equipment.
We do not offer leases or balloon payment options. All loans have a fixed rate for the term of the loan.
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| Q: Will you refinance balloon payments due on a lease? |
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| A: Yes. In the past, balloon payments and lease buyouts were a popular form of vehicle financing. When those obligations come due and need to be paid off we can help ease the burden by offering refinancing options. |
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| Q: I want to become a first time owner-operator. Can I get a loan through ORFAC? |
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| A: Yes. Our First-Time Owner-Operator program is designed to assist a company driver who has been in trucking for at least 10 years and wants to become an owner-operator. Contact an ORFAC loan specialist for more details. |
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| Q: Does ORFAC have any pre-owned equipment for sale? |
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| A: Yes. Click on the "Equipment for Sale" link on the left side of the screen to access our complete listing of pre-owned tractors and trailers. ORFAC may also be able to assist you with financing options for the purchase of this equipment. |
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| ORFAC strives to provide a value-added service for its customers by offering a product that is competitively priced and structured to meet your needs. Please call us with any questions you may have. |
