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Hot Shot Truck Loan: Easy Steps and Tips
Steps and tips on how to get a hot shot truck and trailer loan. With a hot shot truck loan a driver can get a big rig tractor and trailer on the road. Loans also include trailers such as gooseneck trailers, car haulers and semi -trucks. Low credit scores may qualify and some start up options are available. Need some repairs done? Learn about a truck repair loan today!
Does your Hot Shot Truck down need a truck repair loan for mechanical or body work? Use this program for:
Transmission repair
Body Work
Engine work
Upgrades
Get back on the road asap by completing the short Info form below now!
Data Secure 15 Second Info Form Here
Call us at Tel: 1-919-771-4177, or Question? Contact us here.
How to get a hot shot truck loan
Step 1. Make a list of the trucks needed.
Include description, manufacturer, year and model numbers. Have your information on the hot shot trucks you need ready to go.
Step 2. Contact lenders that finance hot shot truck loans on trucks and trailers that you are looking for or already have.
Tip: Programs lend up to 95% maximum on qualifying trucks and trailers.
The vehicles and trailers must be free and clear. Have the information on the seller ready and whether the seller is a vendor or private party. It is easier to get approval for financing from a deal than a private party.
Ask about their approval requirements and program options including credit scores, down payment needed, documentation required, time in business and time to close. Decide which programs are the best match for your business based on the requirements and your own profile. Give the funder basic information on the trucks and trailers. Ask what your chances of approval are and if they can pre-qualify you.
Step 3. Provide income verification to strengthen your request.
List the stronger credit owner first because you will increase your chances for approval and also get higher offers. If your credit score is low but you can make a higher downpayment, tell the lender.
TIP:Higher down payments increase the chance of approval and more favorable terms.
Step 4. Complete application for funding.
If you are approved, review terms and conditions including down payment requirements, fees and time to close. If you are not approved contact the lender to discuss available options.
Step 5. Request closing documents
Complete all closing stipulations and lender closing call with the customer.
Confirm the funded amount to you as well as when and how your business will receive funds.
Data Secure 15 Second Info Form Here.
Call 919-771-4177 for more info.
FAQ Frequently asked questions on how to get a hot shot truck loan
How can I get a hot shot truck Loan?
To get a hot shot truck loan, provide information on the vehicle and trailer. The year, manufacturer, model number, cost and amount you have down are needed to start. An invoice or bill of sale may be required.
Do I need a down payment?
You will need at least a 5% to 10% down payment. A lower credit score requires a larger downpayment. Newer business less than a year old and up to 5 years may need 10% down.
Credit scores over 650 and 2 years in business can make a lower down payment or two payments at closing.
Can I buy my semi truck from a private party and not a dealer?
Lenders prefer or require the purchase to be from a licensed dealer. Private party purchases are scrutinized more. Proof of the current value, purchase history, lien history and current condition will be closely looked at on private purchases.
Need other options? We have several unsecured options that offer working capital based on the cash flow of the business.
Check here for other small business loans without vehicles.