loan against semi-trailer truck
If your business has big rigs and needs capital, it can get a loan against tractor trailers, semi trucks, and any business or commercial vehicle. Even 1 semi trailer truck can be enough to get capital. Loan amounts starting as low as 2,000 and up. There are several loan programs and resources available in the marketplace to get semi-trailer truck financing. Credit scores can be lower under this program. Credit scores of the owner can be below 500 and still have a strong opportunity to qualify. The truck or semi-truck has to be free and clear collateral. There cannot be any loans against the truck. To get a loan to acquire trucks and trailers, try the hot shot truck loan program.
How to get a loan on a semi truck trailer, big rig or business vehicle: How to steps, direction, and tips:
Step 1: Preparation
Research companies that offer loans against semi trucks or big rig 18 wheelers. Search for programs that best match your business need for the amount needed, the value of your semi rigs, and credit.
Step 2: Have your information on your big rig semi trucks ready to go. Have a list of the value of your vehicles.
pictures of your truck.
Step 3: Settle on the top 2 or 3 programs that best matches the value of the semi trucks you have and the amount you need.
Tell the lender the basic information on the trucks and try to find out what your chances of approval are. Also ask if you can be pre qualified.
Step 4: Submit an application
Apply with the program that can most likely get your business a loan against your semi trucks based on the conversations you had with the lender and review of their criteria. Complete an application for funding and provide the supporting items such as copy of the title, pictures and odometer reading.
Step 5: Review approval offers
If you were declined, contact the lender and try to find out why. Try to find out if you are able to do anything to get the decision reversed and get approved. If you cannot get approved, then go back to the other lenders you looked at during your search. Ask if the reason for your decline will be a decline reason for them. If not, then consider applying with one of the other lenders.
If you have many vehicles as a used car dealer, consider options under our used car dealer loans.
FAQ Frequently asked questions on a loan against a semi truck, big rig or business vehicle
Can I use my truck as collateral for a loan?
To get a loan you can use a semi-trailer truck, tractor, big rig, 18 wheeler, or business vehicle that is paid off as collateral. You need to have the vehicle in your possession and prove ownership. Some vehicles with a very low balance owed on them may still qualify.
My semi truck is broken down and in the shop for repairs. Can I get money against it to pay for the repairs?
You can get money against a semi truck in the shop to pay for repairs. The shop will be paid directly to get your big rig back on the road asap. If the repair is less than the loan amount, then you will get the difference in cash.
How do you get a loan on a semi truck or regular work truck and how much can you get?
You can get a loan against a semi truck, tractor trailer, big rig and most vehicles used for business. You need to have a copy of the title to prove ownership, a picture of the truck and odometer. The amount of the loan is about 40% to 50% of the retail value. The truck must be used at least in part by your business and have your company information on it. Magnetic signs may be acceptable.
Recent Customer requests
Last week the owner of a single rig trucking company called and said his truck went down and was in the shop. The customer needed $6,700 for repairs and his credit score was mid 500’s. He wanted to get funds against his Semi-Truck. The truck has a value of approximately $25,000. He still owed about $16,000 on it and as a result, we referred him to another loan product because the semi-truck has to be free and clear.
A company should make up a list and provide it to the lender to get a loan against 18-wheelers. Offering multiple trucks is also another way to get more money. The trucks normally have to be free and clear. The terms the customer can get are usually attractive because they are not short term and the collateral is valuable, so the lenders will give more attractive rates. The customer can get a decision within one business day and closed within a week.
Click on the contact link and get more information.
Loan amounts are based on roughly 2 to 1 collateral and also on the wholesale value. Businesses with 2 semi-trucks worth $100,000 for example, will get an offer in the $40,000 to $50,000 range.
Online resources include an interest calculator. Customers can type in the loan amount, the number of months and the monthly payment to find out the interest rate.
For example, on a loan for $100,000 for 60 months with a payment of $2,163, the interest rate calculates to 10.77% and a total repay of $129,780.
Additional collateral is not required. If a company obtains this loan, a site inspection is normally done by the lender. The customer pays for a site inspection. Another Tip: The trucks have to be accessible and in working order. A UCC filing is placed with the department of motor vehicles in the state the business resides in.
Thank your for visiting our loan against tractor trailer page. The success of your business is our goal.
Top 7 vehicles to get a business loan against:
1 Commercial Vehicles
2 OTR Over the road trailers
3 Big Rigs
4 Semi Trucks
5 Dump Trucks
Apply now for a loan against your business vehicles