If your business has big rigs and needs capital, it can get a loan against tractor trailer, semi truck, 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. There cannot be any loans against the truck.
How to get a loan on a semi truck trailer or big rig: How to steps, direction, and tips:
Estimated Cost: $0
Total Time: 1 Day
Supplies Needed: Semi truck trailer or business vehicle, title, picture of semi truck and odometer. Time available.
Tools needed: Internet connection, phone, computer
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.
Tip: Start the process a few days before needing funding. You may need to get together information you were not expecting to get.
Remember that regular business vehicles such as vans may also qualify.
Information on the trucks you will need includes manufacturer, year, model number, title, a picture of the odometer and a couple of
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.
Contact qualifying companies and ask about their approval requirements.
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
After approval, review all closing terms and conditions. Make sure you can provide required closing items. Complete transaction and receive funding.
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 due to being in business to sell cars, 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.
With a loan against equipment a seller can obtain working capital by selling their equipment and financing it back. A loan on equipment works the same way and is an identical transaction. The owner keeps the equipment on their property and retain ownership when it is paid off. Qualifying equipment includes construction equipment, business and commercial vehicles including tractor trailers and semi -trucks. Low credit scores can qualify. Secure DocuSign 30 Second Application here
Call us at Tel: 1-919-771-4177, or Question? Contact us here.
How to get a loan on equipment
Make a list of the free and clear equipment assets your business owns. Include description, manufacturer, year, model numbers.
Tip: Programs lend up to 40% to 60% maximum on qualifying equipment. The equipment must be free and clear.
Contact lenders that provide loans against equipment that match the equipment your business has.
Discuss the available program options. Determine the programs that are the best match for your business.
Apply for funding. If approved review terms and conditions including possible site inspection requirements and other stipulations. When you are satisfied, request closing documents and complete the paperwork.
Complete customer closing interview and receive funds into business checking account.
A loan against equipment allows businesses to use their equipment to get a business loan. Borrowers can get a loan against construction equipment which is also known as yellow iron as well as tractor trailers and semi-trucks. Other qualifying equipment includes older business and commercial vehicles more than 5 years old. There is also an option to combine equipment with real estate. Only a one page application with equipment list is required. $10000 to $250000 is available. The approval process is usually one day and the equipment stays on your property. There are also no restrictions on how the funding is used. The debt does not show on your credit report.
Is this a collateral loan?
It is sometimes also referred to as a loan on collateral or loan using collateral. In these types of financing, the value of the collateral is by far the most important part of the approval or decline decision. Many applicants contact us saying they want a collateral loan. Programs with qualifying equipment have a high approval rate. Many business that have this type of equipment will qualify.
How much can I get against my equipment?
You can get up to 50% to 60% against the retail value of qualifying equipment. Retail value means the value now not when the equipment was new. The equipment must be free and clear of any liens.
Does the equipment have to stay on my property?
The equipment is supposed to stay on your property. Construction equipment that has to move to different job sites can be approved to be moved to those job sites for business reasons. State this at the beginning of the application process. Business equipment that needs to be moved away from the business address needs to be approved to be moved.
Can I use cars and other vehicles?
Certain kinds of vehicles can be used. Tractor trailers and over the road vehicles can qualify. 2 or more pieces of equipment or vehicles are usually required.
How do you put a value of the equipment?
The value of the assets are determined by asset value books for each equipment or asset type. The prices of comparable equipment on sale now is also looked at to help establish values.
Do I need proof of ownership of the equipment?
Proof of purchase of the equipment or proof of ownership will be needed. This can be a paid invoice or cancelled check for proof of purchase and proof of ownership. A title can also stand for proof of ownership. Registration can also be used for proof of ownership. A notarized bill of sale can also be used as proof of ownership.
Cnc milling machines, 18-wheelers, rigs, tractor trailers qualify. Machine tools may also bring significant working capital.
Construction equipment such as front end loaders, bobcats, skid steers, bulldozers, ditch witches, woodworking equipment, semi trucks, 18 wheelers, tractor trailers may also qualify.
Your business makes money by using equipment rather than owning it. Get the unused cash in your equipment and use it for cash flow in your business.
Submit the one page loan against equipment application and also the equipment list . Decisions are usually made in 1 day. Funding happens within five business days. $150,000 total funding is available.
Tell us the type of loan you are looking for. Callers ask for different types of loans. Some ask for a loan against construction equipment. Others ask for a loan on equipment using their construction assets. Some callers request a loan on machinery.
Underwriting reviews the age and condition of the equipment. Complete the equipment list. Use the most valuable and newest equipment on hand. Older equipment may qualify. This includes trucks and tractors. Through this loan against equipment, loans against a tractor-trailer is approved. It is also called a loan against an 18 wheeler as well as a loan against semi-trailer truck. Other products are a loan against a big rig, and loan against a semi truck.
Representatives service the following cities in the Western Region and can be contacted.
Alaska, Hawaii and California
In Anaheim, CA and Anchorage, AK. Bakersfield, CA and also in Carlsbad, CA. Chula Vista and also Fontana, CA. Fremont, CA and in Fresno, CA. Hayward, CA and Honolulu HI. Irvine, CA and in Madera, CA. Modesto, CA and also Merced, CA. Oakland, CA and in Ontario, CA. Oxnard, CA and Riverside, CA. Roseville, CA and Francisco, CA. San Jose, CA and also San Diego, CA. Santa Ana, CA and in Santa Clara, CA. Santa Rosa, CA and Sacramento, CA. Salinas, CA and in San Bernardino, CA. In Santa Barbara, CA and also Santa Maria, CA. Sunnyvale, CA and in Stockton, CA. Thousand Oaks, CA and Vallejo, CA. Ventura, CA and also in Visalia, CA.
Representatives in the following cities may also be contacted:
Nevada, Oregon and Washington:
In Bellevue, Washington and Eugene, OR. Everett, WA and in Henderson, NV. Kent, Washington in addition to Las Vegas, NV. Olympia, WA and also Portland. Reno, NV and Seattle, WA. Olympia, WA and in Paradise, NV. Portland, OR in Renton, Washington. Salem, OR and in Seattle, WA. Sparks, NV as well as Spokane, WA. Tacoma, WA, Vancouver, Washington and Yakima, Washington.
Arizona and Utah:
Albuquerque, AZ and Avondale, AZ. Chandler, AZ and in Flagstaff, AZ. Gilbert, AZ and in Glendale, AZ. Goodyear, AZ and also Mesa, AZ. Nogales, AZ as well as Ogden, UT. Phoenix, AZ and in Peoria, AZ. Provo, UT and Scottsdale, AZ. Salt Lake City, UT and also Scottsdale, AZ. Surprise, AZ and also in Tempe, Arizona. Tucson, AZ, Yuma, AZ and San Tan Valley, AZ.
Colorado, Idaho, Montana, New Mexico and Wyoming:
In Albuquerque, NM, Aurora, CO. Boise, ID and in Cheyenne, WY. Colorado Springs, CO as well as Denver, CO. Helena, MT and Lakewood, CO as well as Santa Fe, NM.Consultants in the following cities can be called to schedule a same day appointment.
Kentucky, Virginia, Washington, D.C., and West Virginia: In Alexandria, VA and Arlington, VA. Chesapeake, VA and in Hampton, VA. Huntington, WV and also in Kenner, VA and Lexington, KY. Louisville, KY as well as Lynchburg, Virginia. Newport News, VA and in Norfolk, VA. Petersburg, VA and also in Portsmouth, Virginia. Richmond, VA and Roanoke, Virginia. In Suffolk, Virginia and also Virginia Beach, VA.
North Carolina, South Carolina:
In Anderson, SC and Asheville, NC. Cary, North Carolina and also in Chapel Hill, NC. Charleston, SC and in Charlotte, NC. Chattanooga, TN as well as Columbia, SC. Concord, NC and Davidson, TN. Dunn, NC, Durham, NC and Fayetteville, NC. Franklin, TN, Gastonia, NC. as also in Greensboro, NC. Greenville, SC, Henderson, NC as well as Hickory, NC. High Point, NC, Kingsport, TN and Knoxville, TN. In Maudlin, SC, Memphis, TN and also Morristown, TN. Murfreesboro, TN, Myrtle Beach, SC and Nashville, TN. North Charleston, South Carolina as well as Raleigh, NC. Sanford, NC, Lenoir City, TN and in Shelbyville, TN. Spartanburg, SC, Wilmington, North Carolina and Winston-Salem, NC.
In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. Also in Jupiter, FL, Fort Myers, FL as well as Ft. Lauderdale, FL. Hialeah, FL, Jacksonville, FL and Lakeland, FL. Melbourne, FL, Miami, FL and Ocala, FL. Pensacola, FL, Kissimmee, FL as well as Naples, FL. Orlando, FL, Ormond Beach, FL and also in Palatka, FL. In Palm Bay, FL, Pensacola, FL and also Port St. Lucie, FL. Saint Petersburg, FL, Sanford, FL and Tallahassee, FL. In Tampa, FL, West Palm Beach, FL as well as Winter Haven, FL.
Alabama, Georgia, and Mississippi:
In Atlanta, GA, Augusta, GA and Birmingham, AL. Gulfport, MS, Hoover, AL and also Huntsville, AL. Jackson, MS, Mobile, AL as well as Montgomery, AL. Savannah, GA,
Arkansas and Louisiana:
Also in Baton Rouge, LA and Fayetteville, AR. Forrest City, AR, Lafayette, LA and Little Rock, AR. Metairie, LA and New Orleans, Louisiana. Baton Rouge, Louisiana, Shreveport, Louisiana and also Lafayette, Louisiana.
Oklahoma and Texas:
In Arlington, TX and Austin, TX. Bartlesville, OK, Beaumont, TX and in Corpus Christi, TX. Dallas, TX, Edinburg, TX and in El Paso, TX. Ft. Worth, TX, Houston, TX as well as Killeen, TX. Lafayette, LA, Mission, TX and Muskogee, OK. Oklahoma City, OK, McAllen, TX and also in New Braunfels, TX. Round Rock, TX, San Antonio, TX, as well as Shawnee, OK. Sugarland, TX, and The Woodlands, TX as well as Tulsa, OK.
Representatives in the following Midwest cities can be contacted for working capital against equipment:
Illinois, Indiana, Wisconsin:
In Anderson, IN, Carmel, IN, and Aurora, Illinois. Chicago, Illinois, Elgin, Illinois as well as Rockford, Illinois. Joliet, Illinois, Lee’s Summit, Missouri and in Naperville, Illinois. Springfield, Illinois, Peoria, Illinois and also in Elgin, Illinois. Waukegan, Illinois, Cicero Town, Illinois as well as Champaign, Illinois. Bloomington, Illinois, Decatur, Illinois and Eau Claire, WI. Fort Wayne, IN, Gary, IN and in Indianapolis, IN. Madison, WI, Milwaukee, WI and Naperville, IL. Green Bay, Wisconsin, Kenosha, Wisconsin, and Peoria, IL. Racine, WI, Springfield, IL and also Waukesha, WI.
Michigan and Ohio:
In Akron, OH, Ann Arbor, MI and Canton, OH. Cincinnati, OH, Cleveland, OH and also Columbus, OH. Dayton, OH, Dearborn, MI and in Detroit, MI. Flint, MI, Grand Rapids, MI as well as Marion, OH. Maysville, OH, Muskegon, MI and Parma, Ohio. Toledo, OH, Wilmington, OH, Wyoming, MI and also Youngstown, OH.
Kansas, Nebraska, North Dakota and South Dakota:
In Council Bluffs, NE and Kansas City, MO. Lawrence, KS, Omaha, NE as well as Wichita, KS.
Iowa, Minnesota, and Missouri:
In Bloomington, MN and Columbia, MO. Davenport, IA, and also Des Moines, IA. Duluth, MN and also Independence, Missouri. Kansas City, Missouri and Minneapolis, MN. Overland Park, MO as well as Rochester, Minnesota. Springfield, MO, St. Charles, MO as well as St. Joseph, MO. Springfield, Missouri and St. Louis, Missouri. St. Paul, Minnesota and St. Cloud, MN.
In Albany, NY, Batavia, NY and Buffalo, NY. Cheektowaga, NY, New York City, NY as well as Niagara Falls, NY. Rochester, NY, Schenectady, NY, Seneca Falls, NY and Syracuse, NY.
Maine, Vermont, New Hampshire and Massachusetts:
In Bangor, ME and Boston, MA. Burlington, VT, Cambridge, MA and Concord, NH. Montpelier, VT, Newton, MA as well as Portland, ME. Providence, MA and Springfield, MA. In Warwick, MA as well as Worcester, MA.
Pennsylvania, Maryland and Delaware:
In Allentown, PA and Baltimore, MD. Bethlehem, PA, Columbia, MD and Dover, DE. Harrisburg, PA, Lancaster, PA and in Lansing, MI. Lebanon, PA, Manchester, PA as well as New Castle, PA. Philadelphia, PA, Pittsburgh, PA and also Reading, PA. In Salisbury, MD, Scranton, PA and Towson, MD. In Weirton, PA, Wilmington, DE and also in York, PA.
Connecticut, New Jersey and Rhode Island:
In Bridgeport, CT and Camden, NJ. Hartford, CT, Jersey City, NJ as well as Milford, CT. New Haven, CT, New London, CT and Newark, NJ. Norwalk, CT and Norwich, CT. Providence, RI, Stamford, CT and also in Trenton, NJ.
Visit the SBA. for more information on how assets can also be used in business loans and personal loans.
Thank you for visiting our loan against equipment resource page.