Whether you are facing unanticipated expenses or need to acquire capital to expand your trucking business, Commercial title loans can provide you with the necessary funds. These loans use the value of your truck as collateral, eliminating the need for a credit check and making them accessible to borrowers with all types of credit. The best part is that you get to keep your truck and continue using it as you pay back the loan.
Semi-Truck Title Loans: Your Route to Financial Relief
The amount you can borrow depends on your rig’s current resale value. Typically, you can borrow up to 65% of your truck’s equity. The lender will perform a vehicle inspection and appraisal to determine the current value of your rig. They will then offer you a loan amount that is based on that number and other factors like your source of income and truck maintenance history.
You can qualify for a loan even with an active bankruptcy. In addition, you can obtain a loan if you have recently gone through a divorce or are a recent immigrant. If you have a co-signer, they can help you secure the loan.
The application process for a semi truck title loan is simple and fast, often taking only one day to complete. You will need to submit several documents including proof of income and your truck’s pink slip. Some lenders may also require references, personal and professional. Once you are approved, you will receive the funds directly into your bank account within a few hours.