Category Archives for Commercial Truck Financing

Commercial truck financing is a loan for acquiring a commercial truck. The lender takes the truck as collateral to reduce the risk. Borrowers can seek financing for a single truck or a fleet of trucks depending on their needs.

Working of Commercial Truck Financing:

In commercial truck loans, the lender holds the title of the truck unless a borrower pays off the debt. Traditional bank and lending companies offer this finance with interest. Typically, commercial truck loans have a term of 5 years that covers the useful life of the vehicle. Interest rates can vary as per the credit rating of the borrower. The loan can be taken to buy a new truck, lease a truck, or upgrade an existing truck.

How to Qualify for Commercial Truck Loans?

The process of commercial truck financing is different from business loans. Being a specialized industry, commercial truck title loans need collateral security. It minimizes the risk of the lender. Even if the borrower does not have perfect credit scores, they can apply for this loan. There may be variations in the terms and rates depending on their credit standing. The qualifications for commercial truck financing are:

• The revenues and sales figures
• The age of the truck must be more than 7 years.
• Calculate the total value of the vehicle.
• The business must be more than 2 years old.
• Business credit score must be good.
• Personal credit score of owner/operator also matters.
• Proof of insurance is a must.

Online Lenders Vs Traditional Banks

The terms and rates of traditional banks are suitable for borrowers. But, they have a cumbersome application process and poor approval rates. Online lenders, on the other hand, have high approval rates and a simple application process for truck financing at no down payment.

Hence, borrowers must look for a lender with considerable experience and an ability to allow bad credit truck financing. Also, check the credibility of lender and industry knowledge. Also, it’s important to review the loan agreement before accepting.

Commercial Truck Financing depends on business financials. The borrowers must be mindful of the cash flow in their company to stay fit for this loan.

Commercial truck loans
Commercial semi truck loan
Commercial truck refinance
Commercial vehicle finance
Commercial truck title loans

Commercial Truck Financing Qualifications

Commercial Truck Financing

The Pre-Qualifying Questions of Commercial Truck Financing Do you need a truck, but are having trouble finding out what the commercial truck financing qualifications are? Let’s cover some major key points every owner/operator or small business owner wants to know before financing a commercial vehicle. Do You Need Good Credit for Commercial Truck Financing? If you end up calling our office chances are you might get me on the phone, and I would say that is the most common question we get from our clients. The Read More


What to Look for in Commercial Truck Financing Companies

commercial truck financing

Commercial Truck Financing Companies and You A quick search of the web will find you more than a few commercial truck financing companies. Researching all of them, weighing the positives and negatives, will take some time. If you’re an owner-operator or small business owner, however, this is time you probably don’t have. To make your job a little easier, we’ve put together a shortlist of the top things to look for when searching for the best commercial truck financing companies. Read More


Benefits of Semi Truck Financing Instead of Buying

Semi Truck Financing

Is Semi Truck Financing Right for Me? Trying to decide between semi truck financing and buying a semi truck, is kind of like deciding whether to buy new or used. If you’re a trucker or in the trucking business, you already know that your truck is your number one asset. Needs less to say, you need to get the best deal for your money. Answering this question is actually less about personal preference, and more about choosing the best finance option for you and Read More


A Truck Financing Company For Everyone

Truck Financing Company

Truck Financing Company One of the most important aspect of business success is an attitude of trying again. This applies to any type of business.  Many trucking businesses and other types of businesses go under because once you hit a bump in the road, the owners do not want to try again. The truth is most successful businesses did not do well at first, or they hit bumps along the road that could have meant the end of the line Read More


Financing Big Rig Trucks After A Repossession

Yes, You Can Finance A Commercial Truck Even With A Previous Repossession! One of the most common questions we’ve been seeing are from truck drivers who have had the unfortunate experience with losing a vehicle to a repossession. If you had to go through a similar misfortune, First Capital Business Finance has the ability to extend financing to business owners who are seeking financing for trucks, trailers or heavy equipment. We believe in giving the second chance to business owners Read More


How To Finance A Tractor Trailer After A Bankruptcy

Red Tractor Towing a Fuel Trailer

Did you know you can finance a tractor trailer one day after your bankruptcy is discharged?   If you recently went through a bankruptcy, yes even if it was yesterday, there is a way you can finance that semi truck you’ve been wanting. I figured it was time to write about this since I’ve recently realized that most owner operators that have had to go through an unfortunate financial situation were not aware that there are options even if they’ve Read More


What It Takes To Be A Long Haul Truck Driver

Semi Truck Financing With Bad Credit

Duties for a Long Haul Truck Driver The lives of long haul truck drivers are not only a mix of adventure and traveling, but also a call to sacrificing the daily presence at dinner tables with their families. Over-the-road drivers often drive from coast to coast for at least three weeks and, therefore, live exciting but nomadic lifestyles. The drivers spend most of their time inside their trucks and are often unsure when and where their next loads will take Read More