How to Get Zero Down Semi Truck Financing
A common question we’ve been getting lately is “Do you offer a zero down semi truck financing program?”
Well, the answer is absolutely yes! We have several programs for both first time owner operators and for other industries as well. Of course, the applicant must qualify for this program, which has higher requirements compared to our programs that allow financing for challenging credit customers.
Credit is a Major Role
As you can imagine, the requirements for this program is more firm. If you currently don’t own your home, that would immediately disqualify you for this program. If you still have a mortgage on your house, that is acceptable but it does not need to be free and clear of any liens. The home ownership is a huge indicator on a debtors’ ability to repay a larger financial obligation. We know what your next question might be, “will you be using your home as collateral?” No, the home will does not need to pledge as collateral. Credit is a huge factor when it comes to this program. Unlike our other programs that will allow bad credit, this program actually requires a minimum of a 700 score. Just like our other programs requiring high credit scores, we look at the depth of the credit, comparable debts, and revolving debt.
How to Qualify for a Zero Down Payment?
As mentioned above, first time buyers or start-up businesses can be accepted for zero down semi truck financing. But, the application must have at least five years driving experience. This must be verifiable and there are no exceptions to the rule. The strength of a company and business owner reflects in their time in business. If you’re an existing owner operator or business owner, this might help you. A huge part of qualifying for this program is the truck. If you shopped for a truck this past year, you would have seen the recent drop in prices. The price adjustment in the market place is due to the influx of inventory on the market. Unfortunately, some sellers, including dealers, have not adjusted their sale price accordingly. They are still stuck on prices from 2015. If they aren’t willing to adjust their price, then this will impact your ability to be approved for a zero down payment.
What if You Don’t Qualify for Zero Down Payment?
We offer other programs that require very little down payment, some require just under $200 in advance at closing! So don’t be upset if you think you might not qualify for this program. The best thing to do is call our office and speak to one of our advisers. Our advisers can inform you on which programs you might qualify for. Of course, this can help get you the money you need for your business.
Contact First Capital for Zero Down Semi Truck Financing
Zero Down Semi Truck Financing | First Capital Business Finance