We know that many of our members use a semi-truck to tow their awesome vans. This article covers the basics when it comes to truck finance.
The current condition of the economy has made it difficult for people to get commercial trucking financing and even more difficult for individuals with bad credit. So, what do you do if you’re a semi truck driver seeking for commercial truck financing? Enumerated below are some alternatives that may help with your commercial truck financing, primarily dump trucks and semi trucks.
For starters, you should consider looking up smaller dealers that offer in-house financing for trucking businesses or private owners. This type of dealers carry their own papers, which means that they can decide whether they want to grant the loan themselves. Usually, the dealers submit will submit your loan request to their financing source who in turn approves or declines them. Make sure to ask any dealer you’re working with whether they submit to an outside underwriter or fund in-house. If they tell you they fund themselves, then let them know about your credit situation. Some of the reasons for bad credit are illness, divorce, loss of truck, etc. These reasons are normal and don’t necessarily portray you as a bad credit character. If you have strong contacts in your field, then let your dealer know. Dealers will fund you if they become somewhat comfortable that you will meet up with your payments regardless of what happened in the past.
Another option for you if you have bad credit is to look for dealers that specialize on commercial truck financing for individuals with bad credit. These dealers can be found online. Here’s the strategy to use when using this option; call the prospective dealer’s office and ask to speak to a sales manager and then explain about your credit situation to him/her. A finance or sales manager will be able to determine whether you’re qualified for financing with them rather than the ordinary sales person.
The third alternative if the above two doesn’t work in your favour is to get in touch with independent financing companies to ascertain whether you’re fit for a loan. Remember to be upfront about your credit situation and offer your best-selling points. Just like the smaller dealers, independent financing companies can be swayed in your favour if you’ve strong selling points because they make the decision themselves. Financing companies will look at your ability to pay off the loan with the accrued interests, as well as your collateral if you may have. This two information can help them get around any bad credit situation. Some companies will look at the number of years you’ve been in business or whether you have any upcoming contracts before they decide.
This may be one of the tough times to get the commercial truck financing you need. However, with the right research and a little extra effort on your side, you can find something that will help you get that truck.
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