Whether you’re an owner operator or need to borrow money for your trucking business, Commercial vehicle title loan are an excellent solution. These types of secured loans use a truck’s title as collateral and allow you to borrow 35 to 65% of its equity. They’re also more flexible than car title loans and offer shorter terms. However, it’s important to understand the rates and risks associated with these kinds of loans before you apply.
Flexible Funding Solutions: Semi-Truck Title Loans
Getting a commercial loan for your truck can help you meet unexpected expenses, cover costly repairs, or expand your trucking company. These loans are based on the value of your truck and your ability to repay, so your credit score isn’t usually a large factor. Typically, you can borrow up to $50,000, depending on your truck’s value.
However, you must keep in mind that a default on these loans can lead to repossession. So, it’s essential to stay in touch with your lender throughout the term of the loan. In addition, it’s a good idea to shop around for the best rates. A reputable lender will lower the interest rate you pay if you can prove that another company has a better offer. And don’t forget that you can refinance your loan if you need to. This will save you both time and money in the long run.