What Is A Semi Truck Title Loan And How To Qualify
Semi truck title loans are similar to a typical car title loan. A lender holds the pink slip to your rig which guarantees the loan. Borrow up to 50% of the equity value of your commercial truck and repay that amount over 6 months to 4 years. This type of loan doesn't require good credit; some customers can qualify without a traditional credit check. All you need is a clean and clear truck title and proof of monthly income. Some companies will require proof that you have comprehensive insurance coverage on your rig, and you need to show proof of active registration and a commercial truck license.
Do you own the semi truck, but it's not in your name? Is the truck owned by an LLC or corporation that you have full ownership over? In this scenario, you'll need to prove complete ownership of your company and the vehicle.
Why Apply For A Loan With Car Title Loan Lenders USA
We promise that applying with Car Title Loan Lenders USA will be quick and easy so you can get on the road to financial freedom as soon as possible. A title loan isn't just a short-term solution; you can borrow thousands and take care of any financial emergency without much of a credit check. Contact us at 866-515-9866 to apply!
Here at Car Title Loan Lenders USA, we offer 24 hour approval and funding for anyone interested in cashing out equity from their commercial truck. These loans are great for anyone who needs more than $4,000 as most semi trucks have considerable value. Anyone applying for a big rig title loan can apply with us online or call 949-674-5605. We'll look to get you approved and funded with a local lender that same day, and you can keep driving the rig while the monthly payments are made.
Fast Approval & Funding With Car Title Loan Lenders USA
Get approved for a commercial truck title loan in less than 24 hours. All you need is the ownership info for your rig, and we must confirm your employment. After that, it doesn't take long to get your cash, and Car Title Loan Lenders USA will work to get you funded in one business day!
Equity Funding Amounts With A Truck Title Loan
You can qualify for at least $2,500 with a big rig equity loan, and many customers will be eligible to borrow far more with high value rigs. The value of your truck determines the loan amount and most lenders will offer 50% or more of the equity value.
Truck Title Loans With A Bad Credit Score
Online Title loans are available for everyone, and your credit history is often not a factor when underwriting the loan. Yes, we may check your credit to verify your income. But, typically, there's no issue if you're in default on loans or have missed payments on credit cards in the past.
Apply With A Local Semi Truck Title Loan Company
Are you interested in learning more about semi truck title loans but don't want to apply online? That's fine as many companies offer these loans at neighborhood locations. Gather all your documents and find a title loan provider near you that offers fast in person approval.
What Types Of Commercial Trucks Will Qualify For A Title Loan?
The vast majority of service and commercial trucks that are privately owned will qualify. These include semi trucks, tractors, boat trailers, dump trucks, construction equipment, and many other qualifying trailers and commercial vehicles. As long as your truck is owned by you or a company in your name, you should have no issues qualifying. Leased or rented trucks will not qualify, as you need the actual pink slip or title to show you own the property and there are no active liens or other loans.
Eligibilty For A Semi Truck Title Loan
Anyone owning a semi truck with surplus resale value can secure an online semi truck title loan, provided they meet the basic requirements to gain approval. The borrower must be above 18 and legally capable of entering into legal contracts, along with providing proof of their identity to lenders using ID verification processes. Furthermore, borrowers must satisfy our company's minimum monthly income requirement, which includes having a steady monthly source of income to make monthly vehicle payments.
You will also need to submit the truck for an in person inspection so our qualified agents can verify the truck is fully operational and carries the appropriate value. The inspection is typically the last part of the qualifying process and it can be done at any of our locations near you or we can send an agent to your location to conduct the inspection.
How Much Cash Can I Get With A Big Rig Loan
Funding amounts for a big rig title loan always depend on the value of your truck. Some lenders will offer 50% or more of the collateral value, which can add up if you own a rig worth $20,000 or more. Expect a typical loan amount higher than you'd get with a car title loan. Title loan amounts start at $3,000 and you can be approved for up to $40,000 for well qualified trucks! Not only that, but Car Title Loan Lenders USA works with companies that offer same day funding immediately after your right is inspected and you sign the docs. So, you can apply online with us and get your cash from a local lender that same day!
What Else To Know About Commercial Truck Title Loans
As with any collateral loan, you must be the sole owner of the truck. There can't be any cosigners on the pink slip and you have to be the only person listed on the title. In addition to full ownership of the truck, you'll need to meet the exact credit requirements as those from local title loan lenders or with a company offering title loans with no store visit. Don't worry, though, your credit score is not a significant concern when underwriting the loan as your truck's equity seals the deal! Yes, there may be some problems if you're in bankruptcy proceedings or dealing with a few repossessions. But even in those situations, you can borrow cash using the equity in your semi truck!