APPLY ONLINE FOR A
SEMI TRUCK TITLE LOAN!

Get Cash Today With A Truck Title Loan

Are you looking for a way to borrow money where your credit history won’t be a major factor? Do you own a semi truck that’s paid off, registered, and titled in your name? At Premier Title Loans, we’re here to help you cash out some of the money sitting in your truck’s resale value!

Truck title loans function much the same as title loans on motorcycles and cars, and they offer a convenient way to borrow money with minimal underwriting requirements. You can complete our pre-approval process in 30 minutes or less, and you’ll always be able to keep the keys to your big rig for the duration of the loan as long as you make the required payments!

Use the equity in your commercial truck or big rig as collateral for a loan with Premier Title Loans! Semi truck title loans allow you to borrow cash using your big rig as collateral, and you don’t need a high end credit score to qualify. Borrow cash with a truck title loan and have the money sent by direct deposit to your bank account within a day or two of applying!

Semi Truck Title Loans – What Is Required?

The requirements for commercial truck title loans vary based on the state you live in, but generally, you must meet the following criteria:

– Be 18 (19 in Alabama and a few other states).

– Own a big rig or commercial truck with a lien free title that’s in your name. Typically, this means you’re the sole owner of the big rig or work truck; no other person or company can claim ownership of your truck. Semi trucks or work trucks titled under a business name can be used as collateral, but we’ll need proof that you’re the business owner.

– Have a steady income. We need to verify that you make enough money to afford the monthly payments. Income requirements vary based on the loan amount and payoff terms, but you can often verify income with bank records or employment documents.

– Have a valid ID to verify your identity. You may need a Commercial Driver’s License (CDL) to legally operate the truck while the lender has the title.

Commercial Trucks That Qualify

Premier Title Loans offers pre-approval for many types of lien fre commercial trucks as equity for a title loan, so you don’t always need a semi to qualify! You can get approved for a loan using your big rig, box truck, platform truck, delivery truck, car hauler, or dump truck! You may be surprised at some of the big rigs that can qualify, so please call us at 800-250-6279 if your commercial truck is not listed here. The odds are that it will at least pre-qualify if it’s titled and registered and has equity!

Inspections For A Commercial Truck Title Loan

As with any other equity loan, you must complete a full truck inspection to be approved. We will initially ask for a few pictures of your rig and the title, and then use your truck details and photos to generate an initial estimate. After the funding terms and loan amount have been agreed upon, you’ll need to bring the truck to an inspection location, or your lender can send an inspector meet you at your work or business.

Like a vehicle title loan, your truck will be inspected to ensure it runs and matches its estimated resale value. An inspector will review the relevant logbooks, mileage, certifications, and insurance information before preparing an exact quote that shows your monthly payment, expected APR, and payoff amount. All in all, the inspection should take less than 30 minutes from start to finish.

Loan Amounts With A Truck Title Loan

Most big rigs and commercial trucks are worth far more than a typical car used as collateral for a title loan. That’s why you should anticipate a higher loan with a big rig loan. Funding amounts vary, but you can expect at least $2,000 with a qualified lien-free big rig, with higher amounts available for well-qualified trucks.

For example, title loan companies in CA will offer $2,500 to $25,000 for a semi truck title loan. Meanwhile, Arizona and Texas permit title loans with no minimum or maximum loan amount in most cases. Other states, like Hawaii and New Jersey, prohibit title loans on all types of vehicles, including 18-wheelers! Remember that interest rates and terms vary by lender, the vehicle’s resale value, and your financial situation.

Interest Rates And Payment Terms For Semi Truck Title Loan

Big rig title loans tend to have higher interest rates than car title loans because they involve larger loan amounts and pose greater risk to lenders. Title loans written on a truck come with an APR that starts at 20% but can range to over 100% in some states. The payment term for semi-truck title loans is shorter than that for a typical vehicle collateral loan because owner-operators often pay these loans off quickly.

What Are The Benefits Of Applying For A Semi Truck Title Loan?

One benefit of semi-truck title loans is the ability to use the equity in your truck or commercial vehicle as collateral for a loan based on your rig’s resale value. With this type of title loan, you don’t need decent credit; instead, you guarantee the loan with your semi-truck as collateral. While you may be able to get an unsecured loan with poor credit, there’s no chance you’ll get a high loan amount unless you have security backing up the loan.

These loans also have fast funding times, so you can get approved and funded in as little as one business day, assuming you have all the paperwork and DMV documents ready to send over. If you’re having trouble making your company’s payroll, a title loan on a semi truck can be an effective way to borrow money!

Title Loans On A Semi Truck With Bad Credit

Some owner-operators who apply for a big rig title loan have poor credit scores, and most companies won’t even do a comprehensive review of your credit history credit check. Simply put, title loan companies don’t focus on your credit score when you apply for a truck title loan and instead determine your loan details based on the value of your truck.

The equity in your truck secures the loan, so you should still qualify even with bad credit. Your credit score can be an issue only if you have significantly more negative items than positive items, a recent bankruptcy, or two repossessions in the past year.

The Risks Of Semi Truck Title Loan

One risk with a semi truck title loan is losing your big rig or commercial vehicle if you can’t repay the loan. Your truck’s pink slip secures the loan, and the lender has every right to repossess your car if the required payments aren’t made on time. Yes, you have a certain amount of time to contest the repossession, and you can get the truck back by catching up on past-due payments, but that’s not ideal, and you never want to face a situation where your rig is at risk of being taken from you.

Another risk with a title loan is that you can’t sell your truck while you still owe money on it. That’s because you’ve added a lender as a lienholder on the truck title, and you’ll need to pay off the title loan before the truck is sold.

Apply With Premier Title Loans For A Semi Truck Title Loan

Applying for semi truck title loans is typically a speedy, easy process, and we can provide you with a quick estimate with just your truck details and VIN. We offer fast pre-approval for many types of lien free semis, work trucks, construction equipment, and anything else requiring a commercial driver’s license.

Start now and see how much you can get with an online title loan from Premier Title Loans. Complete our online application or call us at 800-250-6279 to see how much your truck is worth!