Did you know you can use your commercial truck or big rig as collateral for a title loan? These types of secured loans offer borrowers the chance to borrow a large amount of money and you don’t even need good credit to qualify
When it comes to semi truck title loans, you want to make sure you get the best rates and terms possible. After all, this type of loan can be a great way to access quick cash when you need it most.
Semi Truck Title Loans – What Is Required?
The first step is to find a lender that offers semi truck title loans. You can use an online lending marketplace like Premier Title Loans to compare rates and terms for car title loans all at once. Or you can choose to apply with a local lender near you that offers big rig title loans. Whichever option you choose, try to find a company that takes the time to break down your lending contract and payoff amounts. Also read through the different reviews and feedback that you can find online from previous customers.
Once you’ve found a few reputable direct lenders, you can start the application process. The requirements for semi truck title loans vary by lender, but generally, you’ll need to meet the following criteria:
– Be at least 18 years old (19 in Alabama and a few other states)
– Own a commercial truck or big rig with a clear title in your name. This often means the rig is owned by you and there are no cosigners or lenders on the pink slip who can claim ownership.
– Have a steady source of income. The amount of money you make each month will need to be verified by the lender. Each company that offers semi truck title loans has different requirements, but they will typically accept bank statements or employment pay stubs.
– Have a valid driver’s license or id to verify your identity. You will also need a Commercial Drivers License(CDL) if you plan on operating the truck while the lender has the title.
If you meet all of the above requirements, you should have no problem qualifying for a title loan and it won’t matter if you apply online or in person. The amount of time it takes to get your cash will depend on how quickly you can collect and process the required documents. A semi truck title loan will often take a bit longer than a car title loan to fund, but it’s not much of a difference. You may be able to get your cash within 1-2 business days of applying!
How Much Money Can I Borrow With A Semi Truck Title Loan
Most big rigs and commercial trucks are worth far more than a typical car that’s used as collateral for a car title loan. That’s why you should anticipate a higher loan amount with a big rig loan. These amounts vary in all states but on average they’re around $5,000 to $15,000 with higher amounts available for high value rigs. Some states allow semi truck title loan companies to lend up to the full value of the truck while others place a cap on how much can be borrowed.
For example, in California semi truck title loans are capped at $2,500 while in Arizona there is no limit on how much you can borrow. The best way to find out how much you could qualify for is to apply with a few different truck title loan lenders and compare your offers. Remember that the interest rates and terms will vary based on the lender and your personal financial situation so make sure you take the time to review all offers carefully before making a final decision.
What Are The Interest Rates And Terms For Semi Truck Title Loan
Big rig title loans tend to have higher interest rates than car title loans because they’re seen as a higher risk loan. Title loans written on a truck come with an APR that starts at 25% but this can range from 20% to over 100%. The payment term length for semi truck title loans is also shorter than car title loans with most companies offering terms of one year or less which is much lower than the 2 year average for auto title loans. This means you’ll need to be prepared to make larger monthly payments and pay off your loan quickly. Some lenders may offer longer terms of 3-6 months but these typically come with much higher interest rates.
What Are The Benefits Of Applying For A Semi Truck Title Loan?
One of the biggest benefits of semi truck title loans is that you can use the equity in your truck or commercial vehicle as collateral. There’s no need for a perfect credit score or to meet stringent income requirements. As long as you own a vehicle with a clear title in your name, you should be able to qualify.
These loans also come with some of the fastest funding times which means you can get your cash quickly- often within 2 days or less. This is ideal if you need money for an emergency expense or simply want to avoid the long application process and waiting period that comes with traditional bank loans.
So I Can Get A Title Loan On My Semi Truck Even If I Have Bad Credit?
Yes, it’s common that most people who apply for a big rig title loan have a poor credit score and most companies won’t even do a standard credit check. Simply put, semi truck title loan companies don’t focus on your credit score when you apply. That’s because the loan is secured by the equity in your truck so even if you have bad credit, you should still be able to qualify. The amount of money available to borrow depends on the value of the truck as well as state lending limits. Semi truck title loans are available for up to $15,000 but this can vary based on the lender and your personal financial situation.
What Are The Risks Of Applying For A Semi Truck Title Loan?
While semi truck title loans offer many benefits, there are also some risks to be aware of before you apply. One of the biggest risks is that you face losing your big rig or commercial vehicle if you can’t repay the title loan. That’s because the loan is secured by the title to your truck which means the lender can repossess it if you default on your payments.
This is why it’s so important to make sure you only borrow what you can afford to repay and to carefully review the funding terms and payoff conditions of your loan before signing anything. It’s also a good idea to shop around and compare offers from multiple companies before making a final decision. This way you can be sure you’re getting the best rates and terms for your unique financial situation.
How To Apply For A Semi Truck Title Loan?
Applying for semi truck title loans is typically a very fast and easy process. Most applicants can apply for a cash loan much the same way as if they were looking to get a car title loan or even a title loan on your RV. You can get started now and see how much you can get with a title loan from Premier. We offer quick cash lending options and will look to get your big rig title loan processed and funded as quickly as possible!