When you need to get a big rig to add to your fleet or to start a business, you can either pay for it upfront or choose to get a financing option. Between the two methods, the latter proves to be a more viable solution because apart from not shelling out an extremely hefty sum, the monthly payments that you need to settle later on will prove to be manageable. This article tackles some of the basic qualifications that you need to get semi truck financing.
One of the first things that you need to do to qualify for semi truck financing is to determine your eligibility. In this case, some of the things that you need to consider include your credit score as well as the down payment that you are willing to make. Typically, if you have a high credit score, then it will be easier for you to get approved once you apply for a financing option. On the other hand, the bigger the down payment you can make, the more likely will your application for a loan be approved.
As soon as you determine that you are eligible for semi truck financing, the next thing that you need to do is to prepare the necessary documents such as proof that your business is registered, as well as your current and past bank statements. You may even be required to show your business tax returns or your business balance sheet.
Truck of Interest
Another thing that you need to think about to get semi truck financing is identifying a truck of interest. Rest assured that there are several online sources that you can explore in the search for a day cab tractor for sale at a reasonable price or a used or brand new sleeper. The key is in looking for a truck with fewer than 70000 miles or a truck that is not more than 10 years old if you are going for a used truck. Ideally, it will be best if you go for a truck that is sold by a dealer although this is not a mandatory requirement.
Finally, you also need to take into consideration insurance premiums as this is another basic requirement for you to qualify for semi truck financing. In this case, you need to consider the primary liability coverage as well as the physical damage coverage. In case you will use your truck for hauling goods in your industry, you also need to factor in cargo coverage. From there, all you need to do is to submit all the requirements you have prepared to your chosen financing company.
The Bottom line
Some of the basic requirements that you need to accomplish for you to get semi truck financing are those listed above. As soon as you complete these, all that you need to do is to submit them to a financing company that will be able to assist you with the entire process. Rest assured that the process will go smoothly as long as you ensure that all your requirements are complete and well-accounted for.
Joie is the passionate writer and blogger of UsedVending.com. She enjoys writing and works at an amazing pace. Blessed with two adorable boys, she dreams of creating a successful career online. She also loves to write about parenting, home and family life, technology and gaming, as well as beauty and health.