Here is an update on financing for commercial big rigs, over the road trucks, tractor trailers, 18 wheeler trucks. Many owner
operators and company truck drivers have poor, marginal and bad credit for various reasons. There are semi trucks financing and leasing programs available which are willing to make a decision on your credit, but of your references and other mitigating factors.
In today’s economy, lenders, the trucking industry, etc. is in a bad position. There are many drivers out of a job, new students obtaining CDLs, some fleets, in niche markets, are drying a way to expand and financing is a big road block. Companies are either overextended, not making payments on time due to various economic reasons, or just right frustrated which way to go.
The economy is created this vast secondary market of off lease semi trucks which must be moved. The lenders/dealers cash flow and staying in business depends on upon a movement of these over the road trucks.
If your credit is less than stellar, you may be able to overcome that obstacle by obtaining approval for used truck financing. This may involve a higher borrowing rate, or perhaps it may necessitate a higher down payment. Even if your credit is perfect, a higher down payment may still be the key to getting the lowest monthly payment and a prime lending rate.
Another way to get easy approval for financing commercial trucks is to be prepared to show extensive documentation to prove a strong record of business. If you have been in business for many years and have paid off other commercial truck loans on time over the years, you will be a highly desirable customer for a commercial vehicle lending company.
Even if you have recently fallen on hard times, your prior exemplary record will speak for itself and help offset some of the risk seen by the lender. Keep all of your files organized to streamline the application and approval process further.