(800) 250-6279COMMERCIAL TRUCK TITLE LOANS – SAME DAY FUNDING
We provide title loan services for semi truck owner operators. Borrow 10k or more!
APPLY ONLINE FOR A SEMI TRUCK TITLE LOAN!
Use the equity in your semi truck to get cash with a same day title loan. Qualify for funding even with a bad credit score and keep driving your big rig while making the monthly payments. These secured loans are great for commercial trucks that are fully paid off, and you can complete the underwriting process in a few hours!
Get Cash Today With A Truck Title Loan
Are you looking for a way to borrow money where your credit history won’t be much of a 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 good credit to qualify. Borrow up to $35,000 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 commercial truck or big rig with a clear title in your name. This often means you own the rig; no cosigners or lenders on the pink slip can claim ownership. If the semi is titled under a business name, we need proof that you own that business.
– Have a steady income. Each company offering big rig title loans has different income verification requirements but typically accepts 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.
Commercial Trucks That Qualify
We accept all types of 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! All types of trucks can qualify, so please call us at 800-250-6279 if your commercial truck is not listed here. The odds are that it will qualify if it’s titled and registered and has equity!
Inspections For A Commercial Truck Title Loan
Like any other equity loan, you must complete a full truck inspection to get approved. We will initially ask for a few pictures of your rig and the title, and at that point, we’ll use your truck details and photos to generate an initial appraisal. After the funding terms and loan amount have been agreed upon, you’ll need to bring the truck to a certified inspection location, or we can have 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 log books, mileage, certifications, and insurance information before putting together 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 higher amounts up to $15,000 for high value rigs. Expect an LTV of 40 to 65% of the rig’s value.
For example, title loan companies in CA will offer $2,500 to $25,000 for a semi truck title loan. Meanwhile, Arizona and Texas have no minimum loan amount, and other states like Minnesota and Colorado forbid title loans on all types of vehicles! Remember that the interest rates and terms will vary based on the 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 come with higher loan amounts and carry more risk for a lender. Title loans written on a truck come with an APR that starts at 20% but can range to over 100% in some stats. 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. Most companies offer terms of two or less for a big rig title loan, which is a bit lower than the 2-year average for auto title loans.
What Are The Benefits Of Applying For A Semi Truck Title Loan?
One benefit of semi truck title loans is using equity in your truck or commercial vehicle as collateral for a loan that can reach $20,000 or more. 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 less than one business day! 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
Most owner-operators who apply for a big rig title loan are expected to have a poor credit score, and most companies won’t even do a standard 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 if you have bad credit. Your credit score can be an issue only if you have significantly more negative items than positive, a recent bankruptcy, or two repossessions over the past year.
The Risks Of Semi Truck Title Loan
One risk with a semi truck title loan involves losing your big rig or commercial vehicle if you can’t repay the title 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 the past due payments, but that’s not ideal, and you never want to face a situation where your rig is in danger of being taken from you.
Another risk with a title loan is that you can’t sell your truck while you own money on a title loan. That’s because you’ve added a lender as a lienholder to the truck title, and you would 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 and easy process, and we can get you a quick estimate with just your truck details and VIN. We offer fast approval for all types of 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!