Trucks are widely used across the United States and Canada to deliver many millions of tons of freight. Factories produce all sorts of good ranging from furniture to books to electronics, but it is the transportation network of trucks, trains, and planes that move these goods to and from factories, warehouses, retailers, and other distribution centers. Today’s trucking industry is quite a large one, and several million Americans are employed as truck drivers or related staff. Many trucking carrier companies can be found across the United States today, and most of them are on the smaller side. Carrier companies work with freight brokers to arrange deals with shipper clients, and truck financing may also be done. Third parties may offer semi truck financing if it is needed, and even getting financing with bad credit may be possible. Truck loans can be found online if need be, and semi truck financing companies, in some parts of the United States, may be bilingual. A person may search “préstamos para camioneros” as well as “truck loans” online, and some Spanish-speaking staff may be reached if a seeker enters “préstamos para camioneros” online. Whether seeking “truck loans” in English or “préstamos para camioneros”, these services can do a lot of good. How does it work?
Getting Those Truck Loans
It may first be noted that financing a semi truck or getting loans on it are not the same as borrowing money from a ban k for auto loans. In fact, many American banks will not even approve loans for semi trucks, since this is considered pretty risky in most banks’ eyes. And truckers with bad credit will certainly get rejected by banks. But there is another option: commercial truck financing companies, some of which may be bilingual. Some trucking companies in New Mexico, Texas, or Florida may search “préstamos para camioneros” to find them, for their own convenience.
Getting a semi truck loan may not involve some of the steps involved in traditional loans, such as having a high credit score, proving your business’s income, or even how long the borrower’s company has been in operation. It is possible for a semi truck owner with a low credit score to get a loan, where they would likely be rejected by other lenders. Rather, specialized semi truck lenders will offer loans for interested clients, and these are secured loans; that is, the semi truck is offered as collateral for that loan. Thus, the loan is low-risk for the lender, making them more willing to do business with a client. Borrowers may get as much as 100% of the truck’s value in many cases (though this may vary), and the interest rate may vary as well. Borrowers with good credit scores may enjoy interest rates as low as 5% on these loans. Meanwhile, borrowers with poor credit scores probably will not be rejected like how banks would reject them, but these borrowers may have to put up with interest rates anywhere from 5-30%. Still, for borrowers who need money and know what they are doing, they can handle those high interest rates.
Still, the borrower will take an interest in the truck itself, and that truck’s age and condition will directly impact how much of a loan the borrower may get. It is safe to say that trucks that are in good working condition, and younger trucks may merit higher percentages of their value on a loan, and higher loan totals overall. Even the truck’s type may impact the loan. Long-distance trucks, typically semis, spend a lot of time on long trips and thus get more wear and tear. This may make such trucks a little riskier in the lender’s eyes, but that won’t necessarily block the borrower from getting a loan. Meanwhile, vocational trucks such as street sweepers, dump trucks, and the like get less wear and tear and thus may appeal a little more to borrowers. Semis may cost the owner a lot of money if they break down, making them a little riskier still. Still, as long as the truck’s owner provides photos and information on the truck and its make, model, use, and condition, the borrower may decide that the truck is worth offering a loan for.