If you own a commercial truck title loans or another type of commercial vehicle, you might be able to borrow money against the equity in your rig with a title loan. These types of loans, often known as big rig title loans, are easy to obtain and can be approved in just a day or two. Typically, lenders don’t even do a credit check. The lender will assess the value of your truck to determine its loan amount. You can typically borrow 35 to 65% of your truck’s equity. Once the loan is paid off, you will regain possession of your truck.
Get Back on the Road: Semi-Truck Title Loans
Whether you are an owner operator or have a company fleet, a semi truck title loan can help provide cash to cover unexpected expenses or expand your business. Most importantly, you can continue to use your truck as collateral for the duration of the loan, giving you the freedom and flexibility to complete your routes and deliver goods on time.
Most lenders will approve a semi truck title loan for any rig that is titled and requires a CDL to drive. This includes Freightliner, Kenworth, Peterbilt and other leading brands of semi trucks. In addition, some lenders will also consider construction equipment such as bulldozers and dump trucks if they have sufficient equity. Lenders are also able to offer flexible loan terms to help you meet your financial needs.