Should You Get A Semi Truck Title Loan?

Getting a semi-truck title loan can be easy, but it can be difficult to get out of if you do not choose the right company, this can make all of the difference between saving a lot of money and getting the loan that will fit into your budget.

A semi truck title loan is a short-term, but high-interest loan, you have to have a semi truck that has enough equity in it,  it can qualify, and it does not rely on your credit score to qualify you.

You can get a no-credit semi truck title loan, but make sure that you will be able to live with the terms that they are giving to you. It is important to understand what are the requirements of the title loan

 Title Loans For Semi Truck

Semi truck title loans are secured loans, they will use the equity as the collateral, the lender will take your title, and add their name to the title, this will secure their interest in the loan.

It would be best if you find a semi truck title loan that has repayment terms of 24 months and higher, this way the monthly payments will be lower, and it will eliminate the risk of defaulting on the loan, as title loans are more expensive than traditional loans.

Getting Semi Truck Title Loans

Once you have selected a lender you can apply for your semi truck title loan online, you will need to give them the information and show that you own your big rig, with a clear title.

Once you are approved, you will need to submit the title, your driver’s license, your proof of income, your insurance, 5 personal references, and a proof of residence.

The requirements may change from lender to lender, but these are the basic requirements that all companies will require. Most title loan companies will do a credit check.

The problem with semi-truck title loans is when you do not make your payments, this can put you into default, and your vehicle could end up being repossessed.

How Much You Can Get With A Semi Truck Title Loan?

Each title loan company will be different, but you will be able to get from 20% to 80% of the wholesale value of your semi truck, most lenders will use the NADA, to find out the value of your car.

Title loans can range from $100 to $25,000, this will all depend on the wholesale value and the advance rate that the lender will give to you. It is best to shop around to find the best rate and terms.

 Should You Get a Semi Truck Title Loan?

According to the Consumer Financial Protection Bureau, 20% of title loan borrowers have their vehicle repossessed when they do not make their monthly payments.

It is important that you must choose a  title loan company that will give you the money that you need, with the lowest rate, and best monthly payments.

You do not want to go with a company and not be able to make the monthly payments, you do not want to be in that 20%, choosing the right title loan company, will help you to not get in a mess with your vehicle.

Getting Your Big Rig Title Loan

When you need to get some fast emergency money, choosing the right title loan company is important, they will put the money that you need, but you will have the terms that will work within your monthly budget.

Find the company that you want to work with and that has a good online reputation, you can shop around, to find the best rate. Talk to a few companies, and use a title loan calculator, to see what your monthly payments will be.

Before you take out a big rig title loan, review the pros and cons first. This can help you determine if it’s the right move for you. Remember title loans are expensive, so you need to make sure that you will be able to make the monthly payments.

Christophe Rude
Christophe Rude
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