When thinking about obtaining a commercial truck loan for your company to expand or update your current fleet, you will want to follow the fastest and easiest route to ensure that you are able to deliver your products and services in a continuous and timely manner. Here a few ideas to consider to have all the information in order and ready when you contact a commercial truck lender to apply for your commercial truck loan:
1.Evaluate your current needs so that you already know what vehicle or vehicles you want to purchase. There are so many commercial trucks available on the market, from refrigerated trucks, flatbed, tank trucks, to mail carrier trucks. These are available both new and used. Decide how many commercial trucks you need to add to your fleet and whether you would like them to be new or used. The benefits to buying new are that you will have the latest technology available in the transportation industry at your disposal, including the all important latest advanced regarding fuel efficiency. In addition, newer vehicles are less likely to need costly maintenance or repairs for some time. This can save you money in addition to tax write-offs and incentives. On the other hand, used commercial trucks are a great option for those just starting out, needing only a single truck or a few to build up a new fleet. If you do your research, have the used commercial truck inspected by a reputable mechanic, and bargain with the seller, a used truck can save you a good amount which can be allotted for future repairs or freed up as operating capital for your business.
2. Know your credit score. Truck lenders want to approve loans for those with the best credit score. Although many lenders will work with companies with less than excellent credit, it often goes along with less than desirable fees, loan rates, and terms. It may also necessitate a much larger down payment, monthly payment, and a co-signer. On the other hand, with excellent credit, you will be a highly desirable customer to a commercial truck lending company and you may be able to negotiate with several lenders to get the best rate and loan terms. In addition, it is likely that you will not have to put as much down if you choose which will free up more cash for your business. Either way, credit is a deciding factor in the ease of obtaining a commercial truck loan.
3.Last, but not least, make sure that you have all documentation ready to send to the commercial truck lender. This will ensure that your approval is granted as quickly as possible with as little back and forth as possible. Lenders want to work quickly as well, to process as many viable loans as possible, and you can help by gathering necessary information such as drivers licenses, insurance documents, vendor information, bank statements as proof of financial health, in addition to various tax documents or proof of previously paid loans.
This post is shared by TrucklendersUSA, which is a 30 years experienced commercial truck financing company offers commercial truck loans & lease, heavy equipment financing etc. at competitive rates.