When you need a loan for a semi truck, you need a lender who understands this type of loan. Seek out a lender who specializes in commercial truck loans and provides reasonable rates and terms. If you’re a first time borrower it can be difficult to get approved. Follow this process for the best chance at getting the loan you need. 

Get Prequalified First 

The first step in getting a semi truck loan is to get pre-qualified. This allows you to establish your price range when you start looking for a truck. A pre-qualification only requires a soft hit to your credit score, which means that it won’t bring your score down the way a hard hit would. 

You’ll need to provide some information for your pre-approval application, including your price range goal, the type of truck you’re looking to finance, your down payment amount, your experience level with commercial driving, and your personal information such as your name, address, and phone number. Be prepared to discuss your credit report if there are previous bankruptcies or other negative history. In most cases these things are not a deal breaker. 

Find a Truck 

The pre-qualification process helps you to establish your price range when you start looking for a truck that will meet your needs. It prevents you from wasting your time finding the truck you want, only to find out that your loan won’t be approved to purchase it. This way you know that if you find a truck within the price range you were pre-qualified for, you are likely to be approved for the loan. 

Make sure the lender you choose gives you the option to purchase from any dealership in the nation. There should never be restrictions or limitations imposed by your lender on where you can purchase your truck.

Final Approval

Once you have found a truck you want to purchase, the lender who pre-qualified you for the loan will process your official loan application. If you have bad credit or previous non-active bankruptcies, your lender will already be aware of this because of the pre-qualification process. There should be no surprises or sudden changes in approval status. 

A low down payment is often possible with the right lender who understands the financial difficulties you may face. With a truck loan, the truck itself provides collateral in case of a loan default. This allows some borrowers an opportunity to rebuild their credit and make a good living wage at the same time. 

Drive Into a New Career

Once the loan is finalized, the truck is yours. You can now begin your new career that will allow you to change your financial situation for the better. Financing from a reliable truck lender gives you an opportunity to capitalize on all the trucking industry has to offer. 

10-4 Financing Wants to Help You Get Your Career Started 

If you’re looking for a lender who will help you get your commercial driving career off the ground, 10-4 financing is here to help. We specialize in semi truck financing for borrowers with bad credit history. Our pre-qualification process is designed to help you get the truck you need to get started in this lucrative industry. 

Call 888-908-7701 or contact us today to start the pre-qualification process. We look forward to working with you.