Making Your Car More Comfortable

Making Your Car More Comfortable

What You Need To Know About Getting A Commercial Truck Loan

Rodney Torres

Getting a loan for a commercial truck can seem like a rocky road to travel, especially if you've never done it before. The rules for lending are a little different for commercial trucks than they are for personal vehicles, but it really isn't that complicated when you know what to expect. Here are some different areas the lender will examine and what you need to know to get your loan approved.

Type of Truck

One of the first things a lender will want to know is what type of truck you're looking at. Typically, when it comes to commercial trucks, there are essentially two different kinds:

  1. Transportation trucks. Also known as "long-haul," transportation trucks are used for traveling long distances and usually carry some sort of cargo. They can even be used to tow vocational trucks.
  2. Vocational trucks. These include dump trucks, garbage trucks, and cement mixers.

The guidelines and approval process vary between these truck types, with some companies staying away from financing transportation trucks and others specializing in them. So if you stumble upon a company that will not finance your dump truck, there's always another one that will.

Truck's Purpose

The lender may additionally ask what you plan to use the truck for. This is because if you wish to purchase a semi-truck to haul around a dump trailer, they will likely consider it a vocational truck. Most lenders simply need to classify the truck as well as its purpose before going ahead with the loan process.

Truck's Age

There are plenty of financing companies that will approve you for a used truck. But some companies will shy away from older models. There aren't really any magic numbers here. Some companies prefer the truck be less than 7 years old, while others don't care if they're over 20. The bottom line is there are lenders that will work with you if you're looking at an older truck.

Once you find a lender that will help, there are a few other things to consider. First, they will want reassurance that the truck is in good working condition. So make sure you are prepared to send them whatever proof is needed.

Second, you might be looking at the older truck because it's cheaper than a newer one. Just keep in mind that you might pay a higher interest rate. If you find that your monthly payment is higher than you'd like, consider asking the lender what your payments would be like with a newer model.  

Years in Business

If you've been in business a while, you're more likely to get approved than someone brand new to the trucking biz. But being a newbie isn't a death sentence. There are a few other factors that come into play, and being able to say "yes" to the following questions will make you that much more appealing.

Do you have good credit?

If you're new and your credit is good (700 or better), this will definitely make you shine a little brighter, and you shouldn't have trouble finding a financing company willing to work with you.

If your credit is bad, or even so-so, you still have options, but a lot of it will depend on whether you have money set aside for a down payment.

Do you have money for a down payment?

If you are new, your credit is good, and you have money for a down payment, you're golden. However, there are often a couple of different scenarios that commonly come up in the financing industry.

If you're a new trucker, and your credit is bad, you'll almost always need a down payment. In fact, if you have about 25% set aside, you should be able to find a lender to approve you.

If you're new and don't have any money for a down payment, your credit will need to be almost pristine, which means having a score that exceeds 700.


Having bad credit, no money down, and being a newbie trucker doesn't have to stop you. If you have collateral, like a car or truck that you own outright, there are a number of lenders that will work with you. All you have to do is ask. 

For more information on semi truck financing, contact a company like Arrow Truck Sales.


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Making Your Car More Comfortable

Do you spend a considerable amount of time in your automobile? Perhaps, you’re a traveling salesman. Or, you might be the busy parent of two kids who participate on numerous sports teams. Regardless of the reason you spend a lot of time in your vehicle, you might desperately desire to make it more comfortable. Think about investing in a neck pillow. You might also want to buy soft car seat covers to sit on. Purchasing a fragrant air freshener for your car is a great idea. On this blog, I hope you will discover additional, ingenious ways to make your automobile more comfortable to ride in for extended periods of time. Enjoy!