Truck Repair Financing
Every vehicle can profit from repair funding, regardless of whether it belongs to an independent contractor or business owner. When you discover that your commercial truck is broken down or out of commission, you know that your livelihood is in jeopardy.
Many small commercial truck owners' businesses need help to purchase brand-new trucks for their operations. The trucks must be operated in good working order for their life and business to exist.
National Truck Loans offers simple and quick truck repair financing for major repairs costing $15,000 and above, to help you get back on track as soon as possible. You can get a specialized enough loan from commercial truck repair finance to pay for your repairs. Additionally, we are open to borrowers with weaker credit scores.
Trucks Repair Financing
Commercial Truck Repair Financing Made Easy
Our semi-truck repair financing program has several additional advantages, including no upfront costs, consideration for older trucks, and no inspection requirements to assist you in returning to the road more quickly. Today, you can find easy and flexible truck repair finance. Learn how our loan program for semi-truck repairs can help you and speed up the process so you can get back on the road. Here are some ways we can simplify the commercial truck repair loans for you:
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Same day approvals
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For all major repairs $15,000 and above
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Monthly payments available
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Up to 36 months of easy payment terms
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Truck value more than credit scoring
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Early paying options
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Directly send payments to repair shops
Owner-operators and professional truck drivers require truck repair financing for the following reasons:
There is a special financing option called truck repair finance for fleet owners, owner-operators, and anyone else who needs a commercial truck or vehicle repair job. With flexible monthly payment options and positive cash flow, a repair loan enables you to take on maintenance and repair work. To use a service at National Truck Loans, you only need to have part of the repair service cost available in your bank account. To discuss semi-truck repair loan possibilities for your truck's repair, make an appointment with consulting experts at the National Truck Loans.
Truck repair loans have several advantages, even if the total payment would be slightly more than the actual cost of truck repairs. Benefits like flexible monthly payment schedules, a low-interest rate on the sale of your heavy-duty truck, and a healthy cash flow for your trucking company would be tax and accounting-related. As a result, you can have cash for unforeseen repairs or company expenses.
Benefits of Getting a Truck Repair Loan
Further than the opportunity to pay for your repairs fast, obtaining small business or truck repairs finance can provide you with various advantages. To assist you in growing your trucking company, you can enhance working capital or free up cash flow for other business expenses.
Truck repair financing can also help you establish business credit, which could be beneficial if you ever need additional funding or want to grow your company through equipment leasing or other means. If you opt to refinance, this might also assist you in achieving better rates and repayment conditions.
The most important factors to consider before applying for truck repair financing
Purchasing a new truck or machinery is a significant investment that calls for careful planning, advice, and investigation of truck repair loans.
Making the wrong decision can monetarily drain your company, influence upcoming contracts, and harm employee engagement. After all, having the proper tool for the task makes a significant difference to people who use it daily.
The Right Truck Repair Financing Type
A suitable truck or equipment should also be chosen, as should the appropriate form of financing. You must decide whether to make a balloon payment or own your new buy outright after the loan to choose the optimal loan option.
The considerations will be deciding how long you want to own the car or equipment and how you want to organize your cash flow. A long-term loan with a balloon payment may be more appropriate if you plan to keep your truck or equipment for an extended period.
For short-term equipment acquisitions, a shorter loan period with larger monthly payments and no exit balloon payments might be preferable. Always consult a financial counselor or accountant for guidance on your company's optimal truck repair financing type. Experts at National Truck Loans can help you decide on the right truck repair finance.
Loan Amount - $15,000 and above
What quantity do you need? What amount are you eligible for? How much each month can you afford to pay?
Your Credit Record
Truck repair financing without a solid credit history might be prohibitively expensive or impossible, mainly if you apply for truck repair loans without the professional guidance of a financial broker.
National Truck Loans' highly qualified brokers ensure we have all the information before submitting applications, preventing needless delays.
We can establish your financial eligibility and the optimal course of action for you, and your next purchase, by obtaining a copy of your credit report.
Repayment Terms
Repayment terms, including interest rates, should be reviewed. Depending on your qualifications, shorter repayment durations may result in higher monthly payments, while long payment terms may result in higher interest rates. You should also be aware that some lenders may charge you fees if you pay off a loan early, so think carefully before you agree to one.
Down Payment
Some lenders demand money in advance to lower their risk when lending to you. Knowing what you can afford is a good way to determine your budget.
Interest Rates
Your credit score will influence the interest rate you receive, but it may vary depending on the type of repair financing and lender you choose.
In order to obtain commercial truck repair financing, what are the requirements?
Obtaining semi-truck repair financing follows a similar application process as other types of business financing. To determine whether your company's finances might support regular loan or lease payments, the lender will examine them. Typically required documents include:
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Credit Application
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Three months of bank statements
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Proof of truck insurance
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Driver’s license
A new semi-truck typically costs around $120,000, while a secondhand semi-truck typically costs around $55,000. Upon signing your loan or lease, you may also be required to pay a documentation fee, which may be in the range of $2500.
Why Should You Choose National Truck Loans for Truck Repair Financing?
National Truck Loans is a wonderful alternative for you if you urgently need money for truck repairs. Numerous working capital lenders provide short-term repair funding on a comparable day within 24 hours.
National Truck Loans typically operate on a daily payment schedule, and we will debit your account every week for six to twelve months.
The borrower's only potential problem with National Truck Loans is the size and quantity of the payment. This means that your company's liquidity worth will be drained by an advance payment that can be repaid in six months. It is also possible for the APR to vary between 50% and 200%. We discovered that only a small number of lenders offer dedicated programs for commercial trucking companies, and one of those companies is National Truck Loans.
Providing Truck Financing For Bad Credit, Great Credit, and Everything In-Between
WHAT CUSTOMERS SAY
Chris Cadahia
Great lender without the bureaucracy and gotcha’s from your typical truck finance broker. Really makes a difference when you work with a lender like National Truck Loans that uses their own money to fund loans and know the industry. They’ve been a great financial partner and appreciate the support!
SFL Supply Inc.
National truck loans helped me grow my fleet by several trucks. Very simple, professional and helpful on every step of the way until the end. Recommend to any carrier. Thank you
Juan Insegna
I had a very good experience. Micheal and Junior helped me a lot, they always answered all my questions and they work very fast. I recommend it.
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What type of trucks do you finance?National Truck Loans is a truck financing company that provides easy truck financing for all types of semi trucks. You can get truck financing for trucks sold either through truck dealers or private sellers. We make truck loans easy no matter the brand of truck you are looking to finance. All brands includes Mack, Peterbilt, Freightliner, Volvo, and even International.
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Can you finance trucks with bad credit?Yes! At National Truck Loans, no matter your credit history, we can help you when other truck finance companies can’t. We have been a truck financing company for many years, so we are familiar with the challenges many faces. If you have bad credit, reach out to us. We can help you; that’s our specialty. We provide finance for trucks with Bad credit, Great credit, and Everything In-between. Our financing program is set to fit your needs.
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Can I get a truck loan with a tax lien?Yes, you can. Even with a tax lien, National Truck Loans can help in truck financing. We are willing to extend credit for you.
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Do you report to credit agencies?When you take a truck loan from us, we report to major credit agencies to rebuild your credit. We have helped many owner-operators to get hold of their credit through our accessible truck financing business.
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Do you finance anything other than trucks?Yes, we do! In addition to commercial trucks, we also finance trailers and engine overhauls!
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Do you do truck financing for startup trucking companies or new operators?Yes, we do. At National Truck Loans, we specialize in truck financing for startup trucking industries and new operators in the trucking business. If you are a new operator and you are in search of trucking finance to help your trucking business, we are here for you. We have all you need to run a smooth business.
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Do you provide truck financing for higher mileage trucks?Yes, we do. We provide truck financing for startup trucking businesses looking to get a truck loan, including for higher mileage trucks. National Truck Loans offers everything you'll need.
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Is it hard to get a truck loan?It is not hard to get a truck loan. Truck financing is more than a good credit score. It would be best if you had a good driving experience and strong revenue generation. If you have a bad credit score history, it is essential to choose trucking finance companies specializing in bad credit loans. We specialize in helping you finance truck expenses and make the most of your business.
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How does truck finance work?Truck financing involves business owners using their trucks as a loan or collateral, which helps to reduce the risk for the lenders. Lenders hold on to the title of your truck until you pay off the truck loan. They may also seize your truck if you do not fulfill your loan obligations. You can find truck financing from traditional banks or truck lending companies. With truck financing, you can start driving your truck with little or no down payment.
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How long are trucks financed for?The average lifespan of a truck loan for a new truck is five years (60 months). It all depends on your down payment. The loan may not exceed three years (36 months) if you buy a secondhand truck.
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How do I determine my eligibility for a truck loan?Various factors determine whether you will get truck financing or not. They include your credit score, years in business, down payment, truck mileage, commercial driver’s license (CDL), tax liens, and truck age. But we at National Truck Loans approve trucking finance for business owners with bad credits, tax liens, or bankruptcy.
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Can I get access to truck financing without a CDL?Yes, you can. Truck financing programs are available for business owners without a CDL. Before applying for a truck loan in a truck finance company, be sure a CDL is not part of the lender’s requirements for financing. Also, the person driving the vehicle may differ from the person paying for the truck. It doesn't matter who is behind the funding as long as a person with a CDL is the driver.
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Can I finance a truck with bad credit?Yes, you can. What some lenders consider bad credit may be satisfactory for another truck lender. This is why it is essential to thoroughly review each lender's eligibility requirements before making your choice.
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Can I review loan terms and interest rates before getting a loan?Of course! When you apply at National Truck Loans, you are free to go through all the details of your loan and ask questions before committing. Our services are fair and transparent.
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What kind of truck can I buy if I apply for a truck loan?When you decide to get truck financing, you can buy any truck of your choice. You can buy yourself a semi-truck, work truck, or commercial truck. There is no limit on what your loan can buy from any truck dealer or buyer. The type of truck your loan can buy depends on the brand, mileage, and features like fuel capacity and engine specifications.
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How does truck financing benefit my business?There are various benefits of using truck financing for your business. Some include flexibility of finances, business growth, and truck ownership.
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Do I need insurance for truck financing?Yes! Before you can get approval for truck financing, you need commercial truck insurance. The insurance you choose depends on what you need to be covered. It would help if you also made sure the insurance costs are what you can afford, together with your loan payments. The most common type of commercial truck insurance are: General liability insurance Non-trucking liability insurance Workers' compensation insurance Primary liability insurance Motor truck cargo insurance Physical damage insurance Bobtail insurance
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I'm buying a used truck. Does that mean I can't finance it?No. The type of truck you are buying doesn’t affect your truck financing. Just like a new truck, a used truck can also be financed. All you have to do is talk to your salesman.
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What are the things to know before applying for a truck loan?There are quite a several things you need to know. You need to ask yourself relevant questions like, Do I want a new or secondhand truck? Can I make a down payment? Will the truck tend to my business needs? Do you understand what truck financing entails? It would be best if you were informed and sure of what your business needs to avoid a bad purchase.
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What documents do I need to get financing?There is no one way to do this. The documents needed for financing vary from one truck financing company to another. But there are primary documents you should prepare: Business License Personal identification Insurance proof Relevant permits CDL Social security number Financial/Tax records Information about the trucks you want to finance. Why do you want to buy them?
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What is the interest rate on a truck loan?No set interest rate. Truck lenders set their rates based on your overall credibility, the type of truck you want, why you want to buy it, and the lender’s requirements. Nothing is fixed, but you can see annual interest between 5% and 50%.
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How much do I pay as a down payment?The standard percentage is 10% of the cost price. But the sales manager will approve a payment that fits your budget for you to enjoy easy truck financing.