Are you a truck owner looking for a quick loan? If so, a commercial truck title loan is a good option to explore. In this post, we discuss what commercial truck title loans are and what you need to get one.
What Exactly Are Commercial Truck Title Loans?
Commercial truck title loans, also referred to as semi-title loans, are basically loans provided by some lenders, such as Quick Title Loans, using the title of your truck as collateral. You may also wonder what type of trucks are accepted by title loan lenders.
Well, you can get one of these loans against the title of a commercial vehicle as well as a four-door car or truck, but keep in mind that the terms differ for every type of truck.
How Much Can You Borrow in Commercial Truck Title Loans?
The amount you will get from a commercial truck title loan will depend on the value, condition, and age of your truck as well as your ability to pay back the loan on time.
Keep in mind that the value of your truck goes down as it ages and the more mileage you put into it. Title loan lenders will consider the value of your vehicle to determine how much you can borrow.
Just like other title loans, commercial truck title loans also require that you provide documents that prove to the lender that you own the truck and that you have the ability to repay the loan.
Typical requirements and documents include the following:
- Title of the vehicle in your name
- Proof of address
- Your driver’s license or valid ID
- Proof of income
- Proof of insurance
- A business checking account
These are just a few of the standard requirements for commercial truck title loans but they may differ from lender to lender.
Proof of income, for example, is anything that shows that you have a job or earn income from a reliable business.
The lender simply wants to ensure that you are who you say you are, that you can repay the loan and that your truck is worth the amount you are borrowing.
Quick Title Loans: Offering a Wide Range of Title Loans
Quick Title Loans offers a wide range of title loans including commercial truck title loans. One of the many benefits of getting a commercial truck title loan at Quick Title Loans is that we are more than willing to help people with bad credit get the financial assistance they need. If you can prove that you can repay the loan, we won’t have a problem with your credit status.
If you are planning to get a commercial truck title loan in South Bay, CA, just give us a call at (844) 422-7676. You can also simply fill out our easy-to-use Apply Now form here on our website.
Quick Title Loans is located in South Gate, CA but we serve clients located in different parts of Southern California including Los Angeles, Norwalk, Downey, Long Beach, Huntington Park, San Pedro, Carson, and Torrance just to mention a few.
Contact us today to learn more about our title loans!