Can you get a semi truck loan on bad credit?

In today's economy there are many people losing their jobs due to company downsizing or cutbacks. This leads many of them to find a more stable type of employment. With the ability to utilize a CDL license in many different business areas such as farming, construction, vehicle towing and other similar career areas, many of these unemployed people are trying to begin their own type of business. Unfortunately, this also means that they have a high likelihood of having some type of bad credit history as well due to their loss of income.

Having bad credit should not be the one thing that stands in the way of your financial freedom. Let's face it; we need to make money to be able to pay the bills, correct? There are special financing and leasing companies who can help you get behind the wheel of those large commercial vehicles and equipment you need to get your business started and your finances back on track. Many of these companies have credit specialists who can also help you make sure that you can straighten out your credit scores so that when the opportunity to grow and expand your business presents itself, you have the ability to get the vehicles and equipment necessary to accomplish this.

Unlike traditional personal vehicle loans and leasing options that have many strict guidelines and requirements that must be met to obtain financing, commercial vehicle loans and leasing is much easier to get approved for. This is due to the amount of collateral value that is in a commercial vehicle which gives the lender a sense of ease that they will be able to get their investment back even if you are unable to fulfill the loan agreement. For you, this means the opportunity to get back in the driver's seat of a more financial sound business venture where you are in control of your destiny.

Watch Out For You!

Make sure however, that before you sign any agreement with any specific financing company that you obtain proof of their reputation. Some of the tips that you can use to insure that you are dealing with a professional financing or leasing company are:

  • They will never ask you to pay for an application fee with the promise of being approved.
  • They will never ask you to meet them in a "mutual public place" to conduct business.
  • You will have the opportunity to get a hard copy of your loan or leasing agreement sent to your home or at a local branch office.
  • There is never a membership fee that must be paid such as for a club or organization.

If you are in a situation where you are dealing with a company that does request these items from you it is best to contact the Better Business Bureau to report them or to conduct a search as to any knowledge that they may have on the lending company.

Additional Reading

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