![]() Down Paymentīy providing an adequate down payment for the truck or other vehicle you’re looking to purchase, you’ll not only reduce your monthly cost but will also increase your chances of approval. Proof of Assetsĭo you own any business assets like real estate, equipment, or vehicles? If you plan on using any of your assets as collateral, proof of ownership, registration, and even licensing information will be required. To assess your business health, they’ll often require your bank statement, cash flow statements and other financial documents. Revenue History & Proof of Incomeĭoes your business bring in enough revenue to cover the cost of the financing you’re interested in without seriously affecting your working capital? In fact, most lenders will require you to have a minimum monthly income before even considering your application. If you don’t, this is a great time to get started. Generally speaking, if you own a business you should have some type of business plan written down. Most lenders want to know what you plan on doing with the money and how it will help you improve your business and grow your revenue. If the lender is requiring you to personally guarantee your loan, you will also need to provide information and documents about your personal finances. General information like your address, phone number, and email address, will also be required. Personal DocumentationĪs the business owner, most lenders will require you to provide at least a government-issued ID as well as your SIN. That way the process will go as smoothly as possible and you’ll be on your way to getting the financing you need. How To Prepare To Apply For Commercial Vehicle Financingīefore submitting an application for any type of commercial vehicle financing, all business owners should make sure they have the following information and documents prepared. Flatbed Trucks Semi-Truck Dump Trucks Truck Repair Garbage Trucks Box Trucks Compare Providers of Truck and Transportation Financing Generally, the heavier a truck is, the more expensive it will be and the stricter the requirements of the loan or financing might be.Īs far as financing goes, there is the option to lease your truck instead of purchasing, but it is generally a better and less complex option to simply get the loan and pay for it. The price of the truck will also differ depending on things like size, age, mileage, etc. A person who is looking to become an owner-operator of a long-haul truck driver will have different needs than someone just looking to do some moderately sized local deliveries. Really, the type of truck that you get depends on what you need it for. With so many options, how do you choose the right one for you? There are semi-trucks, box trucks, dump trucks, tow trucks, flatbeds, and the list goes on. When it comes to choosing which type of truck you want, you’ll have what might seem like an almost endless number of options to go through. Volvo Truck And Big Rig Purchasing & Financing Peterbilt Truck And Big Rig Purchasing & Financing Kenworth Truck And Big Rig Purchasing & Financing Freightliner Truck and Big Rig Purchasing & Financing Be prepared to provide additional information and documentation and always consider and compare all your options to find the best lender for your needs. Because a truck is usually a business asset, lenders see truck loans as a riskier investment. ![]() Typically, the borrower should know which truck they want to purchase before inquiring about financing and should expect slightly higher interest rates than a typical auto loan. Because of this, a lender will likely ask you to provide information about the financial health of your business. Truck loans are typically taken out by small business owners who either own a trucking company or who are looking to purchases a truck to help with transportation. Payments are made by the borrower on a monthly basis and the borrower’s financial health is used to determine approval. You need financing to pay for repairs or upgradesĪ truck loan is similar to a typical auto loan in that the vehicle acts as security for the loan.You’re starting a new business and a truck would be a great addition.You need to increase your fleet to keep up with demand.Your current trucks are out of date and need replacing.Reasons Why A Truck Loan Is The Right Option For Your Business With that in mind, here is everything you need to know about getting approved for a large truck loan in Canada. While taking on a truck loan isn’t as easy or affordable as financing a minivan or sedan, there are countless options for all Canadian business owners. Finding the right type of truck financing is a key component of the financial success of your business. Or, maybe you’re looking to start a business and need a commercial truck. ![]() Let’s say you own a truck driving company and are looking to add to your fleet.
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