A semi truck title loan is a secured loan that is suitable for individuals that own their commercial truck free and clear and need money to sort out their financial obligations, whether to expand or consolidate their business or attend to personal needs.
The title of the semi-truck is used as the collateral to obtain semi truck title loans from your lender. Using your truck to obtain a loan will not stop you from driving your truck; you can still make money with your commercial truck while you pay off the loan to your lender, this is the most interesting part of semi-truck title loans.
Semi truck title loan affords you the opportunity to free up capital that will go a long way in helping you run your business while you pay off the loan over a certain period of time; usually between 1-5 years, depending on the amount loaned. Hence, you can always have the financial freedom to either consolidate or expand your business with the help of a semi truck title loan.
What Truck Types Qualify?
The following are some of the truck types that can qualify for a semi truck title loan:
• Trailers and semi-trucks
• Dump trucks
• Food trucks
• Box trucks
• Asphalt Trucks
• Car carriers
• End Dump Trailers
• Grain Hopper Trailers
How to Qualify?
To qualify for a semi truck title loan is simple, the primary criteria that qualify you for a semi truck title loan are that you should own a truck that is in your name, free, clear, and without any lien on its title. Once you can fulfill this important requirement, then you can get a semi truck title loan, it is that simple. https://www.tfctitleloans.com/big-rig-title-loans/
How Does a Semi Truck Title Loan Work?
A semi truck title loan works the same way other title loans work. It is a type of secured loan which means you will need collateral to obtain a semi truck title loan. In this case, the title on your truck serves as the collateral with which you will apply to obtain a loan from your lender. You will have to give the title to your truck to your lender who will then place a lien on it. A big advantage of this type of loan is that you can still use your truck to run your daily business to make more money while you repay your loan. Once you pay off the loan, your lender will remove the lien placed on your title and you get back the title to your truck.
However, in cases where you fail to pay back the loan, your lender has the right to take possession of your truck and auction it off. Hence, if you must go for a semi truck title loan, you must be sure that you have taken into consideration all the risks that may be involved which include your ability to repay the loan so that you do not lose your truck. Losing your truck will only make things work as a result of this, it is recommended that you plan well before you apply for a semi truck title loan.