The Pre-Qualifying Questions of Commercial Truck Financing
Do You Need Good Credit for Commercial Truck Financing?
Here are some of our pre-qualifying questions we typically have if you tell us you have challenging or bad credit:
- Why do you think your credit is bad? We need a basic idea. If you had a few late payments with your creditors, or if it’s something more serious like a bankruptcy. You would be surprised how many people we’ve spoken to that think they have bad credit because they were late on a credit card payment 3 years ago. If we can figure this out early one, we can pre-qualify you for our better credit tiered programs!
- Have you had a previous repossession? Some programs have limitations on previous repossessions, and some of our programs won’t have an issue with a previous repossession, even if it was last month!
- Have you had a previous bankruptcy or are you currently in a bankruptcy? We have many programs that allow for previous bankruptcies, even if it was last month, however if you’re currently in a bankruptcy we can’t help until it’s fully discharged.
- Do you have any open tax liens? Depending on the type of tax lien, how much the tax lien is for, and if you’re in a payment plan we can still possibly work around this. So we’ll go into more details on the tax lien if you have one to best qualify you for a program.
- Do you have any Child Support payments that are in arrears, or overdue? This is a touchy subject, and we understand that and try our best to be sensitive with it. In most cases financing is not possible if an applicant is past due on child support payments. Before you give up, however, it’s always best to call our office and speak to one of our advisors directly. There are more details that goes into this subject and there still might be a way to get you the financing you need!
Can I Still Finance a Truck if I’m a First Time Buyer?
Here are some of our pre-qualifying questions we typically have if you tell us you’re a first time buyer:
- Are you currently a company driver right now? We like to understand where the client is coming from, what their current income situation is. This will help us determine what your budget might be for a down payment and what your goals are. Our goal is to make this a reality for you!
- How long have you had your CDL for? Some of our programs require the application to have CDL experience and some of our programs don’t require you to have a CDL at all.
- What experience do you have in the industry? Some of our programs require you to have experience in the trucking industry if you don’t have long enough CDL experience. Even if you’ve worked in dispatch or other positions in the trucking industry may qualify you for experience depending on the program you are qualifying for.
Does the Age of the Truck or Truck Mileage Matter?
Here are some of our pre-qualifying questions for truck age and mileage:
- What year truck and how many miles does the truck have? Depending on your time in business, credit, type of semi truck (sleeper or day-cab), intended down payment amount, and fleet size will determine if there are any restrictions on the age or miles on the truck. For example, if you have decent credit and you’re looking for a day-cab truck to do local hauling we have a program that has no age or mileage limit on semi trucks.
- What About Financing Old, High-Mileage Trucks? For trucks that are older or have higher miles, we also have several programs that’ll consider those older units even if you have bad credit. Keep in mind, the older the unit, the shorter the term will be on the financing.