Truck Title LoansJames Richards
Applying for a loan in banks might be difficult if you are unemployed or if you do not have good credit. As a result of this, if you own a truck, going for a truck title loan might just be your best bet to get fast loan to sort your financial needs. Do you own a truck free and clear and you need further financial assistance to support or grow your trucking business? Then a truck title loan will be a great option to explore. Truck title loans are short term title loans that involve using the title of your truck as collateral to obtain a loan. The amount of loan you can get is dependent on the worth of your truck and your ability to repay the loan. Truck title loans can help you get loans between $100 to $50,000 with the repayment spread across several months depending on what the agreement states.
What is a Truck Title Loan?
A truck title loan is a type of loan where you use the title of your truck as collateral when you apply for a loan. Truck title loans doesn’t require you to sell your truck neither does it mean that you cannot drive your truck while you pay off the loan.
You can get a truck title loan with any type of truck such as semi-trucks, pickup trucks, box trucks, flatbeds, and small trucks among others.
How Much Can I get with a Truck Title Loan
There is no fixed amount you can get with a truck title loan. The loan amount you can get is dependent on the value and worth of your truck. Your lender will loan you a certain percentage of the equity in your truck and that will be the amount you can borrow.
How to Get a Truck Title Loan
In order to get a truck title loan, you can apply online, over the phone, or at any agent office around you. Once your application is approved, you will know how much you can get and you will have the funds released to you.
Requirements Needed for Truck Title Loan
· Clear title to the truck
· Proof of income
· Proof of full coverage insurance when you apply for loans above $2,500
· Government Issued ID
· You must be at least 18 years of age to apply.
· Proof of Residence, utility bill will suffice in this case.
Do not sell your truck to obtain a truck title loan as truck title loan doesn’t entail you selling your truck. If you find any lender that wants you to sell your truck in order to obtain a loan, such lender is not out to serve your best interest and you must avoid those kind of lenders by all means.
Truck title loans are a way to obtain short-term loan to cater for your personal and family emergency needs that are time bound and you are running out of time. Hence, if you own a truck free and clear and you are in need of fast cash do not hesitate to take the option of going for a truck title loan.