Truck Title Loans (or Asset-Based Financing)
Are you a professional truck driver? Do you currently own your big rig or truck? Are you also looking to expand your trucking business or are you in need of a loan? If so, you should consider using your truck as collateral to help secure the loan you need. Your big rig is an asset that can be used to help secure a loan (this is also known as a truck title loan). A truck title loan is similar to other title loans you may have heard of, including car title loans and land title loans. A title loan simply means that your lender will take title of your truck and use it as security in the event of a default on your loan. Borrow smart, use your truck to help develop your business or secure the financing you need.
Requirements For A Truck Title Loan
- You must own a big rig or similar large scale delivery truck that is in good working condition
- The truck that is being used as collateral cannot have any liens on it
- You must be 100% finished paying for the truck
Benefits Of A Truck Title Loan
A truck title loan is a great option for all truck owners looking to take out a loan. Should you decide to apply for a truck title loan you’ll be able to take advantage of the following benefits;
- Lower interest rate
- Approval rates are usually higher
- Larger loans are available
- Because it’s secured, lenders are typically less interested in credit scores
Purchasing a New Truck or Big Rig?
What about a loan to purchase a new truck? Loans Canada can help you with that as well. We can offer all Canadian truck drivers the ability to finally own their own big rigs. Click below to fill out our application and be one step closer to purchasing the big rig you’ve always wanted.