Commercial Truck Financing

TCB Truck Center was founded with a vision to bring advanced truck sales solutions to the industry. Truck financing is an integral part of the truck purchase process. At TCB Truck Center our solutions-based approach, technical expertise, and unwavering commitment to open communication and customer satisfaction set us apart from the competition. Take a second to read this before you begin the process of finding and financing your next truck.

Semi-truck financing is a loan or lease that allows individuals or businesses to purchase a commercial vehicle over time. The cost of the vehicle is broken down into fixed interest rate payments, similar to a car loan. The vehicle itself serves as collateral for the loan. However, in order to qualify for a semi-truck loan, a personal guarantee may be required, meaning the borrower agrees to repay the debt if the business is unable to do so. The financing requirements for a semi-truck depend on the type of loan and the lender. Generally, borrowers will need to meet certain criteria themselves, such as providing a personal guarantee, making a down payment of 10-20%, having at least two years in business, and maintaining a minimum credit score of 670. Additionally, lenders may have restrictions on the age or mileage of the semi-truck being financed. When seeking semi-truck financing, borrowers have options including banks, direct lenders, and alternative lenders. Banks and credit unions may offer competitive interest rates and terms, but may require higher credit scores and longer business history. Direct lenders specialize in truck financing and may be more flexible in their lending criteria. Alternative lenders, often online-based, provide convenience but may not have specific expertise in truck financing. To finance a semi-truck, borrowers should start by checking their credit score, comparing lenders and loan offers, getting preapproved to understand potential interest rates and terms, and finally submitting an official loan application with the necessary documentation.

Ready to take the next step, reach out to us today, click on the link below or fill out our application and credit release below and one of salesman will respond to you as soon as possible.

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