Semi Truck Title Loans

With a semi-truck title loan, you can leverage the value of your commercial truck or big rig to yield extremely useful financial loans, known as commercial title loans, often referred to as semi-truck title loans. 

Semi-truck title loans bypass the need for a perfect credit score, focusing instead on your vehicle’s equity. It is a simpler, quicker, less confusing way to obtain a generous amount of cash when you need it.

It’s an effective way to obtain a substantial level of funding. The process is not only extremely swift but also very user-friendly, often resulting in funds being deposited into your bank account within 24 to 48 hours after applying. A semi-truck title loan is an appealing choice for truckers who need quick financial solutions!

Requirements for a Semi Truck Title Loan

When considering a semi-truck title loan, the initial step involves selecting a reputable, trusted lender that specializes in commercial title loans. Titelo, for example, can help you find competitive rates and terms for semi-truck title loans in your state. 

We take a great deal of guesswork out of securing a title loan – not to mention the streamlined approval process, live assistance, and expert financial assistance. Our title loan service is built around a network of lenders, all of whom are pre-screened for quality, ethical standards, and industry reputation.

Alternatively, if you would prefer to source your title loan independently, engaging with local lenders in your area who provide big rig title loans could also be beneficial, although a specialist semi-truck title loan company will have the experience and set-up to offer far more competitive rates, with far quicker loans paid out.

The criteria for a title loan on a commercial truck can vary by state, but there are three common requirements you typically need to meet:

  • Ownership of a commercial truck or big rig with a clear title. This means the vehicle should be fully paid off without any claims from co-signers or other lenders.
  • Proof of steady income to ensure you can meet the loan repayments. This could be through bank statements or recent pay stubs, for example. 
  • A valid driver’s license or state ID for identity verification. Additionally, if you’re actively using the truck, a Commercial Drivers License (CDL) might be required.

As you can see, the requirements are quite forgiving. Providing you can meet all three without issue, you should be able to qualify for a title loan without any hassle or hindrance. 

Can I Use My Semi Truck as Collateral for a Loan?

Yes, that is the whole idea of a title loan, and a wide range of commercial vehicles are eligible for semi-truck title loans. What’s more, It is not limited to just semi trucks: other vehicles such as box trucks, platform trucks, delivery vehicles, car haulers, and even dump trucks are also perfectly acceptable. 

Essentially, the procedure really is quite simple: if you own a commercial truck with equity and it has a title, it is almost certain to qualify for a loan. If you have a unique type of commercial vehicle and you are unsure if it will qualify, feel free to contact our verification team for a quick answer.

Is There an Inspection Process for Commercial Truck Title Loans?

For a title loan on a commercial truck, an inspection of your vehicle is a standard procedure with all loan providers – at Titelo, the process is usually very quick. 

As a jumping-off point, we will probably request a few photographs of your truck along with its title just to get an idea of the general condition. These items will help us in making a preliminary evaluation of your vehicle’s worth before arriving at an official evaluation.

Once the loan amount and terms are agreed upon, the next step is to conduct a complete, thorough inspection, either at a designated location or at a convenient place for you. Your workplace, for example, can usually be arranged for a semi-truck title loan inspection.

During the inspection, we are basically looking for signs that the truck is operational, maintained well, and in a reasonable condition. The official semi-truck title loan inspector will also review necessary accompanying documents such as log books, certifications, and insurance to finalize the loan quote. 

Either way, the whole inspection process is designed to be quick and hassle-free, typically taking less than half an hour in most cases.

Loan Values for Semi Truck Title Loans

a parked semi-truck

Given the much higher value of big rigs and commercial trucks compared to standard cars, you can almost always expect a far larger title loan on a commercial truck. The funding available through a semi-truck title loan can start at a minimum of $200, with possibilities extending up to $25,000 for trucks of higher value, depending on loan regulations in your state.

The ratio usually ranges from 40% to 60% of your truck’s current market value, so if your semi truck is valued at $20,000, for example, you can expect a loan amount somewhere in the region of $8,000 to $12,000.

It’s important to note that while the range of loan amounts can vary widely, the exact figure will be influenced by your truck’s value and condition. Different lenders might offer varying amounts. Regional regulations can also influence terms.

Interest & Repayment Terms of Semi Truck Title Loans

Interest rates for semi truck title loans are generally higher than those for standard car title loans, although there is a good reason for the discrepancy, as there is a perceived ‘increased risk’ associated with larger loan amounts. This is the same with all title loan lenders and not just our network of pre-screened lenders in various states.

The interest rates and fees for semi truck title loans usually start at around 20%, but it can vary depending on the lender and various other factors. 

When it comes to repayment, the terms for semi-truck title loans are also usually a little shorter compared to standard vehicle loans. The terms often vary by title loan lender, but they are frequently set for two years, give or take, which is slightly shorter than the average duration for auto title loans.

As is the case with any financial decision, you should carefully consider the terms and rates to ensure they fit your financial plan and responsibilities before proceeding with a semi-truck title loan.

Advantages of a Semi Truck Title Loan

Probably the main advantage of a semi-truck title loan is the ability to use your commercial truck’s equity as collateral – this means that even without a strong credit history, you can be eligible for a loan. To go one step further, even a bad credit history makes no difference. The main requirement is the value of your truck, which acts as security for the loan amount. That is all that matters.

Semi-truck title loans arranged by Titelo are known for their quick processing times, and, in most cases, you can expect approval and funding within two days (or sometimes even quicker). We are a great option for anyone with pressing financial requirements. Another great reason to use Titelo is our bypassing of the lengthy processes usually associated with traditional bank loans.

Less Than Perfect Credit? Not a Problem with Titelo!

Given the tough economic times we live in at the moment, It is certainly not uncommon for applicants of big rig title loans to have less-than-ideal credit scores, and in most cases, lenders offering semi-truck title loans do not conduct standard credit checks. 

Again, the focus is on the value of your semi-truck. Our lenders secure the loan through the value of your truck rather than picking apart your credit history. This means that even if your credit score is low, you will probably still qualify for a loan, providing the three factors we mentioned earlier are addressed. 

However, we should note extremely bad credit histories or recent repossessions could affect your eligibility for a semi-truck title loan.

Are There Any Risks with a Semi Truck Title Loan?

The most obvious risk involves the potential loss of your commercial truck or big rig if you fail to repay the loan. Remember, with a commercial title loan, the ownership document of your truck is used as collateral. 

This means if the loan repayments are not made, the lender has the legal authority to take possession of your vehicle. As always, with this kind of agreement, you need to be certain of your ability to meet the repayment schedule before considering semi-truck title loans.

a semi-truck on a highway

Start Your Semi Truck Title Loan Application

Apply now to secure a quick and hassle-free semi-truck title loan with Titelo. We offer a rapid estimation process – just provide us with some basic details about your truck and its VIN, and we can get the ball rolling. Our application process is as straightforward as applying for a car title loan or any secured loan for recreational vehicles or boats.

Interested in securing fast financial help? Apply online today with Titelo or give us a call at 855 341 4500 for instant approval and no credit checks backed by expert lenders with great fees.

Our team is ready to guide you through each step so you can get back to what matters most – driving your truck and making a living without worry!