Truck Financing Requirements
Having to invest in a new truck may be something that a business has to consider at some point, but these can often be expensive to purchase outright. Fortunately, truck financing is often able to help individuals to get these types of vehicles with bite-sized payments – but what do you need to get one on finance?
Typical requirements for truck financing:
For a new business, you’ll often need a 20% deposit; with the preferred security of the loan being home ownership- The financial aspects of the business (often a good idea to have evidence of at least 2 years of finances)
- All the business owner’s assets and liabilities
- For those who don’t have their financial information in order:
- At least 6 months of mortgage and trading accounts statements, and 3 months of personal account statements
- Confirmation of property ownership (without it, you may need a 30% deposit)
- Business references and credit score
Required information on the truck you want to finance:
- The specifications of the truck being financed (for example, make, model, new, or used)
- The amount necessary for the type of finance you need
- Whether balloon payment will be required
- The loan’s term
- Whether it’s from a dealer or private owner
Generally, an individual can get more competitive interest rates on vehicles that are less than 5 years old – and while many lenders will finance older trucks, the interest and loan term may not be as flexible as it would be for a newer vehicle.
It may be useful to remember that if you have loan security, a good credit history, at least 2 years in business and are buying from a dealer; it is likely that you’ll be able to get more competitive rates.
Why get in touch with us?
You’ll be able to apply from your own home – and once we’ve got all the information we need, you can sit back and relax as we take care of all the hard work. We’ll strive to give you a competitive quote that you can rely on.
In most cases, you’ll need to send us an email with all the required documentation, as well as an invoice for the truck. Once the application is submitted, the deal will be referred for settlement. From here, the supplier will be paid and you will be able to pick up your new vehicle.
For a streamlined application process, contact one of our professional consultants or email us to request a quote today.
