HOW DO DUMP TRUCK LOANS WORK OR HOW TO FINANCE A DUMP TRUCK? HERE IS THE INFORMATION THEY MIGHT REQUIRE:
Lenders want to make sure the dump truck you’re trying to buy is a good investment for you and will last the duration of the financing term. Also, the truck is the collateral for the financing. If something were to happen and you can no longer afford to pay the loan or lease, the lender will need to repossess the dump truck and recover their capital.
A lender would also likely want to know the costs associated with your dump truck and how much of a down payment you could make if you are looking for a dump truck financing near me or commercial dump truck loan in Calgary.
Your credit history would likely be a factor as well. If you have a low personal score or limited business credit history, you could be required to sign a personal guarantee, which would put you on the hook to repay the debt if the business is unable. Although you may be able to qualify with bad credit, a low score could result in a higher interest rate.
However, as we’ve mentioned, dump truck financing can be easier to qualify for than other types of financing—as the dump truck itself serves as collateral on the loan especially if you’re looking for used dump truck financing near me.
Although many alternative lenders (like those we discussed) offer expedited funding and streamlined application processes, you’ll still be asked to provide some documentation with your loan application. Preparing this documentation ahead of time, as well as responding promptly to any requests for additional information, can expedite your application process substantially.
In addition, even though you likely won’t be asked for collateral on top of the dump truck itself, you may be asked for a down payment (often around 10%) if you’re looking for a dump truck loan in Alberta OR Brampton dump truck loan. At the end of the day, although most dump truck financing comes from equipment lenders when it comes down to it, any business loan can be considered dump truck financing if you use it to purchase a dump truck. There’s more to qualifying for dump truck financing than just your credit score.
You can email all the documents to [email protected] or you can also get your free inquiry at 647-710-0620. Click the “Apply Now” button to proceed with your desired trailer loan provider. Some clients will rather have some guidance throughout this process, so we also have the added option for you to pre-apply at Planet Financial. On Facebook, we have a Trucks and Trailers page where you can see used truck trailers or brand new trailers and there are various used truck trailers on sale as well for you to get trailer financing. Our team will sort through your information and give you the best rate of interest all over Canada. You can also Sign up for our newsletter for our recent updates and get special offers on trailer loans.