A stock photo of traffic on the road.

Some things to think about when applying for a commercial truck loan

How can I get financing for a tractor-trailer?

There is a lot to attract someone to the world of being an owner/operator. You get to set your own hours and be your own boss. That’s not even including being out on the open road and all of the experiences that can bring. However, the key hurdle to becoming an owner/operator and taking your destiny into your own hands is actually getting a truck and trailer on which to center your business. One of the first questions that must be asked and answered is, ‘How can I get financing for a tractor-trailer?’ Patriot Truck Sales has a few insights to offer that could help you get your business off of the ground. If you need some additional help, please reach out to one of the experts working at our facility.

READ MORE: Get pre-approved for credit

Personal vehicle financing vs. Commercial vehicle financing

If you wanted to buy a new car or truck, the process of obtaining a bank loan to pay for it is pretty straightforward. Simply go to your bank and fill out the paperwork. Getting a loan to buy a new tractor-trailer is going to require a bit more legwork. Not all banks will undertake commercial vehicle financing because of the increased risk on their part as well as yours. You will need to make a few phone calls to find a place that will work with you.

What do I need to know before I apply for a commercial loan?

Prior to filling out and submitting your documentation to the bank, you will want to create a workable business plan. Think about what you will be transporting. How far will you be transporting it? And, put together a budget that will include fuel, truck maintenance and obtaining any required licenses and certifications.

While it’s always a good idea to have your personal finances in order before looking for any kind of financing, a spotty credit history might be a workable problem when buying a new rig. This is because the truck itself serves as the collateral. However, some borrowers may need to have a cash down payment ready to go.

The age and condition of the truck you want to buy will also play a factor in getting a loan. The reputation of the dealer can also come into play. That’s why it’s important to work with professionals trusted within the industry. Patriot Truck Sales fits that bill perfectly. You can ask us anything you need to know about any of the trucks or trailers in our inventory by calling, 972-554-4700 today.