Starting your own trucking company is a good investment plan due to the demand for trucks in America. It is a fact that almost every good goes through a truck once after its production.
Therefore, the shortage of trucks has made it an ideal business plan. Once an individual starts working at a truck company, he or she wishes to start their own company someday. The utility of commercial trucks even makes it easier for smaller companies to sort out their frequent issue of good transportation.
In such situations, many drivers and business operators prefer to buy a commercial truck of their own. However, with the high cost of these trucks, it gets a little tedious to move forward with their plans. At this point, the optimal solution is to loan or lease these trucks through a trustworthy platform.
To make lives easier for such individuals and make their dreams come true, multiple banks and online lenders provide commercial truck financing at good rates with easy-to-follow policies. However, choosing the right platform to finance your commercial truck can be intimidating.
Private commercial truck companies have lenient policies and requirements compared to traditional banks. Their low-interest rates and flexible eligibility criteria are the best options for people who cannot qualify for a bank loan. CAG Truck Capital is one of the many commercial truck financing companies accommodating businesses and owner-operators with getting their commercial vehicles over the years.
About CAG Truck Capital
CAG Truck Capital is a Chadds Ford, Pennsylvania-based commercial vehicle direct financing company catering to commercial truck needs for over 40 years. They have their services spread far and wide throughout the United States and Canada. The company has received an overwhelming response over the period as they have proved to be a trusted source for many owner-operators with good as well as bad credit.
As the company only focuses on assisting commercial truck financing and engine overhauls for owner-operators, we can say that they excel at what they are bringing to the market. They have the passion and vast knowledge of the offerings and services they provide to their clients.
CAG Truck Capital has been in business since 1984, and ever since then, it has financed and directly funded truck dealers and their customers. The company claims to make the funding experience simpler and pleasant for its customers through its platform.
They are readily available to guide you and assist you throughout your procedure as they have on-staff certified diesel technicians and truck experts, unlike any other company. CAG Truck Capital is recommended by Cummins, Cat, Paccar, Detroit, and Volvo Service Facilities and has been ranked as the top Truck Financing and Engine Overhaul Finance Company.
Over the years, as CAG Truck Capital has guided the truck drivers and helped them with the engine overhaul process, the company has created the nation’s first truck loan that features an engine overhaul feature if needed. The company is known for assisting individuals with bad credits, and flexible term plans to suit their business profile.
CAG Truck Capital is proud to claim that they have provided great and satisfactory services to dozens of actual owner-operators during their tenure. The company aims to exceed the expectation of its clients and leave them in awe with what they have for you. The testimonials available on their website speak for themselves. Moreover, there are plenty of well-written and well-explained blogs to help clients with their journey.
“CAG excels at what they bring to the market, with the passion and vast knowledge of the offerings and services they provide to their clients”
Services Offered By CAG
The great thing about CAG Truck Capital is that they do not finance anything other than commercial trucks and truck overhauls. Further, they make it happen for any business, startup or large-scale business as they have been listening to the stories of owner-operators and understanding their struggles. Here are the two services offered by CAG:
Commercial Truck Financing: CAG has mastered the art of financing commercial trucks over the period it has been in business as its entire focus is in this particular area. The main motive of this company was to make the procedure of truck financing easier, and they have achieved their motives as they have hundreds of satisfied and recurring clients working with them. The reputable company finances any truck you need; new or used, low mileage, high mileage, or more.
Engine Overhaul Financing: CAG has made truck engine overhaul financing simpler for its clients. If you are an owner-operator who has a truck or fleet in need of a major overhaul, then CAG is the one for you.
There is no other company in the United States that assists its clients with an engine overhaul after they have financed the commercial truck. CAG cares about its clients and wants to help them throughout their journey of owning or possessing a commercial truck that functions well.
Who Should Apply For Commercial Truck Financing Through CAG?
Commercial Truck Financing through CAG is a good option for those individuals or owner-operators who have faced bankruptcy or bad credit. Through the company’s low-interest rates, CAG works on strengthening works on improving your credit profile by forwarding your profile and payments to relevant credit agencies.
It has been a trusted loan provider to many owner-operators with startups or ongoing businesses. They solely focus on providing commercial truck financing. Therefore, it is safe to say that they are good at what they do and try to finance almost everyone.
If you are an owner-operator with a bad credit score or brand profile, CAG Truck Capital will find a way to make it work for you. Over the passage of 40 years, CAG has made truck financing possible for individuals who have been neglected or rejected by other financing firms. Instead of giving up on you, CAG ensures to work on you and get approval as quickly as possible.
CAG Truck Capital claims that no one makes Truck financing easier. They have a pre-approval form on their online forum to make it easier for their clients. In order to make sure that they help as many business plans as possible, they only do a soft credit pull during their pre-approvals. They have taken it on them to make their platform a go-to stop for commercial truck financing.
Therefore, they have it for you, whichever truck you are looking for. They even finance long hood trucks with no mileage restrictions to add to their features.
If you are a business operator with challenged credit, tax liens, bankruptcy, tax liens or a startup idea with little investment, then CAG is the ideal platform for you. The company tries its best never to turn down an individual and make it possible for everyone.
Generally, the approval process through CAG is easy; however, in certain situations, applicants may be required to keep aside an additional down payment or documents for further procedure.
CAG Truck Capital has experienced and skilled workers who have extensive knowledge about their offerings. The support is available to listen and resolve issues for its clients 7 days a week. No matter the situation, CAG will help you through it. They are not traditional banks; they do not play around with money. Instead, they use their own money for the loans and further make their credit decisions.
“In order to make things work for everyone, CAG has flexible eligibility criteria for each individual”
CAG Truck Capital’s Eligibility Criteria
CAG Truck Capital has been in business for a fair amount of time, and within the decades, it has gained remarkable growth. They do not have a strict, must-adhere to policies or application forms. Instead, in order to make things work for everyone, they have flexible eligibility criteria for each individual.
Owner-operators with good credit and no history of tax liens or bankruptcy have it easy for them as they easily get approved. A thorough overview of the case and further documentation can help sustain the procedure and get you approved in case of bad credit or other liens.
CAG Truck Capital works on providing commercial truck financing to every other owner-operator under any condition. If other institutions have denied the individual, CAG can be your stop. The company tries its best to listen to you and come up with a plan that would suit your business and the company’s policies. In order to get a better understanding and instant approval, contact CAG Truck Capital for further inquiries.
What’s CAG Truck Capital’s Application Process?
CAG Truck Financing has helped owner-operators with bad credits as well as good credits over the years it has been in business. They have an easy-to-fill online form to send your request and get approved. On their website, you can find a pre-qualifying application and a complete full online credit application which can be submitted for further review.
The pre-qualifying application requires the applicant to fill out the following details:
- Personal information (name, contact, email etc.)
- Truck details (year, model, mileage, price etc.)
- The money you can keep aside
- Current Credit Score
- Business details
- Credit Story in detail
Once you have filled out the pre-qualification form and are sure to continue with CAG Truck Capital, there is a thorough, complete full online credit application that you need to fill out. The next step of application requires the following information:
- The service you would like to finance (truck or engine overhaul)
- Transaction type (overhaul, private sale, dealer purchase)
- Seller or shop details (name, contact, fax etc.)
- The vehicle you want to purchase and its details (year, make, type, mileage)
- Company information (name, contact, email, address)
- Your experience in the trucking industry
- If you will have an additional driver
- Driver’s license
- Borrower’s personal information (name, address, contact, social security, marital status etc.)
- Co-borrower’s information (if any)
- Mortgage details (landlord details, time spent at the current address, the value of your home, mortgage balance etc.)
- Bank account details (bank details, monthly payments, account number, account type)
- Current Employment information (Company you work for, company’s contact details, annual income)
- Future employment information (if any)
- Previous employer (company details, time spent at the job, annual income)
- Further general business questions (questions in regards to how you will use the truck and make money with it)
- Present truck details (if any)
- Supplier reference (details about where you purchase your current supplies from)
- References (relatives who are not residing with you)
- Comments (Credit story and further details)
Once you have filled out the form at the bottom of the application, you will find the terms and conditions stated for your ease. CAG Truck Capital requires the applicants to thoroughly read through the passage, agree and sign the form before submitting it for further procedure.
Now that you have submitted your application, a CAG Truck Capital representative will contact you shortly to help you and assist you further. After the call, you will better understand the procedure, and the rates offered to you by the company for your truck financing. Once approved, the process is easy and will only require a few more days before you have the credit for your commercial truck.
“CAG offers low-interest rates depending upon the scenarios to make it easier for its clients and save them from scams”
The Interest Rates Offered By CAG Truck Capital On Commercial Truck Financing
Interest rates are a crucial factor that must be looked into before signing a deal with any financing company. Some financial institutes would charge clients extensive amounts under the name of interests, and one must be aware of such situations.
CAG Truck Capital offers low-interest rates depending upon the scenarios to make it easier for its clients and save them from scams. The specific interest rates are not mentioned on the CAG Truck Capital’s website as they vary depending on the risk, collateral age, and other factors.
However, if you have a good standing business with a good credit score, the rates can be as low as 10%. In case of startups, bankruptcy, tax liens or below 600 credit score, the rates are higher, and the borrower is required to put aside a 35% down payment to be eligible for truck financing through CAG Truck Capital. CAG is all about helping owner-operators who other platforms have shut off.
Therefore, they prioritize flexibility while selecting the people they work with and lend their money. They do not care about your financial history as they only do a soft credit pull while approving your application.
Moreover, CAG Truck Capital provides early payoff to its clients so that they can get done with their payments before the end of the term period if possible.
Frequently Asked Questions
What is commercial truck financing?
Commercial Truck Financing is a kind of financing that targets the trucking industry. It comprises truck financing, from dump trucks to semi-trucks for transportation purposes. The major benefit of such financing is that it saves a huge amount of capital that was supposed to be spent on the truck for future investments. The revenue collected by the use of commercial trucks can be further used to repay the loan.
Who will have a hard time qualifying?
Poor credit or bankruptcy in the past can bring bad luck when trying for commercial truck financing. Further, tax lies or outstanding debt can impact your chances of getting approval. To get easy approval in such situations opting for truck financing through private vendors or leasing companies is the way to go.
CAG Truck Capital is one of the best truck financing companies out there as their goal is to accommodate everyone. They try to develop ideas and plans to make it work with individuals with bad credit or strict capital.
Can I refinance a commercial truck loan?
Refinancing the financed commercial truck is available to lower your monthly payment or interest rates. In refinancing, you would be required to reinstate a new loan with your original lender or a different one. Further, you are eligible to pay off your current debt with the new loan.
What kind of truck does CAG finance?
CAG Truck Capital has provided easy truck financing of all types of trucks for more than four decades. You name it, they’ll arrange it; sleeper or day cab, they have it all. To make it convenient for its clients, they are open to financing trucks through private vendors as well as renowned truck dealers.
They have truck financing under their platforms, such as Peterbilt, Kenworth, Volvo, Mack or International. CAG has made commercial truck financing the easiest through its platform.
Does CAG report to credit agencies?
CAG Truck Capital believes in helping its customers with rebuilding their profiles. Once an owner-operator finances a truck through CAG, they curate a report and forward it to reputable credit agencies.
Over the 40 years that CAG has been in business, it has accommodated individuals with truck financing as well as helped them re-establish their position in the market by getting their credit back on track.
Does CAG Truck Capital do truck financing for startup trucking companies or new operators?
CAG Truck Capital has made it their goal to accommodate everyone who wishes to start their journey in the trucking industry. People with startups new to the trucking business get easy financing through this platform. CAG cares about its clients.
Therefore, they have thorough blogs on their website to guide beginners through the process and ensure a smooth truck financing experience.
What are the benefits of leasing a truck?
Commercial truck financing helps startups and owner-operators save working capital for future investments. It helps sustain your enterprise and provides it with the boost it requires over time. Through the practice of leasing, an owner-operator can easily make monthly payments without deducting a huge sum of money from your company’s cash reserve.
Moreover, the truck loan terms are in accordance with the viable life of the financed truck. This can be ensured by the loan provided by lenders as it is equivalent to the time you utilize the vehicle.
Does CAG finance anything other than trucks?
The main area of focus for CAG Truck Capital is to provide commercial truck financing to those who need it. However, after years of guiding customers through engine overhaul for commercial trucks, CAG brought engine overhaul financing to its platform.
They are the first in the United States to provide such a facility to its customers. To get it right for the customers, they assist certified engine repairs and truck repairs to anyone across the nation through their financing opportunity.
How to get a loan for a commercial truck?
There are multiple banks and online financing companies that have made the process of commercial truck financing easier for owner-operators out there. Traditional banks offer favorable rates and terms with strict, adhere-to policies.
On the contrary, online lenders provide faster loans with higher interest rates and flexible requirements. Online lenders such as CAG are a good option for people who have challenged credits or face difficulty progressing with their ongoing business.
Can I get commercial truck financing without a down payment?
If you have a reputable business with a good credit score, then there are chances that some financing institutes might provide you with truck financing with zero deposit or down payment.
However, if there is a risk, for instance, you are a challenged credit score holder or have faced bankruptcy, then every organization requires a certain down payment to make it work.
The Bottom Line
Commercial Truck Financing is not easy. With so many options in the market trying to appeal to their clients with their offerings, it can be intimidating picking the right lender for you. One must ponder on some factors when financing a commercial truck; for instance, never make any payment before the approval, the company you sign up with should provide an early payoff opportunity, and the sales tax charges should not be double the required amount.
Fortunately, CAG Truck Capital has brought commercial truck financing to its platform to ensure that the clients and owner-operators are safe from such situations. With their easy-to-fill online applications and pre-qualification form, you can register without much inconvenience.
Their main motive is to provide commercial truck financing, ensuring that they focus on their service and have extensive industry knowledge. The employees at CAG are skilled and knowledgeable, which means that they can help you and walk you through all you need to know before signing up with them.
CAG believes in helping their clients and ensuring to make their commercial truck financing experience worthwhile. Therefore, they are thorough with their applications and transparent regarding their terms, conditions and rates.