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Everything You Need To Know About Commercial Title Truck Loans

Here's a comprehensive guide for trucking operators who are looking to add trucks or trailers to their titled equipment fleet. Find the best lender and rate today!

Talia Stern
Talia Stern
October 10, 2020

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Life tends to throw curveballs at you when you least expect it. You might hit a few rough patches here and there and need fast monetary help. However, there’s no need to fret! You can easily use a commercial truck title loan when you need financial assistance. 

If you’re a truck owner and need to get hold of cash fast without having to turn over your vehicles, a commercial truck title loan is the best choice. The only thing that you’ll be required to give up in the payback period is the title of your truck. In this handy article, you’ll get to know everything about commercial truck title loans and how they work.

What is a commercial truck title loan?

A commercial truck title loan is a short-term loan wherein you use your truck's title for collateral. It is a feasible option for independent truck drivers who make their living on the road and need to have access to their trucks always.

The amount of loan that can be sanctioned to you depends on several factors. The most important of them is your truck's value and your ability to repay the loan amount in time.  

A commercial truck title loan is much higher in value than any other vehicle’s title loan. However, these loans are best when you are confident that you’ll be able to repay them in time. As not doing so means losing your commercial trucks due to excessive defaults.

How does a truck title loan work?

A commercial truck title loan works by keeping your truck’s title as collateral. Lenders utilize the equity built up in your trucks to process your loan. The price of such loans can start anywhere from $100 to $50,000. 

The resale value of your trucks plays a substantial role in the approved loan amount. The more the resale value, the more amount you can expect. However, given how they are more in value than typical vehicle title loans, it can take longer for you to pay it off.

Although some truck title loans can last up to several months, it can also be extended up to 48 months if the amount is too big. However, the extension of the loan amount will be decided if you meet certain criteria as laid down by the lenders.

How can you get a truck title loan?

You don’t need to wait in long queues outside the lending company’s office to get a truck title loan. Most of the truck title loans are provided online using simple application processes. However, the only time you’ll need to visit the lender will be to take your truck for an inspection. 

You’ll also need to hand in your commercial truck’s title as well as submit other needful documents before you can be granted the funds. The process starts by submitting an online application, post which a representative reaches you, and guides you with further instructions.

Once your application is approved, and your truck is inspected for its value, it doesn't take long for the funds to reach your bank. In general, it can take anywhere from 30 minutes to a couple of hours for the funds to be deposited for usage. 

What are the requirements for a truck title loan?

As you may know, all loans come with their own set of requirements. Even for a commercial truck title loan, you need to submit some vital documents. Note that the requirements may change depending on the state you reside in and the lender you opt for. However, given below are some basic requirements that are needed by all.

Title must be in your name

As the name goes, you can get a truck title loan when your truck's title is in your name. Another person cannot own it. If it's not in your name, it can come in the way of putting the title up with the lending company.  

A steady source of income

It is one of the foremost requirements for the loan. You must have a steady income source that convinces the lenders of your ability to repay the amount. Even though a good credit score is not needed, you still need to show some income sources. It could be payslips, government benefits, or anything else.

Insurance proof

You might need to provide the lenders with proof of insurance. It is a prerequisite for higher loan amounts.

Proof of residence

Another necessary document that is required is your residential proof. You may provide a copy of your utility bill or even that of lease or mortgage documents. 

Age proof

You can apply for a truck title loan if you’re at least 18 years of age. Most of the states in the US have different age requirements. For instance, in Alabama, you can apply for this loan if you’re 19 or above. While in Mississippi, it is 21.

Lien-free truck

Generally, it’s hard to get a truck title loan when you’re already using your truck as collateral for another loan as well. You can’t have liens on your vehicle, pending charges, or any 3rd party claims.

What are the pros and cons of applying for a truck title loan?

If you’re thinking about applying for a truck title loan, it’s always a good idea to go through its pros and cons. Given below are a few pros and cons that’ll help you make an informed decision:




A commercial truck title loan is an easy way to borrow a large sum of money for your financial obligations. They require minimum hassle and allow you to keep your truck for work during the loan payback period!

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