Can I Finance My Semi-Truck Repair Costs?

Life can give you unexpected challenges at the most inconvenient times. If you are a truck driver or operate your own truck when it is damaged, your livelihood gets compromised. Commercial vehicle repairs are not cheap, meaning it can be hard for anyone to finance those repairs from out of pocket. On average, truck repairs can cost about $15,000 annually. When your semi-truck needs repairs, you may want to consider a commercial truck repair loan. This is a solution that will get you back on the road almost immediately.

Loan Qualifications

Like most Americans, before taking a loan, people will first question whether they qualify. That is because having a lower credit score usually prevents people from being given a loan. The good news is that, unlike in the past, where there were limited lenders, today, the number of lenders has increased significantly. That means loan qualifications are not as strict as they used to be. Even with a bad credit score, some lenders will still give you a loan. Other lenders do not run your credit score but rather your overall credit. That means if you have a history of repaying your loans on time, whether a home loan or commercial vehicle loan, you have a good chance of getting financed.

Finding a Lender

It is good to find a lender that works with all types of customers, even those with a less than perfect credit score. This increases the chances of you getting a loan. For instance, you can find a lender willing to finance your commercial truck repairs as long as you have never filed for bankruptcy, you do not have too many issues with child support, and your vehicle has not been repossessed in the last year.

Another tip is finding a lender that offers loans, whether for small or large repairs. You do not want to be limited if the truck damage is significant and the lender is not willing to give you that much. If you bought a used semi-truck to save money, there is a high chance you will be dealing with a lot of repairs. That is why getting a semi-truck loan is very important.

Application Process

Once you have found the right lender, the next step is applying. Most lenders allow you to submit your credit application online. This is convenient and saves time. Some of the details you will have to include in the application are your contact information, past and current income, past and current employer, and any other previous financial information requested.

You will also have to submit the semi-truck details, including vehicle identification number, model, actual mileage, transmission type, engine, and vehicle accessories. These are just the basics, but different lenders have different requirements. Also, ensure that the lender provides a convenient payment mode that is not complicated and saves time.

Once you secure your loan and are looking for a mechanic you can trust, you can reach out to J & M Trailer Repair. We are a team of experienced mechanics that understand the urgency of having your truck repaired on time. We offer quality service, and we will ensure you are back on the road in no time.