How to Get a Commercial Truck Loan
For those who want to earn a living driving a truck, buying is a great option. Everything having to do with the truck will be a tax write-off, and you'll be your own boss. When the lending industry is slow, it may take a little more collateral, but for good credit risks, there are many lenders willing to give you a commercial truck loan.
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Instructions
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Find the truck that you want to buy. The make, year and condition will make a difference when you approach lenders. If you're buying a new truck, talk to the dealership about in-house financing. It's often easier to get good terms from the manufacturer who has a big interest in selling you the truck.
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Get a good business plan to show to the lenders. List all the contracts that you have set up once you have your truck. Explain your marketing and sales strategy in detail. Include a resume of your experience in the field. If you can show in great detail how you'll use the truck to make money, you can overcome many obstacles you might otherwise encounter.
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Prepare to pay a substantial down payment on the truck. Lenders want to see that you've taken some risk as well. They feel better about partnering with a small business owner rather than assuming all the risk themselves.
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Go to your personal banker who takes care of your mortgage and other personal loans. He already knows you and your ability to pay back the loan. You have a history with that banker that you can tap into now.
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