How You Can Apply for Commercial Truck Financing

Posted Wednesday, May 04, 2022

Commercial van fleet

Getting a commercial truck loan makes it much easier for business owners to afford the vehicles they need to make deliveries, transport goods, and enjoy peak work efficiency without excessive financial strain on their organization.

At Cash or Finance Auto, we understand the challenges you can face when searching for convenient methods to find auto financing for commercial vehicles to build your fleet and run a successful business.

This post will be your guide to understanding the process of financing a commercial truck for your business. It will also explain the Cash or Finance Auto advantage when choosing it as your preferred lender to assist you in acquiring the vehicles your business needs.

How Do You Finance A Commercial Truck?

Whether you are searching for heavy-duty trucks for your construction business or you want to build a fleet of commercial trucks,  the financing does not have to be a complicated experience. Here is a quick breakdown of the process of financing a commercial truck.

Make A Down Payment

While the vehicle serves as collateral for the loan itself, your lender may ask you to make a down payment. It is essential to have a figure for the down payment in mind because it can help you choose a vehicle suitable to your budget and one that meets your requirements.

20% of the vehicle’s value is the norm for the down payment. However, you should also consider registration, loan origination fees, insurance, taxes, and other expenses. Make sure you save additional money just in case.

Find The Truck You Want To Buy

Financing a commercial truck gives you the freedom to choose the type, model, and make of the one you need. Once you find the right vehicle, head to your lender to secure the funding.

It is important to remember that some lenders can have specific requirements regarding vehicle mileage or age. They might want to review the truck's condition and the vendor before approving your loan. You may also need to purchase insurance for the vehicle, especially if it is expensive.

Gather The Paperwork & Apply

Once you have selected your truck and gotten the lender on board, it is time to start the paperwork to apply for its auto financing loan. The specific requirements for paperwork and the application process can vary based on the lender you work with.

Working with online lenders typically offers faster loan approval times through a more straightforward process than securing a loan through a bank. Some of the documents you should expect to provide include your business’s financial statements and information about the commercial vehicle you are buying.

The Advantage Of Working With Cash or Finance Auto

At Cash or Finance Auto, we offer a fast and convenient method to find the best vehicle for yourself and secure an auto financing loan with easy monthly payments, an excellent buying experience, and complete transparency.

Here are the documents you may need to secure the loan through Cash or Finance Auto:

  • Valid driver’s license or ID card
  • Insurance card
  • Proof of residence
  • Two recent pay stubs (if you have them)
  • Down payment
  • Title or registration for a trade-in (if applicable)

Let’s take a look at some of the advantages of securing a loan through Cash or Finance Auto:

  • We offer a wide selection of high-quality and certified pre-owned vehicles from Ford, Chevy, GMC, Ram, and Nissan Trucks and Vans in all configurations for you to choose from.
  • You get free access to an Edmunds Vehicle Appraisal valuation tool to see the value you’re getting.
  • We offer vehicle history reports, NMVTIS, Autocheck, and Carfax for free.
  • We have a sales team motivated to focus on delivering excellent vehicle quality and buying experience because they do not work on a commission basis.
  • You get competitive pricing. You will never need to bother haggling for better prices.
  • You can take the vehicle out for a test drive by visiting our Bellflower, CA, dealerships.
  • We offer an easy online application process.

If you want to work with one of the top lenders to easily secure an auto loan for commercial trucks for your business, you can simply apply online here. Feel free to contact us here or call us at (562) 202-9289 if you have any questions about our process and how we can help.