A truck loan for business purposes, also known as commercial vehicle finance, is a loan granted for the purchase of trucks, tippers, trailers, and other heavy vehicles. Business owners in various industries may feel the necessity to acquire a truck to expand their transportation drive and scale their business sales. This is especially true if you are involved in the transportation industry.
By applying a commercial truck loan, you can come across great deals, discounts, low interest rates, and more. A truck loan ensures you get access to your dream truck without having to pay a hefty upfront payment. Some other benefits of truck loans include:
- Flexible repayment terms
Most lending companies give up to 5 years of payment term for commercial truck loan. This ensures a low repayment instalment for the borrowers while also allowing them to pay off the equated EMI. As a result, there’s no need to worry about your financial status.
- Multiple Vehicle Financing
Are you an individual borrower? Do you own a fleet? In any case, you can obtain financing for several vehicle models. Whether you wish to acquire a truck or a trailer, a commercial truck loan can be approved for any vehicle you need to expand your business.
- Simple Documentation
Without a doubt, there are simple, rapid steps in the procedure. But are you carrying all the required paperwork? If so, you can simply input all necessary documents online without physically going to the bank. If you are working with a lender, you can forward all the documents needed to start with the loan application, either physically or online.
- Credit Score Not Required
Everyone is aware that in order to be approved for a loan, you must have a good credit score. However, it is not necessary in the case of loans for business vehicles or trucks. It is simple to apply and get approved, even for those with bad or no credit history.
- It Meets Various Needs
Truck loan programs are primarily intended to suit the borrowers’ various needs. Be it for new or used vehicle financing, you merely need to add to the existing loan or refinance the vehicles/loans for working capital.
- Customized Solutions
Every commercial truck loan scheme is tailored to meet each customer’s exact needs, taking into account the vehicle type, loan period, and financial ability. Now that you understand how beneficial a truck loan may be, don’t delay!
Sandhu & Sran Leasing & Financing is your local equipment financing company, specializing at commercial truck loans in Abbotsford, along with machinery loans, heavy equipment financing, commercial leasing, and more. For more details, give us a call today.
