Do you own a logistics firm and require a new trailer? Purchasing a trailer is a costly investment that requires a large sum of money upfront. If you are new to the business and do not have enough resources to invest in it outright, financing is the ideal option for you. In Canada, even the most basic new trailers cost more than $100,000. To minimize any financial strain, consider acquiring a loan or financing from a reputable firm that specializes in truck and trailer financing in Abbotsford.
A financer will assess your business history as well as the make and model of the tractor-trailer you wish to purchase before approving you for financing. In addition, your credit score is considered while determining eligibility.
To qualify for trailer finance, you must meet the following prerequisites:
• A down payment of one or more monthly installments is required.
• Meet the minimal credit score requirements.
• A minimum of two years of trucking experience is required.
• Low-mileage trailers are more likely to be financed than high-mileage ones.
• To receive trailer loans, you may need to first obtain your Credit Discretionary Limit (CDL).
If you match all of these requirements, you will be readily approved for trailer and truck finance.
How Do I Apply for Trailer Financing?
A bank may refuse to approve your loan, but a financer will go to any length to get it approved. Before running to the next bank to apply for a trailer loan, conduct your research on local lenders.
Many lending companies are ready to help you finance your trailer and offer a variety of loan alternatives. You can submit multiple applications to different lenders to compare their rates and offerings. After you’ve reviewed everything available, you’ll be able to choose the best finance deal for you.
Conclusion
Applying a trailer financing in Canada is simple yet complex procedure that requires accurate application filing and proof of regular income and a good credit score. If you are buying a trailer in Abbotsford for the first time, you can choose to hire the services of a reliable truck or trailer financing expert who can not only help you get approved for finance but also search and lock the best financing deal for you.
At Sandhu & Sran Leasing & Financing, we are your local trailer financing company in Abbotsford, assisting eligible buyers in getting their hands onto their choice or trailer make and model. With years of experience and a wide vendor network, we can find you the best truck and trailer financing deal that meets both your budget and expectations. Give us a call to find out how we can help you or get started with your financing application today.
