You want to purchase a truck for your business, but your credit score is pretty bad. What do you do now? Fret not; you can opt for bad credit truck loans. It is very real, and you can apply for it right away.
Now is your turn to break free of the chains created by bad credit history. There are more options that will help you and your business.
How Do Bad Credit Truck Loans Work?
Companies realise that second chances are significant. One should not be punished because of their credit score, and hence they are ready to provide loans with bad credit history as well. Companies in Australia are willing to help other companies to grow by offering business loans for trucks. best option for every driver is heavy duty towing near me.
The loans range from $8,000 to $150,000. The duration to pay these loans back is 3-7 years. You could apply anytime, and you would receive approvals within 48 hours.
How Can You Use These Loans?
This loan will help you get your business on the go. Several options of commercial truck financing are available. The options include:
- Light-duty trucks
- Heavy-duty trucks
- Medium-duty trucks
- Semi-truck finance
- Freight vehicles
- Open tray vehicles
- Food trucks
- Refrigerator trucks
Who Can Apply for Commercial Truck Loans?
People are willing to help you achieve your commercial goals. However, not everyone can apply for these loans. There are some conditions that exist for both you and the companies providing you with loans.
In order to apply for a commercial truck loan, you must:
- You must be receiving an income regularly. No one would allow you to get a loan if you had no means to pay it back.
- You can only borrow between $8,000 and $150,000. You cannot opt to borrow less than $8,000 or more than $150,000.
- You need to be older than 21 years of age. This is for obvious reasons.
- Your business needs to have an ABN for six months or more.
Sole traders who have defaulted on their credit files or were discharged from bankruptcy can apply as well.
What Documents Do You Need to Apply for a Loan?
A few documents that you require to submit in order to get a bad credit truck loan include:
- A completed application form
- Identification documents
- A signed privacy consent form
- Recent six months of bank account statements of your business
The following depends on your needs and your business needs.
- How much you can apply to borrow
- The interest rate
- The number of years you will take to pay the loan off
They also depend on factors such as how much you would borrow, your credit score and the kind of option you would select.
Important Details to Note
There are a few important details to note about these commercial bad credit truck loans, and they are:
- The approval of loans within 48 hours is subject to satisfactory documentation provided to be assessed during the application.
- Loans between $75,000 and $150,000 must be property-backed.
- Normal lending criteria, terms and conditions, fees, and charges will be applied.
There are ways you can get loans for your business. Do not let your bad credit score hold you and your business goals back. There are several flexible approaches in Australia that are lending to citizens every day.
You do not need to lose hope even if the banks have rejected you. There are options available that will help you find the solutions to your financial problems.