Semi Truck Title Loans – What Types Of Trucks Will Qualify

The majority of consumers these days know you can cash out equity from your car or SUV with a vehicle title loan. These loans are great for someone who needs to borrow cash quickly. You don’t need a good credit score, and you should be able to borrow more money than what you can get from a personal loan lender. But what about if you’re a commercial truck driver and want to use your big rig as collateral for a loan?

These types of loans are called semi truck title loans and you can typically borrow 35 to 65% of the rig’s equity. The collateral you have in the truck’s title is what’s used as security by the lender if you fail to pay off the loan. A semi truck title loan will last about 1 to 2 years and you’ll keep driving the truck while making the monthly payments.

Trucks That Can Be Used As Collateral For A Semi Truck Title Loan

Commercial Trucks: Commercial trucks are the most common type of semi truck that people use as security for a title loan. These trucks are used for the transportation and delivery of goods across different states and there are literally millions in use across the country. They include box trucks, flatbeds, tanker trucks, dump trucks, delivery trucks and other similar vehicles. These trucks are considered high-value assets and are used by businesses to handle day to day deliveries and other tasks. The truck’s value will determine the amount of money a borrower can get through a title loan.
Owner-Operator Trucks: Owner-operator trucks are owned and operated by self-employed individuals who manage their own trucking businesses. These trucks are used to haul freight for different companies and must be entirely paid off most of the time. The big rig’s value will determine how much money the owner-operator can get through an online title loan. However, it is important to note that the borrower must have clear ownership of the rig and be able to provide the pink slip to the lender.
Fleet Trucks: Fleet trucks are used by companies for transporting and delivering goods. These delivery trucks are typically leased or purchased by a company and often owned by a corporation or LCC. In some cases, the company may need to get a title loan to cover unexpected expenses or invest in day-to-day business operations. Fleet trucks can be worth well over $10,000 and in some cases, you can borrow up to 75% of the total equity from an entire fleet!
Semi-Trailer Trucks: Semi-trailer trucks are often used to haul trailers across different states. These trucks are called tractor-trailers or 18-wheelers and you can qualify for a title loan with a fully paid off rig. The truck’s value will determine the amount of money the borrower can get through a title loan. Much like a typical car title loan, your truck needs to be in good condition, and it will need to pass an in person inspection before the title is signed over to the lender.

How Long To Get Cash With A Semi Truck Title Loan

Different types of semi trucks can qualify for a title loan and all these rigs will need to pass inspection and have the titles signed over to the lender. Commercial, owner-operator, fleet, and semi-trailer trucks are some of the most common types lenders will consider for a title loan. It can take anywhere from one day to one week to get your cash with any of the trucks mentioned above. The exact time frame depends on how quickly you can get your documents submitted and if there are any lengthy inspection requirements.

It is important to note that the borrower must have clear ownership of the truck and be able to provide proof of registration to the lender. Additionally, the truck’s value will determine the amount of money the borrower can get through a title loan.