If you need a loan, but are not in a position to take out a traditional payday loan, then you may have heard of semi trucks given as collateral for such loans. However, did you know that these magnometers are also used in the fashion industry? This blog article examines semi truck title loans and what they can offer both consumers and companies connected to the industry.
What Exactly is a Semi Truck Title Loan?
Semi truck title loans are a unique type of auto financing opportunity that has not been offered before. These loans are becoming more popular because they are conveniently easy to get and offer an array of loan options for the truck owner. Semi truck title loans offer short-term financing to truck owners who use their truck as collateral. Truck owners can choose between a quick cash loan, longer term financing, or everyday low-rate financing.
A semi truck title loan is a short-term personal loan that is used to pay for certain expenses related to owning and operating a semi trailer. These expenses include payments for the purchase of the trailer, fuel, maintenance costs and insurance.
How to Apply for an SBLC with a Semi Truck Title
Title loans are a great option for those looking for short term, small dollar loans. With the truck title loan process, your semi-truck is used as collateral. The process is super easy and you only have to be 18 years of age or older. A quick online application can give you a decision in minutes!
If you’re wondering how to apply for a semi truck title loan, here is the process that Semi Truck Title Loans will follow:
1) You fill out a short application online- www.semitrucktitleloans.com
2) Once approved, you can use your service provider as collateral if needed
3) We’ll then set up your account, and send you with your SBLC (Secured Bill of Lading Certificate), W-9 form and all other necessary paperwork
4) Your SBLC will be valid for about 30 days, at which point it may need to be renewed
5) If you’re ready to get started on your next journey, simply call our team!
Pro’s and Con’s of Semi Trucks as Collateral
Semi trucks are relatively easy for lenders to value and can be found around the country. However, in order to use a semi truck as collateral you need a title to prove ownership. If the vehicle is leased or sold on a conditional contract then the lender may not perform an appraisal since it would need documentation of that contract.
Semi trucks are great as collateral because they don’t depreciate like vehicles, and they are much easier to maintain. However, the loan terms need to be negotiated well in order for it to be a mutually beneficial transaction.
Just as long as you can prove that you are the owner and are of legal age to borrow the truck, you can get a title loan for your semi truck.
If you have taken a step back and decided to borrow money, this blog is for you. It will provide you with the best answers to your questions about how to get the right title loan.