Commercial Truck Title Loans With Desert Title Loans
Do you need a same day loan and have an 18-wheeler sitting in your driveway collecting dust? Why not use your truck as collateral for a secured loan and avoid unsecured personal loans that require excellent credit? Here at Desert Title Loans, we offer quick approval for title loans using your commercial truck or big rig as collateral. Most title loan companies in Arizona won't even require a credit check, and you can complete the pre-approval entirely online or over the phone with us.
These loans are ideal for individuals who struggle to get approved due to a low FICO score. A lender wants sufficient equity in your truck instead of basing approval on your credit history. Loan amounts can be higher than typical with most auto money title loans in AZ. Apply today with Desert Title Loans for a semi truck title loan of $2,000 or more! Some borrowers can borrow upwards of $40,000 for a title loan on a high value truck or rig! Inspecting your vehicle takes a few minutes, and funds are sent directly to your bank account in one business day.
5 Steps To Get A Semi Truck Title Loan
1. Own a commercial truck, big rig, construction vehicle, or any other semi truck titled in your name and fully paid off. Like a typical title loan, anything that can be titled will qualify with sufficient equity. Most trucks with less than 200,000 miles valued at $10,000 will be eligible as collateral.
2. Show proof of comprehensive commercial truck insurance with a valid CDL and registration for your rig. You need insurance on the truck itself and general liability insurance in your name or your company's name of at least $25,000. We need to confirm your identity, and you will need to provide proof of residency in a state that allows title loans.
3. Provide proof of income, such as bank statements or employment records. We need to know if you can afford the repayment terms for a truck title loan. We even accept income verification from side gigs, insurance settlements, and government benefits.
4. Complete a 30 minute inspection of your truck. We need to ensure the truck runs and is worth the appraised amount. During this inspection, we'll confirm the odometer reading and VIN and check for up-to-date registration tags.
4. Sign the contract and process the paperwork with the MVD. The last step involves signing off on the loan terms. You'll also need to add the title loan company as the primary lienholder to your truck. Here in Arizona, this process is easier than ever, as the MVD now offers fully online title transfers.
Interest Rates & Fees For Big Rig Title Loans
Interest rates and fees for truck title loans depend on your ability to repay the loan, the truck's value, and your credit profile. The APR for a truck title loan will be higher than that of personal loans. That's because your credit is not a significant factor with these loans, and we value the truck's equity more than your credit profile. The APR averages 50% in Arizona, and in some cases, exceeds 100%. While the APR is high on most semi truck title loans in Arizona, you can typically get some interest rate relief after making a few timely payments.
Communicate with your lender throughout the lending term to see if they're open to refinancing to a lower APR. Some companies will quote you one rate but lower the APR if you show them a quote from another lender with a more favorable rate. The bottom line is, don't settle for the first high interest title loan you come across. Many equity lenders licensed in Arizona offer title loans on semi trucks, and it's in your best interest to get the lowest possible interest rate by getting multiple lending estimates!
Commercial Vehicles That Qualify For A Title Loan
Some Arizona lenders will only offer loans for semi trucks and commercial trucks, and most require an equity value of at least $6,000. However, most will also provide equity loans on the following:
- Box trucks
- Dump trucks
- Tow trucks
- Delivery/Cargo vans
- Truck Trailers
- Construction vehicles
- Landscaping vehicles
Check with your lender before sending in your MVD documents and see what types of trucks they accept for a title loan. Most of the time, they'll consider any truck in your name that can be titled. Even if the truck is in your company's or an LLC's name, that's fine. You should have no trouble qualifying for a truck title loan if you prove you're the business's sole owner.
Benefits Of Semi Truck Title Loans in AZ
One of the best things about semi truck title loans is that you can borrow far more than you'd get from a personal loan lender; of course, you won't need a lengthy credit check! Consider that loan amounts with a big rig title loan often approach $20,000, while most personal loans are under $1,000. Since a semi truck or commercial truck is usually worth more than a vehicle, you can expect more cash than a typical title loan or online registration loan!
Another benefit of a truck title loan is that you can be approved and funded quickly! There's no need to wait weeks for a lender to review multiple documents and underwrite your loan. Desert Title Loans works with companies throughout Arizona that can process and fund a title loan in hours! All we need is a truck with sufficient value. If you have the pink slip attached to your truck, you can receive your money within one business day or less.
Also, unlike a title pawn service, you don't have to hand over the keys to your rig when you sign off on the loan. All title loan companies will let you keep driving your truck throughout the lending term. Your equity is the security for the loan, not the truck itself!
Apply With Desert Title Loans For A Semi Truck Title Loan
Desert Title Loans offers a fast online approval process for anyone looking for a semi truck title loan! We only need your truck's lien free title, proof of income, and current odometer reading to get you an initial quote and start underwriting your application.
After we have the truck's value and your requested loan amount, we'll connect you with a local lender in Arizona that offers truck title loans. This company will inspect your truck to confirm it's resale value; hopefully, you'll get your cash in 24 hours or less.
Apply online with Desert Title Loans or call 623-562-5001 to tap into your truck's equity!
