Truck Loans For Those Who Suffer From Bad Credit
Getting a loan for those who want to be independent owner/operators truck driver can be challenging. It is even and more difficult for anyone who has previous or current credit problems. The great news, it that while it is challenging, it is not impossible to obtain financing. There are companies willing to help with truck loans for people with bad credit.
Help the Company Help You
If you have credit problems, you will need to help the prospective lender help you.
Step one is to be realistic on how much you want to borrow. Then you need to be completely honest about what has happened. Recent changes to information given to credit reporting agencies, means they now know a lot more about you than you think. Giving misleading information or false information is guaranteed to see your finance application declined.
We will help you get prepared to make an application. You are going to need a few things
1. A letter of offer or a contract. (The more formal the offer the better chance of success
2. Your history in Truck Driving
3. A copy of your driver’s licence and Medicare card
4. An Asset & Liability Statement
5. A signed Privacy Authority.
6. Other paperwork dependent on the chosen financier
Documentation and Information
To start with documentation is key, even documentation that might reflect a negative credit history. Finance companies, who specialise in bad credit truck loans, require more information than a typical finance company. This is so the company can properly gauge the risk involved. Also, the future independent owner/operator must accept that in bad credit situations the overall terms of the loan will not be the same as other financial products. This is due to the fact that the company must assume a higher level or risk.
The good news, financing in available for those who have suffered or do suffer from bad credit. By being transparent about past difficulties, and providing documentation, a finance company can offer the best terms they can to get the independent owner/operator on the road to recovery.