Most of the time as a truck driver, it gets very tiring to work for a truck company considering that one of the most tasking parts is ensuring that you meet delivery deadlines, then there are regulations and policies that need to be followed and at the end of the day you are a little bit worn out. Therefore, having your own truck may not be such a bad idea as you will get to do as many deliveries as you want and the same a chance to pick your own clients. The other benefit of semi truck financing is that you get the chance to choose the most profitable freights enhancing your average income that you would normally get from working for a truck company. Below are some of the major requirements for semi truck financing:
Credit Score
A credit score is typically a number that is deduced from a mathematical algorithm formula which is based on your credit report in comparison to the credit reports of other people. In other terms, this is what normally determines your credit worthiness or capacity to honor your bills and the higher the score the better the chances of getting a lower interest rate for your loans. As far as the semi truck loan is concerned the average score is normally 550+ meaning that at least your credit scores have to be slightly impressive. So in order to understand your credit score below are some tips on how to improve them.
i. Ensure that at least you have been paying all your bills on time and ensure that there are very few reports on late credit payment.
ii. Ensure that the outstanding debts are $10,000 at the most, otherwise, the lesser it is the better.
iii. There are higher chances of scoring higher on your credit scores especially if have a long credit history which revolve around the same credit issues.
iv. It is also a good sign if you have revolving credit around credit cards and installment credits which could be an indication of your expertise on handling money.
v. New Credit application do not augur well with loan applications considering that people who have fallen victims of bankruptcy are normally known for getting the applications.
Other Requirements
At least you are expected to a have a two year working experience or more to qualify for the semi truck loans. The other requirement is that you should have a clean or a good driving record. It is important to note that some of these requirements are detrimental in terms of assuring the financial service providers have an experienced truck driver who not only drives well but has driven for a considerable amount of time.
Other factor that you may need to bear in mind is that some of the loan lenders will either offer to service a loan for a used truck or a new truck or even both. Otherwise, it is normally advised if there is a need to service a loan for a used truck it has be less than five years or else anything more is likely to attract higher interests.