Get A Commercial Truck Title Loan

Customers turn to Highway Title Loans to cash out equity from their cars, motorcycles, and SUV's but did you know you can also get a title loan on a semi truck? These are called commercial truck title loans and you can borrow $10,000 or more with just the equity in your rig.

You won't need a perfect credit history to qualify for a title loan on a truck, and we currently offer access to funding for these loans in 26 states! Highway Title Loans can get you approved quickly for these loans, so read on to learn more about how they work and what you need, or call us now at 877-433-5454 to see how much your rig is worth!


What Is A Commercial Truck Title Loan

Similar to other types of vehicle title loans, you can borrow against your truck's collateral with a car title loan. Your truck's equity acts as security for the loan, and your lender will hold the truck's title until the loan is repaid. The best part is that you don't need to use the truck as collateral. Instead, you'll continue driving your semi truck much the same after handing over the pink slip to your lender. Assuming you make the title loan payments on time, there will be no issues, and the lender will be removed as a lienholder from the truck's title after the loan is fully repaid.


An 18 wheeler traveling on the highway.


Highway Title Loans On A Truck - What's Required

Truck Ownership and Title Documents. Do you own your truck yourself, are you an owner-operator,  or is the truck owned by an LLC that you fully control?  In those cases, you should have no trouble getting a title loan on a semi truck titled in your name and fully paid off.

Vehicle Inspection and Appraisal. You'll need an in-person truck inspection and provide a rig worth $5,000 or more. Any lender for a title loan on a semi truck wants to know the current resale value of the rig, and your truck's value mainly determines the loan amount. For instance, a truck valued at $15,000 can get you a loan of around $6,000.

Insurance Documentation. Most lenders require full vehicle insurance for any truck or vehicle used as collateral for a title loan. In addition to comprehensive commercial insurance coverage, you may need proof of umbrella insurance and professional motor carrier liability coverage for the life of the loan.

Income Verification. Do you make enough monthly to afford the payments on your big rig title loan? We'll need proof of income through pay stubs, business documents if your truck is owned by an LLC, or bank statements proving liquidity. We can also accept 1099 or W2 documents if your truck is owned by a corporation you control.

Credit History and Background Check. While it's true that title loans aren't entirely dependent on a customer's credit score, this item may be more critical for a semi truck or commercial title loan. That's true for two reasons. You may not own your vehicle, so we need to know exactly who's listed on the truck's title and company information. Two, big rig title loans typically have higher loan amounts, so there's more risk for a lender. With funding amounts over $3,000, there may be more emphasis on an applicant's credit history.


Loan Amounts With A Semi Truck Title Loan

A semi truck title loan is different from a typical title loan as you can borrow far more cash than what's standard with a vehicle title loan. For example, loan amounts for a car title loan will average $2,500, while you can often borrow more than $5,000 using a commercial truck. High value trucks like Mack and Volvo can bring in much higher loan amounts with some truck title loans approaching $25,000!


What Trucks Qualify For A Loan

Any truck titled and requiring a CDL can be used for a truck title loan. Semi trucks, commercial vehicles, freight haulers, and construction equipment can all be used as collateral if there's sufficient equity! All types of semi trucks can qualify, and that includes Freightliner, Kenworth, Peterbilt, and many more of the largest manufacturers. Highway Title Loans even works with lenders who offer loans on bulldozers and dump trucks, so don't hesitate to contact us regarding any commercial or construction truck! If your truck is fully paid off and in your or your company's name, you should qualify with no problem.

Big rig lending is a great way to borrow cash with your truck's equity, and you'd be surprised to see how many types of trucks can qualify for a loan.


A truck driver reviewing a title loan contract.


What Do Semi Truck Title Loans Cost & What Are The Credit Requirements

There are no fees or other charges to apply with Highway Title Loans for a big rig title loan. Even when pre-approved, there won't be a charge to run credit or inspect the vehicle. The charges for a title loan come with the interest rates associated with these loans. The interest rates will vary, and Highway Title Loans will do its best to provide you with the best APR for your situation. On average, a title loan on a semi truck will be similar to what you see for car title loans, which is around 45%. Some companies offer rates lower than that in certain states, while others provide a rate approaching 100%.

There will be no hidden fees with a semi truck title loan, and you won't be penalized for making early payments. A good credit history is not required for a title loan on your commercial truck. But your lender may briefly check your credit to get you the best rate for the equity in your truck.


Apply Online For A Big Rig Title Loan

Highway Title Loans is here for anyone looking for a semi truck title loan near me! We'll take your information online or over the phone and connect you with a licensed direct lender in your state ready to offer funding that same day.

Apply with us online or call 877-433-5454, and we'll get started on your application for a truck title loan!