Buy a New Truck with Finance
So you want to buy a new truck and need to borrow money to pay for it. In that case you might be wondering what your options are for new truck finance. Perhaps you’ve had bad credit in the past, or you feel you don’t have enough financial and supporting documents to secure a loan.
Fear not. There are always options available and in this article we are going to briefly take a look at a couple of ways you can get finance for that new rig.
New Truck Finance with Bad Credit
If you’ve had bad credit in the past, or you suspect your credit rating is not good, it’s natural to think that there is probably no hope of securing finance for any purpose. It’s a tough spot to be in. Chances are you need your new truck for work so you can bring in an income. You’re between a rock and a hard place.
You need to start earning money with your new truck, but at the same time you need to be able to show that you have the means to make the repayments for your new truck finance.
The good news is, there are lenders that specialise in offering finance to people with a less than perfect credit history. Everyone deserves a second chance, and these lenders understand that. If you can show the lender that you are in a more stable financial position today than what you were in the past, these financiers will loan you the money to buy that new truck and help get you back in business.
Low Doc Truck Financing
If you’ve heard of low doc loans before, then you’ll know they are a great option for those with either a poor credit history, or someone who doesn’t have all the necessary documentation and financials to satisfy lenders of more traditional loans.
A low doc low means exactly that: Less documents to get approved. As these loans are considered riskier for the finance company, they generally charge slightly higher interest rates to compensate for the risk. That’s a good trade off though, if it means you are able to secure your new truck finance and get on the road again.