A commercial truck loan or lease is a plan designed for truck owners or fleet owners. Though the trucking industry is a lucrative business, truck owners often have to invest a large portion or sometimes all of their money to get a new truck or upgrade their fleet.
Investing all their money in one place may be risky; this is why most interested buyers prefer opting for a commercial truck loan. This way, the truck buyers pay small monthly installments and invest their money in other aspects of their business.
Over the years, these commercial truck loans have helped people in the trucking industry expand their businesses and earn significant profits. To assist interested buyers in achieving their true business goals, we have a credible and well-known company CIK Capital providing various services. Detailed information regarding the commercial truck loans offered by the company is explained below.
CIK Capital has been in business for the last 11 years. Though a relatively new company, it has quickly made a mark by providing positive and beneficial advice about truck loans and leases to truck business owners. The company works as a leader towards working to solve issues that truck businesses face in loaning or leasing.
The company believes that customers are their partners and deals with problems that arise as a team. They value their customers' opinions and preferences, and this is what differentiates them from other companies.
The company focuses on five main aspects and works towards bettering itself through them. These are competitive pricing, speed, and efficiency, serving each and every location across Canada, financing plans for all types of businesses, and complete transparency. The company treats the client as its first priority.
CIK Capital offers clients the following: best rates available according to your current credit score, transparency, and honesty, quick approvals, some of which are processed within a couple of hours, and fast closing of the process to get you in your truck.
CIK Capital provides truck financing, truck leases, and truck loans for all major makes and models of trucks and other related equipment. The company houses employees who work with you to construct a plan that suits your needs and work around the clock to solve your bad credit, no credit history, insufficient funds, post-bankruptcy, and late payments. The company understands the importance of efficient transportation—the team deals in all kinds of truck and trailer loans and leases.
The company specializes in a variety of tasks these include funding made available within 24-48 hours after the required documents are received, just filling out a one-page application gets you upto $150,000 in loan, financial options for new, used trucks and trailers, financing for heavy equipment also available, medium and big fleets can apply for equipment line of credit, coast to coast service are provided within Canada, truck and trailer repair loans are also given.
CIK Capital offers loans and leases for a wide variety of trucks which include Heavy Trucks, dry vans, dump trucks, food catering trucks, containers, bucket trucks, garbage trucks, concrete mixer trucks, straight trucks, specialty trucks, tow trucks, sprayers, tank trailers, step deck trailers, reefer trailers, flatbed trailers, snow plow trucks, highway tractors, and live bottom trailers.
“With CIK Capital you do not have to worry if you are short on cash or have bad credit because it will provide solutions for all kinds of financial problems”
Who Should Apply For Commercial Truck Financing With CIK Capital?
Anyone involved in the trucking business can apply for a loan with CIK Capital. CIK capital offers a large variety of finance options which means you do not have to worry if you are short on cash or have to deal with things like bad credit because this company will provide solutions for all kinds of financial problems.
The company offers commercial truck and trailer loans and leases, and these include loans for major repairs as well. If you are looking for a truck as an owner-operator, looking to expand your fleet, upgrade your fleet, lease a few updated versions of the truck
How Do You Qualify For CIK Capital Commercial Truck Financing?
Commercial truck loans are different from the conventional loans that people usually take for housing, medical emergencies, and other such payments. Your local bank may not offer you a commercial truck loan either. This is because truck businesses have a higher rate of failure, and often the owners are not able to pay collateral. This is why commercial truck finance companies are specifically operated to provide the loans in a safe way and fulfill the purpose.
However, finding a company that provides a loan best suited for your needs is not impossible. Most truck finance companies offer loans for vocational and semi-trucks. Most truck finance companies provide loans for eighteen-wheelers for owner-operators as well. Since most of these truck finances work with their own money, they find ways to work around customers' financial problems and make the process as risk-free as possible.
If you are looking for a commercial truck loan, the first step to that is identifying your business. Your truck loan will be drawn out depending on your type of business. For example, are you an owner-operator, do you run a fleet, is your business vocational, or do you deliver to places? The next thing you need to know is your budget.
Based on that budget, you can start looking at types of trucks by your preferred manufacturers. Obviously, the manufacturers should also fall into your budget. Knowing your budget is important as you have to pay a down payment of your loan agreement and pay monthly installments, including the interest rate and APR.
Most lenders require you to be in the business for a couple of years; they want your income details to be sure that you would be able to pay the monthly installments. In addition, the lenders make sure you do not have any frauds or criminal records.
“CIK Capital has a quick and simple application process to make the process easier for the customers”
CIK Loan Application process
Over the years, the prices of trucks and trailers have increased, and getting a truck is a big investment, whether used or new. CIK Capital has a quick and simple application process to make the process easier for the customers. The company helps you get your loan pre-approved in three quick steps.
Please fill out the credit package form and send it to their office. Next, choose the equipment you want from your desired supplier; finally, sign the papers for the lease of the truck or trailer. The website also has a quick short form that you can fill out to start applying for commercial truck financing. You will then receive information regarding the next steps and can also visit the branch.
The company website also explains how to apply for a commercial truck loan for a bad credit. The company explains that the payments made while borrowing loans depend on your credit and are decided by three factors. The first factor is the principal cost which includes the total price of the vehicle, including any fee charged by the lender.
The second one is a term that means the amount of time the payments will be given for this may go from 24 months to 72 months—the quicker the payments, the lower the overall cost. The last factor is the interest rate. This is the percentage rate charged by the lender for giving you money. Again, this varies depending on the condition of your vehicle and your credit score.
CIK Capital Commercial Truck Financing Interest Rates
CIK capital does not provide one final interest rate or APR for the loan that has been taken. This is because the company allows flexibility for customers with different business and financial backgrounds, including the size of their truck business, purpose, and credit score.
Therefore, the lender and the interested buyer or renter, decide the most reasonable rates and terms based on the mentioned factors. However, the website provides application forms for commercial loans and leases, which you can fill out to estimate what the monthly installments and overall cost would look like for you.
Getting a commercial loan has become very convenient these days. Especially with application forms available online. CIK Capital offers its services online as well. The customers can access the information regarding commercial truck loans, contact the company via telephone numbers, and fill out the credit forms in the comfort of their homes.
Although the truck will serve as collateral, you should know that companies mostly require a downpayment. Therefore, it is vital to have a figure in mind so that choosing a truck is easier for you. Some companies offer loans without a down payment, but to qualify for a loan like that, you need to have good credit and pay higher interest rates, making your monthly payments high. Most companies require a downpayment of 20%. You should also add extra expenses such as taxes, insurance, loan origination fee if any, registration, and others.
The great thing about commercial truck loans is that you can choose the kind of truck you want. However, some lenders may have specifics for mileage and a new or used truck. The company may also want to review the condition of the truck, especially if it is a used truck. In addition, you would be required to buy small business insurance if the truck is more than $100,000.
Finally, some lenders offer different options to customers. These include flexible payment methods, down payments, interest rates, and terms. Explore your options before committing to a specific company.
The next step is gathering your paperwork. The type of documents you need depends on the lender and their requirements. Finally, you should prepare your bank's annual revenue and tax returns.
CIK Capital does not just offer truck loans. The company also specializes in trailer loans. The company works tirelessly to provide the best trailer loans to its customers. The company promises to supply you with zero down payment trailer loans and a term as long as 72 months.
CIK Capital encourages its customers to be early and pre-book an appointment and fill out a form since the trailer inventory is often limited. By doing everything a little early, the company gives you the opportunity to pre-book units.
CIK Capital offers a simple loan application and a lease-to-own contract. There are no requirements to get a loan. Even new owner-operators can get a loan. Owners can get their desired truck with a first and last payment also. You can maintain your cash payments with the monthly, balloon, and other term and stretch options.
Again, there are no age and mileage requirements. The company also provides private sales and professional sales to get you on the road as soon as possible.
The company also offers lease financing. While getting loans for your truck or trailer may be good, leasing has its own benefits. These include getting a tax advantage as these payments are added to pre-tax expenses. This saves you significant tax money.
In addition, the payments will be equal. This means the interest rates and other costs will be fixed, and there will be no fluctuation, unlike banks. The lenders often do not just focus on the credit score. They look at your experience in the industry and other assets. CIK Capital assures customers that they will help them get a good lease deal regardless of their financial situation.
CIK capital also helps trade lease. If you are in an existing lease and want to upgrade to a newer truck, they can help you trade without heavy penalties. They are experts in transferring clients from one truck to another or one trailer to another. You can even set up a lease for equipment that is from outside the country. Once you bring the equipment to Canada, we pay you the money and set it up for lease.
The company helps customers refinance. In this, they assess the value of your equipment and pay for repairs, cash flow, or other sudden expenses. After taking out the available equity, the cash is transferred directly to your bank account. They also help get repair loans approved. This can be for a repair from a transmission replacement to an engine airframe.
CIK Capital offers equipment loans enabling businesses to secure their assets and sustain themselves in this ever-changing financial world. The company ensures that it can handle transactions of any size. They provide equipment leases from $2500 and above with terms that can start from 24 months and go upto 60 months.
The equipment they finance includes construction equipment, farming equipment, medical and dental equipment, office furniture equipment, health, and wellness equipment, manufacturing equipment, restaurant equipment, printing, phone and security systems, marine equipment, and industrial machinery. Plus, the company offers residual lease agreements, loan and security agreements, sale and lease-back agreements, truck repair loans, etc.
“CIK Capital’s extremely professional staff is known to thoroughly help customers to choose the best truck that would suit their budget and needs”
CIK Capital displays customer reviews regarding its services on the website. Customers report being satisfied with the services. The staff is extremely professional and well-versed in matters of the trucking business. They thoroughly help the customers choose the best truck that would suit their budget and needs.
In addition, the employees work collaboratively with the customers around financial problems like bad credit and low budget. Customers have reported that the employees are always ready to answer questions and even make the entire process as quick and simple as possible throughout the application process.
Can you finance a semi-truck with bad credit?
The simple answer is yes. You can apply for a commercial truck loan with bad credit. However, you may have to pay higher interest rates or APR with bad credit. Someone with bad credit may also have to put in a relatively higher down payment. Nevertheless, since the truck you are getting will be serving as collateral, the lender may not have a problem with a bad credit score.
How do commercial truck loans work?
You would first have to fill out an application for a commercial truck loan. This application loan would contain all of your personal details and the kind of truck business you run. This will also include the reason you need a loan if you would be upgrading your fleet, adding to it or just an owner-operator who needs to purchase one truck.
Then, depending on your credit score, the company decides on the interest rates or APR. The lender and borrower also determine the commercial loan terms and the monthly installments.
Should I wait to get my CDL before I apply?
This depends on the kind of company you have applied for a commercial truck loan for. Some companies require you to have a commercial driver's license, especially if you are an owner-operator, while some companies do not have that as a requirement. You can even use the loan money to pay for your commercial driver's license.
Will applying for a commercial truck loan affect my credit score?
Not really. Generally, after applying for a commercial truck loan, the lender looks at the credit score provided in the loan application. Some companies may conduct a soft inquiry. There are no details checked, and most questions will be asked to you directly.
Only when you go through the terms and conditions of the loan agreement and decide to sign it, further inquiry may take place. Most companies conduct this inquiry to make sure no frauds or bankruptcies occurred before.
This is also done to check how you make your payments and if they are usually on time. People with bad credit do not have to worry about this inquiry, as before applying for a loan, you have already mentioned that you need a loan while having bad credit. CIK Capital will help you work through your problem and draw a plan which will make it easier for you to make payments on time despite your bad credit.
Can customers review their interest rate and loan terms before committing to a loan?
Definitely, a good company offers transparency to its customers and gives them a chance to trust them completely. For this, they have to be completely honest with the customers and prove all sorts of information they require.
It is good practice to thoroughly check the terms and conditions and review the interest rates and monthly payments before signing the loan agreement. This helps you avoid any future troubles. If a company does not let you check the document in detail, think again before committing to a loan with them.
Financing a truck and expanding your business has been made easy with the launch of numerous commercial truck finance companies. These companies offer flexible plans for truck loans and leases. They even help you with your bad credit situations.
These loans can be used for repairs, upgrading your fleet, buying your first truck if you are an owner-operator, CDL, or just expanding your fleet. Getting a truck loan or lease has its own set of advantages.
Depending on your business, the fixed monthly payments can help you shift your focus to improving other parts of your truck business and investing your money there. The best truck financing option for you will depend on your work, how established your business is your credit score and other financial records.
CIK Capital is a responsible truck finance company that ensures that customers enjoy the best deals available for their businesses and works tirelessly to help you with insecure and fair dealings.