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Premier Financing Commercial Truck Financing

Able to provide its clients with market-competitive risk-based rates, Premier Financing offers some of the highest levels of approved commercial vehicle loans in the entire industry.

Premier Financing is a company that specializes in the financing and insurance of commercial vehicles. The company has been fulfilling this purpose of insuring and financing vehicles for more than 4 decades, as the company came into being in 1977.


Adele Katz <p>Premier Financing is a company that specializes in the financing and <a href="https://www.premierfinancing.com/commercial-truck-insurance.aspx" target="_blank" rel="noopener"><span style="color: #0563c1;">insurance</span></a> of commercial vehicles. The company has been fulfilling this purpose of insuring and financing vehicles for more than 4 decades, as the company came into being in 1977.</p>
Adele Katz
April 15, 2022

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A branch of the Penske Automotive Group Network, Premier Financing works by partnering with national commercial vehicle lenders. As a result, the company is able to provide its clients with market-competitive risk-based rates. The company offers some of the highest levels of approved commercial vehicle loans in the entire industry. 

Premier Financing offers its services to the residents of the United States and Canada. The company specializes in financing used vehicles and equipment offered by its parent company, Penske.   

Who Should Apply for Commercial Truck Financing with Premier Financing?

Premier Financing is a highly trusted name in the industry. As a result, it is a safe option for anyone looking to apply for commercial truck financing. There are various reasons why clients choose to do business with premier financing, as given below.

1. Variety of Loan Options

Premier Financing has a range of loan options that it offers to its clients. This range of options is beneficial because it gives the clients financial flexibility and allows them to choose an option that works in favor of their business and financial needs. 

The company offers four loan options that are given below:

• Fixed Rate Loan

Fixed loans are optimal for commercial truck business owners who want to own the commercial truck by the end of the loan term. These loans have a locked interest rate and require fixed monthly payments. 

• Variable Rate Loan

These loans offer an indexed interest rate. An increase or decrease in the indexed rate can cause a fluctuation in the amount of money you have to pay per month; the lower the indexed rate, the lower the payment required.  

• Balloon Loan

Balloon loans are ideal for anyone who wants to maximize their business's cash flow. These loans offer lower monthly payments and don't completely amortize over the loan term. 

• Seasonal Payment Loan

These types of loans are ideal for commercial truck business owners who experience short-term, seasonal or irregular peaks in their sales and revenue, as the payment amount structure is designed according to the company's revenue system. 

2. A Variety of Vehicles

Premier Financing provides commercial truck financing on trucks that are available on the official Penske website. All of these are used trucks. Fortunately for the consumers, the company offers a very large variety of commercial trucks they can choose from. This availability of many options allows the clients to pick a commercial truck that is best suited to cater to their business and financial needs.

“Premier Financing is a highly trusted name in the industry, and a safe option for anyone looking to apply for commercial truck financing”

How Do You Qualify for Premier Financing Commercial Truck Financing?

The team at Premier Financing is always looking out for its clients and only wants the best for them. The company realizes that all businesses have different needs that need to be met in order for the business to grow and prosper. As a result, a standard model of financing cannot work for the benefit of all businesses. Furthermore, different applicants have different business experiences and financial histories.    

Keeping both these factors in mind, the company came up with a variety of financial plans instead of just one. This versatility allows the clients to choose the most suitable program for their business and financial needs. The designing of these financial plans is such that every business owner is bound to find a program that satisfies their needs. Furthermore, its prerequisites can easily qualify you as an eligible applicant for the program. 

The company has divided its financial plans into categories. These categories are made to consist of specific programs for the clients that may fall into a given category. The said categories are:

Below we have discussed all the relevant details of the financing programs offered by Premier Financing in the categories as mentioned earlier and how you can qualify for them.

1. Good Credit

The Good Credit category contains programs only available to those who have credit scores above a certain range. The minimum amount of credit scores required is not fixed and may change according to the program you are interested in. Other factors like minimum financed amount, time spent in business and driving experience are also different from program to program.

The Good Credit category consists of the following three programs:

• Sign and Drive

The Sign and Drive program is great for any commercial truck business owner who wants to build up their cash revenues. The program also has deferred payments for the initial 3 months.

To qualify for the Sign and Drive program, the applicant must have a credit score of more than 650. Furthermore, they should have spent more than 2 years working in the commercial trucking business. On the other hand, their driving experience can be anywhere from zero to two years.

Those who qualify for this program do not need to give any down payment. Furthermore, the minimum amount of financing offered by the Sign and Drive program is $10,000.

• Zero Down

The Zero Down program offered by Premier Financing was designed for commercial truck business owners who want to build up their cash reserves.

In order to qualify for the Zero Down program, the applicant must have a credit score that is more than 680. Furthermore, the applicant must have more than 2 years of experience in the commercial trucking business. The applicant must also have a CDL for more than 5 years.

The Zero Down program does not require the qualified applicant to pay a down payment. Furthermore, the minimum amount of financing you can gain from this program is $15,000.

• Penske Platinum Plus

The Penske Platinum Plus program is designed for Premier Financing clients who have an excellent credit score. This program comes with great repayment options for clients who qualify.

Only clients who have a stellar credit score of more than 700 can apply for this program. The applicants are also required to have more than 7 years of experience in the commercial trucking industry. However, their driving experience can range from anywhere in between zero to two years.

Like all the other programs in the Good Credit category, the Penske Platinum Plus program does not require the qualified applicant to pay a down payment either. Furthermore, the program can support commercial truck financing that requires more than $10,000.

2. Challenged Credit

The Challenged Credit category provides commercial truck financing to those business owners whose credit scores are not the best for any reason.

The Challenged Credit category offers just one financing program, namely:

• Credit Enhancement

The Credit Enhancement program by Premier Financing was designed to provide commercial truck financing to those with impaired credit scores, start-ups and individuals buying a commercial truck for the first time. The financing from this program allows individuals to go back to work. 

This program allows the financing of more than $10,000. 

The applicant should have a credit score of more than 550. Furthermore, they need to have a driving experience of zero to two years. On the other hand, experience in the field of commercial trucking is not required.

However, once an applicant is approved for this program, they will have to put down 20% of the financed amount as a down payment. 

3. First Time Buyer or Owner/Operator

Premier Financing created this category for clients who were just starting out in the commercial trucking industry. This category of people includes individuals who are financing a commercial truck for the first time and people who are just trying to establish a commercial trucking business.

This category contains financing options for both these kinds of people. 

• First Time Buyers

The First Time Buyers program is made for those individuals who are looking to finance a truck for the first time ever.

The program requires the applicants to have a credit score of more than 670. They also need to have a driving experience worth more than 2 years. On the other hand, any amount of experience in the business is not a requirement.

The First Time Buyers program can provide more than $10,000  for commercial truck financing. However, the applicant will need to make more than a 10% down payment.  

• Start Up Owner Operator

The Start-Up Owner Operator program offered by Premier Financing is a great financing option for anyone seeking out the funds to establish a brand-new commercial trucking business.

To qualify for the program, the applicant needs a nearly perfect credit score of more than 700. Furthermore, the company does not require them to have any prior experience in the commercial truck industry to qualify for the program. However, the applicants do need more than 2 years of driving experience.

The Start-Up Owner Operator program requires the approved applicants to make a down payment of more than 10%. Furthermore, the program can provide financing of more than $10,000.

4. Fleet and Other

The Fleet and Other program by premier financing is a great option for commercial truck business owners who are looking to expand their business. Premier Financing provides two attractive options in this particular truck financing category.

• 5.9% Fleet Financing

The 5.9% Fleet Financing is a program designed by Premier Financing for those commercial truck businesses that already have a minimum of 5 vehicles that are operating as a part of their truck fleet.

To qualify for the 5.9% Fleet Financing program, the applicant needs to have a near-perfect credit score of more than 700. Furthermore, they need to have more than 5 years of experience in the field of commercial truck financing. Other than this, the applicant also needs to have a driving experience that can be anywhere from zero to two years long. However, you do need to have business financials that amount to more than $100,000.

As far as the minimum financed amount is concerned, the company has not specified the maximum or minimum amount of funds that an approved applicant of the 5.9% Fleet Financing program will receive. As a result of this, no clear comments can be made on the amount of down payment that needs to be put down by the approved applicant either.   

• Flexible Credit Contractor

Premier Financing created the Flexible Credit Contractor program to provide financial resources to contractors. 

One significant ease this program offers is that it does not require any minimum number of credit scores that the applicant needs to have. Furthermore, the applicant does not need to have any kind of experience in the field of commercial trucking either. However, they do need more than two years of driving experience.

This program by Premier Financing can provide financial resources worth more than $10,000. However, the approved applicant will need to pay more than 10% of the funded amount as a down payment.

Now that you know all the categories and programs Premier Financing offers, it will be easier for you to decide which programs you qualify for and which will work the best for your business. However, if you're still not sure about which programs you qualify for or if a program is right for your business, then you can always let the team at Premier Financing pick a program for you.

All you will have to do is provide some general information to the company, and they will automatically assign you a financial program on the basis of that information. 

“With a variety of financial plans, every business owner is bound to find a program that satisfies their needs”

Premier Financing Loan Application Process

Once you have decided which program you want to go for, you will need to fill out an application form next. Fortunately, the application process at Premier Financing is extremely easy. It does not take much time at all. 

The application is filled out using an online loan application form. Those interested can easily find the link to this form on the company's official website. Below we have guided you through all the basic steps of the Premier Financing loan application process.

1. General Information

The general information section of the loan application form consists of just three basic questions:

Once you know what Penske truck you want, you can then select the yes option. By selecting yes, you will reveal the next part of the application.  

2. Vehicle Selection

Next, you will have to enter the vehicle's unit number you have decided to get from the official Penske website. 

3. Guarantors

The third section of the application consists of information relevant to the guarantor. This section is more extensive as compared to the other sections of the application form. This section consists of five different subsections, all of which have been discussed below in detail.

• Guarantor Information

The first subsection of the application form requires the applicant to fill in their first name and last name separately. The applicants also have to provide their contact information by feeding in their email addresses and phone number. They also have the option of entering an alternate phone number; however, filling this field is not mandatory, unlike the other ones mentioned before. 

• Guarantor – Physical/Mailing Address

Next, the applicant has to fill in the details regarding the physical address and mailing address. The fields required to complete this section of the application include the address and an address line 2 if one wishes to add that. However, the latter isn't mandatory. Furthermore, the applicants also need to fill in the name of their city, select a state and enter the relevant ZIP code. 

Both the physical address subsection and the mailing address subsection require the applicant to fill in the same fields that have been mentioned above.

However, applicants can easily avoid the dual hassle if their mailing address is the same as their physical address. If this is the case, then you will have to fill in the information for the physical address subsection. At the end of the subsection, the company asks the applicants if the mailing address is the same as a physical one. If yes, then the applicants just have to click on the sliding button. This will exempt them from having to fill the mailing address subsection. 

• Guarantor – Additional Info

This part of the application requires the applicants to give personal information, as well as information that is relevant to their business. To complete this section, the applicants need to provide their Social Security Number. Furthermore, they also have to enter their date of birth using the mm/dd/yyyy format. They also need to enter their title or role, mention what their annual income is, enter the size of their active fleet and the name of the bank they're associated with.

The non-mandatory fields in this section include confirming or denying whether you are a US citizen, a homeowner and if you have a commercial driver's license. You can easily select yes or no on all these questions by using the sliding buttons presented in front of them. Furthermore, the application contains the fields of, but doesn't make it mandatory, for the applicants to reveal their 3 months balance and their USDOT number.

• Previous Experience

In this subsection, you don't have to provide any detailed explanation of any previous experience you might have. You only need to use a sliding button to confirm whether you have any previous experience or not.

• Previous Financing Information

In the previous financing information section, you only have to use a sliding button to show if you have ever financed any equipment before. 

At the end of this subsection, you have two options, you can either add another guarantor, or you can move on to the next section of the online application form.

4. Terms/Conditions

The Terms/Conditions section is the last part of the application form. All you have to do is read the terms and conditions put forward by Premier Financing, agree to them and finally submit your application.

“The application process at Premier Financing is extremely easy. It does not take much time at all”

Premier Financing Commercial Truck Financing Interest Rates

Different companies have different policies when it comes to setting and receiving interest. These changes in the interest rate can be due to a range of factors such as the applicant's credit score, the age of the applicant, and maybe even the vehicle they are interested in getting.

For instance, a newer model and a less used commercial truck might have a higher interest rate charged on it as compared to a worn-down truck that was manufactured a long time ago.

However, we can't say for sure what the interest rates at Premier Financing are. We also can't comment upon what factors these interest rates are governed by. In case you're interested in applying at Premier Financing for your commercial truck financing, then you can receive more information on the subject of interest charged by contacting the company on their official number or email address.

Furthermore, you can also visit the company's official website to do your own research.


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