Truck Repair Financing

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Commercial Truck Repair Financing Made Easy

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Our semi-truck repair financing program has several additional advantages, including no upfront costs, consideration for older trucks, and no inspection requirements to assist you in returning to the road more quickly. Today, you can find easy and flexible truck repair finance. Learn how our loan program for semi-truck repairs can help you and speed up the process so you can get back on the road. Here are some ways we can simplify the commercial truck repair loans for you:

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• Same day approvals

• For all major repairs $15,000 and above

• Monthly payments available

• Up to 36 months of easy payment terms

• Truck value more than credit scoring

• Early paying options

• Directly send payments to repair shops

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Owner-operators and professional truck drivers require truck repair financing for the following reasons:

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There is a special financing option called truck repair finance for fleet owners, owner-operators, and anyone else who needs a commercial truck or vehicle repair job. With flexible monthly payment options and positive cash flow, a repair loan enables you to take on maintenance and repair work. To use a service at National Truck Loans, you only need to have part of the repair service cost available in your bank account. To discuss semi-truck repair loan possibilities for your truck's repair, make an appointment with consulting experts at the National Truck Loans.

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Truck repair loans have several advantages, even if the total payment would be slightly more than the actual cost of truck repairs. Benefits like flexible monthly payment schedules, a low-interest rate on the sale of your heavy-duty truck, and a healthy cash flow for your trucking company would be tax and accounting-related. As a result, you can have cash for unforeseen repairs or company expenses.

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Benefits of Getting a Truck Repair Loan

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Further than the opportunity to pay for your repairs fast, obtaining small business or truck repairs finance can provide you with various advantages. To assist you in growing your trucking company, you can enhance working capital or free up cash flow for other business expenses. 

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Truck repair financing can also help you establish business credit, which could be beneficial if you ever need additional funding or want to grow your company through equipment leasing or other means. If you opt to refinance, this might also assist you in achieving better rates and repayment conditions.

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The most important factors to consider before applying for truck repair financing

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Purchasing a new truck or machinery is a significant investment that calls for careful planning, advice, and investigation of truck repair loans.

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Making the wrong decision can monetarily drain your company, influence upcoming contracts, and harm employee engagement. After all, having the proper tool for the task makes a significant difference to people who use it daily.

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The Right Truck Repair Financing Type

 

A suitable truck or equipment should also be chosen, as should the appropriate form of financing. You must decide whether to make a balloon payment or own your new buy outright after the loan to choose the optimal loan option.

The considerations will be deciding how long you want to own the car or equipment and how you want to organize your cash flow. A long-term loan with a balloon payment may be more appropriate if you plan to keep your truck or equipment for an extended period.

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For short-term equipment acquisitions, a shorter loan period with larger monthly payments and no exit balloon payments might be preferable. Always consult a financial counselor or accountant for guidance on your company's optimal truck repair financing type. Experts at National Truck Loans can help you decide on the right truck repair finance.

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Loan Amount -  $15,000 and above

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What quantity do you need? What amount are you eligible for? How much each month can you afford to pay?

 

Your Credit Record

 

Truck repair financing without a solid credit history might be prohibitively expensive or impossible, mainly if you apply for truck repair loans without the professional guidance of a financial broker.

National Truck Loans' highly qualified brokers ensure we have all the information before submitting applications, preventing needless delays.

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We can establish your financial eligibility and the optimal course of action for you, and your next purchase, by obtaining a copy of your credit report.

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Repayment Terms

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Repayment terms, including interest rates, should be reviewed. Depending on your qualifications, shorter repayment durations may result in higher monthly payments, while long payment terms may result in higher interest rates. You should also be aware that some lenders may charge you fees if you pay off a loan early, so think carefully before you agree to one.

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Down Payment

 

Some lenders demand money in advance to lower their risk when lending to you. Knowing what you can afford is a good way to determine your budget.

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Interest Rates 

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Your credit score will influence the interest rate you receive, but it may vary depending on the type of repair financing and lender you choose.

 

In order to obtain commercial truck repair financing, what are the requirements?

 

Obtaining semi-truck repair financing follows a similar application process as other types of business financing. To determine whether your company's finances might support regular loan or lease payments, the lender will examine them. Typically required documents include:

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• Credit Application

• Three months of bank statements

• Proof of truck insurance

• Driver’s license

 

A new semi-truck typically costs around $120,000, while a secondhand semi-truck typically costs around $55,000.  Upon signing your loan or lease, you may also be required to pay a documentation fee, which may be in the range of $2500.

 

Why Should You Choose National Truck Loans for Truck Repair Financing?

 

National Truck Loans is a wonderful alternative for you if you urgently need money for truck repairs. Numerous working capital lenders provide short-term repair funding on a comparable day within 24 hours.

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National Truck Loans typically operate on a daily payment schedule, and we will debit your account every week for six to twelve months.

 

The borrower's only potential problem with National Truck Loans is the size and quantity of the payment. This means that your company's liquidity worth will be drained by an advance payment that can be repaid in six months. It is also possible for the APR to vary between 50% and 200%. We discovered that only a small number of lenders offer dedicated programs for commercial trucking companies, and one of those companies is National Truck Loans.

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