How to Qualify for a Commercial Truck Title Loan in Houston, TX? | 11 Key Requirements
The thing about life is that it’s completely unpredictable. You never know when you might fall into a financial crunch. Luckily, there are numerous ways to seek monetary aid, especially in Houston, TX.
If you do not want to go through the extensive paperwork at the bank, just look for title loans instead. Out of all the options, truck title loans are a wonderful way to get quick cash, all the while keeping your vehicle close by. And the best part? You just need some basic documentation to qualify for it, and you’re good to go!
To learn more about the basic requirements of a commercial truck title loan, keep on reading this blog.
What is a Commercial Truck Title Loan?
What sets commercial truck title loans apart from other loans is that they are high-value. That is to say; they are often used when you want to avail a large sum of money. This usually works best for those looking to get hard cash immediately. However, numerous risks are associated with the loan, as you could lose the title of your truck.
Nonetheless, a commercial truck title loan uses your truck as collateral to help secure the loan. Until the money is repaid, the title of the truck is temporarily transferred under the lender’s name. Although, depending on the lender, the terms and conditions of the loan may vary, especially in terms of interest.
How Do You Know If You Qualify For A Commercial Truck Title Loan?
Vehicle title loans do not require an in-depth background check on the borrower. If anything, they are relatively easier to employ than a traditional bank loan. However, it is still important to pass the following basic requirements to qualify for a commercial truck title loan in Houston, TX:
- The truck must be issued under your name.
- You must have a stable source of income.
- Depending on your state’s legal law, you must be over 18 or 21.
- The truck must not be previously or currently used as collateral anywhere else.
- You must have insurance to back you up.
Documents Needed For A Truck Title Loan
Once you check off all the boxes for the basic requirements, you will need to gather the documents mentioned below. This is so the lender can sift through the papers and ensure the borrower’s identity.
- Personal Identification
Whether it is your ID card, passport, driver’s license, or tribal ID, as long as it is a valid form of identification, that is all you will need.
- Proof of Residency
This helps to verify the borrower’s residing address and is mainly used for security purposes.
- Commercial Driver’s License (CDL)
Since the title loan is based on a commercial truck, you will need to provide a commercial driver’s license to show that the vehicle is indeed yours and that you are authorized to drive it.
- Proof of Income
This is a crucial aspect as it proves to the lender that you have a steady source of income, meaning you pay back the money you loaned.
- Previous Loan Repayments
If you took out any previous loans, make sure to include proof of repayment to serve as a bonus so the lender can easily trust you.
- Filled Out The Application Form
Lastly, you will have to fill out an application form given by the lender. Make sure to write down everything asked and provide honest information.
All in all, if you’re looking to get some fast cash on your truck, don’t be afraid. As long as you have a solid repayment plan and all your documents are in order, you have nothing to worry about. Simply reach out to Advantage Finance LLC at (281) 410-5337 to get a deal of a lifetime!