The last episode was a fun one. This episode might not be so fun but will hopefully help you reduce/avoid some headaches that come along with trying to finance a truck or trailer. It is rare to make it through the loan process without at least a few bumps along the way, so buckle up!
What to Expect From Episode 6
In this episode we talk about the different types of lenders and some of the things they look for. We also give you some tips to help give you the greatest chance of success. It all really boils down to finding the right lender who best matches up with your particular situation. You may be a square peg, and some lenders might be a round hole. You won’t get anywhere trying to get your square peg into their round hole. Look for that lender that loves square pegs, and you will have found your match.
Once you have found your lender, be prepared for the following:
- You will have to fill out an application with each lender you get serious with.
- You will probably have to put down a 10-20% down payment.
- You are going to have to provide the lender a bunch of info. (See the list below.)
- After you think you have given them everything but the kitchen sink, they are going to come back and ask for the kitchen sink. Then, they might even come back again and ask for the bathroom sink.
Good luck!! If you have any questions about the process or if you have found a trick we didn’t talk about, let us know in the comments below.
The Most Common Things Lenders Ask for When You Apply
Here is a list of the most common things lenders will make you provide them when you apply for a loan:
- A loan application. They will ask for your Social Security Number, and I’ve never been able to get away without providing it.
- A couple years of tax returns. If you have owned a business in the past, they will probably ask for business tax returns, but they will definitely ask for your personal tax returns.
- Bank statements.
- A Personal Financial Statement (PFS). Most PFSs have you list your income and where it comes from, how many assets you have, and what debt you have.
- A copy of your CDL and/or proof showing you have driven a commercial vehicle.