With the market scenario as it is these days, getting financing from a local bank can be a hard task even with good credit scores. This is because banks all over the country are looking to cut down on their lending. The service providers who are still lending money are asking for more documentation and higher down payments to reduce the risk of non-payment.
The best place to get truck finance is from the local bank where you have your account already. Since you already have a long working relationship with the people over there and you may know most of them for some time. Do inform them about how long you have been banking with them so they can feel more confident about your repayment abilities.
Most agencies will require an average of 20% as down payment on the truck. For getting the loan you will also require god credit scores and regular filing of tax returns for the past 2 or 3 years. If you are getting a loan through your local bank ten they will already have a file of your bank account so the required information will already be with them. Provide them with the info of the truck you wish to purchase. Final you will also need to provide proof of insurance as well. Once all this is provided and depending on your eligibility you loan will be approved.
In case the loan does not get approved from the bank, you can find a number of online lenders who also provide truck finance. Many popular institutions provide loans but there are many smaller lenders too who provide loans too. Online search engines are the best place to look for information on lenders. Once you get a list, you can begin comparing the various lenders for getting deals that will be best for you. Depending on the agency you apply through, 10-20% of the amount will be required as down payment and paperwork will vary from company to company. High credit scores are not required but experience of around 2 years is a must. Many companies require you to fill out an application form and a spec sheet which will be enough for approval. The rest can come later. After complete documentation is done, it can take as less as 2 days for the loan to be approved.
The most important thing to keep in mind is to understand the terms of the loan properly. Loans can involve a lot of complicated paperwork but it is best to keep yourself aware about what is happening. As the loan is in your name it is best to be aware of how the process is carried out. Hiring a broker will be a good way to ensure that everything takes place in order. Read everything in advance as getting stuck with a bad loan agreement can cause problems to your finances. Do not rush into any decision but take your time to think carefully about everything.