A truck loan can be a pivotal part of your business, so if you’re looking for commercial truck loans with bad credit following you around, then you might be starting to realise that you’re having a hard time finding a lender. Here are a couple tips to get a truck loan, even with bad credit, that will help you to get the best deal from your lender.

Know Your Needs

Think carefully about your business needs, and the direction your business will be heading in. Are you confident that you will be able to make the money to repay the loan? What kind of truck are you looking for? Ensure you are shopping around within your needs, but don’t be too hesitant for a newer vehicle. Used vehicles can mean higher interest rates and high environmental taxes, so unless you’re getting a great deal on a used truck, keep an eye out for a new model.

Secure Your Loan

Often large loans require some form of security, so it may be a good idea to check the value of your assets which you can put against your loan. If the truck you’re hoping to purchase is in new or near new condition, you can offer it as an option to secure the loan. If you have bad credit, you may be expected to provide a larger down payment, so save up in preparation for that to boost your chances.

Sell Yourself

Show your lender your confidence in your business, as they’ll be the jury for your loan. You need them on your side, to believe that they’re not just throwing their money down the drain but instead in a good position to profit from your truck loan. It always helps to have a back-up repayment plan for if a problem arises, so create one of those and show it to the lender to reassure them.

Get The Facts

The lender will want to know some key points about your application such as;

  • The amount and type of your loan
  • When you’ll use the money, and what for
  • How long you want the loan term to be
  • Your assets, banks balances, investments and liabilities, and any security you can offer
  • How you intend to repay the loan, including projected incomes and expenditures
  • Borrowing history, credit ratings, and any other loans or leasing agreements you may be committed to. It’s important to know your credit rating, even if it is bad. You don’t want to assume it’s worse than it is, and end up paying more than you actually have to.

Presentation Is Key

Compile this information into a clear, concise document if you can. If you have an accountant who can prepare the document for you, ensure you understand the document fully so that you can answer any questions from your lender.


Here at Biziloans, we pride ourselves on providing quick and easy loans, with speedy applications and competitive rates, to get you behind the wheel of your new truck faster. Call one of our loan experts today to hear about which option may be right for you.