How to Get a Hot Shot Truck Loan

Hot Shot Truck Loan

Hot shot truck loan: How to get up an running.  With a hot shot loan a driver can get a big rig tractor on the road.  Financing also includes trailers such as gooseneck trailers, car haulers and semi -trucks.

Low credit scores may qualify and some start up options are also available.   Also need some repairs done?  Learn about a truck repair loan today.     Then read about getting  loan on a trailer that you own outright, or just watch the loan on a trailer video here.
Apply Below Now! 

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Call 919-771-4177 for more info.

A Hot Shot loan is what you need,  but you don’t want to put up your vehicle?  Consider our bank statement loans page, or even just watch the bank statement loans video here.

Does your Hot Shot need a repair for mechanical or body work? Then use this program for:

1. Transmission repair
2. Body Work
3. Engine work
4. Upgrades

If so, then get back on the road finally by completing the short Info form below now!
Call us at Tel:  1-919-771-4177, or Question? Contact us here.

 

How to get a hot shot truck loan

Step 1. Make a list of the trucks needed.

Include description, manufacturer, year and model numbers. Have your information on the hot shot vehicle you need ready to go.

Step 2. Contact lenders that finance a hot shot truck loan.

Tip: Programs lend up to 95% maximum on qualifying trucks and trailers.
The vehicles and trailers must be free and clear. Have the information on the seller ready and whether the seller is a vendor or private party.  It is easier to get approval for financing from a deal than a private party.

Ask about their approval requirements and program options.

Get credit score, down payment, time in business and closing items required.

Then decide which programs are the best match for your company based on the requirements and your own profile.  Give the funder basic information on the trucks and trailers.   Ask what your chances of approval are and if they can pre-qualify you.

Step 3. Provide income verification to strengthen your request.

List the stronger credit owner first because you will increase your chances for approval and also get higher offers.  If your credit score is low but you can make a higher downpayment, tell the lender.

TIP:  Higher down payments increase the chance of approval and more favorable terms.

Step 4. Complete application for funding.

If you are approved,  review terms and conditions including down payment requirements, fees and time to close.   If you are declined, contact the lender to discuss available options.

Step 5. Request closing documents

Finally, complete all closing stipulations and lender closing call with the customer.

Confirm the funded amount to you as well as when and how your business will receive funds.

APPLY NOW

Call 919-771-4177 for more info.

FAQ Frequently asked questions on how to get  hot shot financing.

How can I get set up to do Hot Shot?

To get your Hot Shot setup, provide information on the vehicle and trailer. The year, manufacturer, model number, cost and amount you have down are needed to start. An invoice or bill of sale may be required.

Do I need a down payment?

You will need at least a 5% to 10% down payment. A lower credit score requires a larger downpayment. Newer business less than a year old and up to 5 years may need 10% down.

Credit scores over 650 and 2 years in business can make a lower down payment or two payments at closing.

Can I buy my semi truck from a private party and not a dealer?

Lenders require the purchase to be from a licensed dealer in most cases. No private party sales.  Proof of the current value, purchase history, lien history and current condition is reviewed.

Need other options?  We have several unsecured options that offer working capital on the cash flow of the business.
Check here for other small business loans without vehicles.

Haven’t even set up or registered your hot shot business yet?   Visit the SBA for information on Business plans, projections and more!