Best Way to Get Equipment Loan

We can provide equipment leases and Financing for all makes and models of equipment, across almost every industry, for businesses of almost any size.

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Truck Loan

Canada Equipment Loan specializes in providing Loans and Financing for Trucks. Good Credit – Bad

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Trailer Loan

Trailer loans Canada is Backbone of our Business. We specialize in bad credit score Truck and Traile

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Construction Equipment Loan

Canada Equipment Loan is the Authority figure in Construction equipment loan Canada. Our Low interes

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Heavy Equipment Loan

Some business requires just simple office set up, but some require specialized equipments which can

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3 Ultimate Tips to Secure Finance for Your Truck despite Bad Credit

Having a bad credit score is a real bummer. You need to think carefully while applying for a mortgage and the chances of you getting financed are, not to forget, a bit ‘shady’. If you are in the trucking business, have a bad credit rating, and require a loan for purchasing new trucks then you are at the right place.

Bad Credit Score Hits where it hurts the Most

With a bad credit history, the chances of securing a mortgage are slim. However, if you swear by the following tips then you can definitely get a reasonably good financial opportunity. The tips are:

  1. Look out for a co-signer with a good credit history. Having such a person by your side, will help you gain the trust of the financing company. A co-signer with a good credit history will increase the odds of paying the loan in time. Also, when two people are involved for signing the same loan, there’s more to lose in case both the people refuse to pay. Therefore, increasing the profit of the financing company in such a situation. Many dealers, in fact, offer plans where a co-signer can be used when a weaker credit score is involved.
  2. Another useful option in such a case is finding a local dealer that can provide their own papers. Most of the dealers sell their trucks and prefer to take monthly payments in lieu of regular financing or cash. The dealer has two good reasons for being involved in this kind of trade. Firstly, just by offering in house financing they are able to sell more trucks to the public. Secondly, since they are charging an interest, therefore, they are set to make money not only on the truck’s sale but also on its financing. However, the only problem with such dealers is the kind of regulations they follow and the amount of interest they charge. So, be careful while opting them and read all the terms and conditions.
  3. Pledging collateral for your loan is quite common nowadays. You can do the same in case you have a bad credit rating. If you own such assets that are free and can be used for this purpose, then by pledging them you will increase the odds of getting your proposal accepted by the financing or truck loan Calgary Company.

Truck Financing takes Patience

Nowadays, lenders provide all kind of schemes to lure desperate clients into their rat-hole. Beware of such amateur lending companies with unscrupulous agendas. Always make sure that the financing company you are opting for provides you with some reasonable options regarding monthly payments and flexible interest rates.

We, at Canada Equipment & Truck Loan, provide the most comprehensive financing and leasing solutions for your trucking business. With our ‘client-friendly’ financing structures, we’ve helped hundreds of successful businesses with construction equipment loans Canada and realized their dream of buying a new or used truck. Contact us anytime to know more about our exceptional financing services.