Fast & Easy Truck Title Loans In California!

Title Loans For Semi Trucks In California

It doesn't matter what you need the money for. At California Title Loans, we offer pre-approval on title loans for applicants with a paid-off commercial truck. Owner-operators can qualify for a title loan of $2,500 or more, and you may be eligible even with poor credit.

Truck drivers across California turn to us when times are tough, and our user-friendly online application makes the application process easier than ever. With just your truck's make and model, we can provide you with an initial estimate, allowing you to complete the underwriting process quickly. Call us at 855-339-1001 to see if your truck qualifies, or apply online to get pre-approved today.

What Is A Commercial Truck Title Loan

Commercial truck title loans are similar to title loans on a car or motorcycle and can be offered to anyone with a lien-free rig. A lender keeps your rig's title as security until the loan is fully repaid, and you don't need to worry about having your truck repossessed as long as you make the monthly title loan payments on time.

Semi truck title loans have been offered in California for over a decade. They provide an alternative option for owner-operators with poor credit who can't qualify for a personal loan. Most commercial trucks and trailers can be used as collateral for a title loan, and you can typically borrow up to 60% of your rig's resale value.

How A Commercial Truck Title Loan Works In California

1. Apply Online Or Over The Phone - Think of the application process for a semi truck title loan as if you were trying to get a loan based on the equity in your house. With a truck title loan, we need to know all the details about the equity you're using as collateral- in this case, your big rig. We'll use that information to generate a quote that details your monthly payment, interest rate, and loan amount.
2. Underwriting -  It takes just a few hours to underwrite a truck title loan in California. The process is easier than ever if you have all the necessary documents ready to send in. We'll need photos of your truck's title, commercial driver's license, and a recent odometer reading. At some point, you must also send in pictures of the truck, proof of income, registration, and business formation documents (Articles of Organization for an LLC or Articles of Incorporation for a corporation) if the truck is owned by a business entity.
3. Vehicle Inspection - Initial photos of your truck may help with an up-front quote, but an in-person inspection is often required to verify the truck's condition and finalize your loan amount.
4. Finalize Lending Terms - This is the last step of the underwriting process. After your lender approves the loan terms and repayment amount, you can agree to or negotiate better terms for your truck title loan. After signing a contract, the lender will place a lien on the truck's title, which will serve as collateral for the duration of your loan.
5. Payment Disbursement - The final step is receiving your funds. Most payments are disbursed immediately after the lender places a lien on the truck's title, and it's up to you to decide how you want to use the funds. You can pick up your cash at any location in California or request that the funds be sent by direct deposit or ACH.

Loan Amounts And Interest Rates For Semi Truck Title Loans In California

Similar to car title loans, semi truck title loans offer high loan amounts and interest rates.

The amount you borrow is mainly based on your big rig's equity value. Most applicants in California will qualify for $2,500 to $20,000, based on a big rig valuation of $5,000 to $40,000. However, as we all know, commercial trucks can be worth a lot of money, and some customers can be approved for a truck title loan of more than $20,000.

Interest rates on commercial truck title loans in California are high, primarily because these loans are available to individuals with poor credit histories. Yes, you risk paying a lot of interest over the life of the loan and having your truck repossessed if you default. Ultimately, a truck title loan is an option available to owner-operators with poor credit who can't get approved for a bank loan.

It's important that owner-operators understand the interest costs before taking out a title loan. California's AB 539 sets a maximum interest rate of 36% plus the federal funds rate for title loans between $2,500 and $9,999. These loans also have a minimum repayment term of 12 months. For semi-truck title loans over $10,000 (these larger loan amounts are common, given the value of big rigs), California has no interest rate caps. This means a licensed lender can charge much higher interest rates for loan amounts over $10,000.

Repossession Risks With Truck Title Loans For Owner-Operators

Truck title loans can be a lifesaver for your business when you need money for urgent expenses. However, losing your commercial truck means you lose your ability to earn income from it. The repossession risks with a truck title loan are serious:

Your truck can be repossessed within 1 day after you miss a payment. California law allows lenders to repossess your truck as soon as you are one day late on payments. Some companies offer grace periods to get you back on track, but that's not guaranteed.

There's no advance warning of a repossession. Unlike other states, title loan companies don't need to inform you if they're going to repossess your truck.

Post-repossession. After they take your truck, your lender must send you a written notice within 60 days and give you at least 15 days' notice before selling the vehicle at auction.

Right to reclaim your semi-truck. California law allows you to get your truck back once every 12-month period for all the past-due amount, plus any repossession costs.

After the vehicle is sold. If your truck sells for less than what's owed, you remain responsible for the deficiency balance. Additionally, if the truck sells for more at auction, you're entitled to the surplus.

What Types Of Trucks & Trailers Qualify In California

Anything that can be titled with the DMV will qualify for a title loan. It doesn't matter whether you have a dump truck, semi-truck, car carrier, box truck, or construction equipment. If your truck is registered and titled in California, you may be able to borrow against its equity with California Title Loans. We recently assisted a customer with a title loan on an asphalt truck, and there's no limit on the type of vehicle or truck that qualifies as collateral in California.

For most qualifying trucks, you'll need to provide a few documents for underwriting. This includes a lien-free truck title in your name (or your business entity's name), vehicle registration, and proof of income and insurance. With specialty trucks such as construction equipment or custom rigs, you may also need to provide additional information about the truck, or its equipment, maintenance records, or a professional appraisal.

Choose California Title Loans - Apply For A Semi Truck Title Loan With Us Today

Are you sick of applying with local lenders who can't help you because of your credit score? Or do you want to access more of your truck's equity? At California Title Loans, we'll help you secure the highest loan amount possible in California, paired with an interest rate that enables you to pay down the balance on your truck title loan efficiently. Call us at 855-339-1001 to get a title loan quote with your big rig as collateral. We'll get you started with just your truck's basic information, and you'll be well on your way to getting a truck title loan in California.