truck loans

truckwife

Expert Expediter
My husband is a veteran,does anyone know if we would get a better interest rate with a VA loan to finance a truck?Would it take longer to get get approved through VA than a traditional loan?Thanks for all the help,this website is helping to educate us!!
 

davekc

Senior Moderator
Staff member
Fleet Owner
I am not aware as to whether you can get a commercial loan through VA. If it is possible, compare their program to a SBA loan. There is a bunch of paperwork involved with a SBA loan, but the rates will be more favorable. Keep in mind as well that if you are coming in as a inexperienced driver ect, getting a first conventional commercial loan might be more difficult and require higher down payments and interest rates. There are some deals out there but you have to do some shopping to find the deals.
Also consider a lease purchase from a owner. The terms on that would be negotiated between you and the owner. (primarily for used trucks)
We have not done any commercial or truck financing in a long time. Hopefully some of the other folks might be able to give you their advise or experience.
 

RichM

Veteran Expediter
Charter Member
I also have never heard of the VA giving commercial loans.They will guarantee a House loan or fund education with GI Bill Grant but I think you mean the SBA. I read recently that they were out of funds for backing loans so it might be a while before they would commit. They don!t loan you the money they just guarantee to the lending agency that it will be repaid,bou cou paperwork is involved to get one of these loans.There are individuals who for a fee will do it all and walk it through for you.They take a percentage of whatever amount you get.
 
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