Frequently Asked Questions
What types of equipment does My Truck Loan approve?
My Truck Loan specializes in financing equipment for truck, trailer, boom truck, and any heavy equipment.
What vendors can I order from?
A benefit of leasing with My Truck Loan is that you can purchase equipment from any reputable vendor of your choice. Select your equipment and options, negotiate your best price, and let us do the rest!
Can non-equipment items such as software and maintenance be included?
Yes. One of the many benefits of financing includes the ability to “bundle” a number of equipment items into a lease including software, service, and installation costs. This way, you can make one simple monthly payment for an entire system or equipment line.
How long does it take to be approved?
Your simple business credit application will usually be approved within 24-48 hours! Applications can be made via phone, fax, or online over our secure server.
Are there any application fees?
No, unlike many lending institutions, My Truck Loan does not charge any application fees.
What are your approval requirements?
During the approval process, we evaluate your business credit history (including bank and trade references), personal credit history of the owner(s), and collateral value of the equipment. If your credit history has some negative items, we can often approve a lease with a shorter term and/or a down payment.
Why did you request my personal guarantee?
An important part of our credit decision is based upon the personal credit bureau report of the owner(s). These reports are typically very accurate and reliable, and allow us to provide you with a quick credit decision. Historically, we have found that the payment patterns of privately-held businesses mirror that of the owner(s).
What happens after I am approved?
Once you are approved, we prepare the proper documents and overnight them to you, or send them via DocuSign. After you sign and return your lease documents, My Truck Loan issues a purchase order for the exact equipment that you have selected. Upon your verification of delivery and acceptance of your equipment, we pay the vendor and your lease begins. Your first payment is due about 30 days later.
How long can I lease?
Most financing options are written for 24, 36, 48, or 60 months, depending upon the type of equipment. Expensive, heavy machinery can be leased with terms up to 84 months.
How much amount can I borrow?
My Truck Loan’s typical loan amounts range from $7,500 to $500,000. For equipment costing under $5,000, many of our clients find it non-beneficial and cost effective to finance via alternative measures (i.e., cash flow, credit cards, etc.).
How are payments made?
Payments can be structured to meet your needs. Our typical payment schedule includes the first and last payments made at the time you sign your laon documents, with your next monthly payment due about 30 days after your acceptance of the equipment. Payment can be received via ACH, credit card, or business cheque. Arrangements can be made based off what works best for you.
Who is responsible for taxes?
Because we offer a “net” loan, the end user/lessee is responsible for all taxes. My Truck Loan is required by law to collect all applicable sales, use, and property taxes and remit them to each jurisdiction. Tax types and rates vary by state and locality.
Who insures the equipment?
The customer is responsible for insuring the equipment against risk of loss including property and casualty coverage, and liability. Customers typically just add the equipment to their existing policy.
Who provides warranty coverage on the equipment?
My Truck Loan passes through all manufacturer warranty coverage to the customer. Warranty claims are processed in the same way they would be if the customer was the owner of the equipment.
Can the loan be cancelled or paid off early?
Yes, You can paid off whenever you are ready. Additionally, we do provide you the opportunity to upgrade, trade-in, or “buyout” your loan before the end of the term.
What if my equipment becomes obsolescent?
In the unlikely event that you need to upgrade your equipment during the loan term, we will work with you to meet your goal. We can amend your original loan, assist you with a trade-in of your original equipment, or a new loan can be structured.