Refinancing commercial trucks can pose a unique and significant challenge to an owner. Unfortunately, during a down economy, it has become an all-too-common experience for many truck-owners. Loan rates and taxes are going to be more manageable, if the vehicle is not classified as a luxury item. But since most commercial trucks are also "work vehicles," you can often find incentives and benefits to help in refinancing. Another way to lighten your loan load is by changing your loan from an adjustable-rate loan to a fixed-rate loan. Fixed-rate loans are usually more manageable and can be easier to predict and pay off in a reasonable term.
Step 1
Research any incentives to refinance offered by the federal and state governments. In the last two years, both levels of government have moved to alleviate the pressure on many asset-holders. With these incentives, you can alleviate some of the pressure on you as a lender.
Video of the Day
Step 2
Review your credit report. Any mistakes on this report can hamper or impede your ability to acquire a better refinanced rate.
Step 3
Improve your credit by closing lines of credit and meeting small debts. This will boost your score and make you a more favorable client to lenders.
Step 4
Consult lending banks, credit unions and online lenders to see what offers they have for "fixed-rate" loans, as opposed to adjustable-rate.
Step 5
Find a competitive rate among lenders. Make certain that the Better Business Bureau or other watchdog groups have not recorded fraud perpetuated by the lender.
Step 6
Apply for a new loan, and pay off the first loan with the new, fixed-rate loan.
Step 7
Meet all payments on the new loan by sending in payments at least seven days in advance.
Video of the Day