A Truck Loan – An Added Dimension To Owning A Truck
It is said that the wheel could be the most important transport invention.
After all, it spawned various types of land transportation, beginning from horse-drawn carts and carriages to trucks.
A Truck Defined
A truck is a vehicle used to carry goods and materials.
Road trucks are classified by weight – light, medium, and heavy. There are also very heavy trucks and transporters.
These transporters are heavy haulers used to move oversized loads. Off-road models are also used in construction and mining. The latter are often driven with escorts and special permits since they are too large for highway use.
Owning A Truck Is An Added Blessing
If you are strapped for cash and you happen to own a truck, then you are blessed.
Select financial institutions actually offer a product called a truck loan.
If you count this huge mode of transport among your assets, you can avail of this truck loan to generate extra cash. Best of all, there are lenders who do not require the borrower to surrender his or her truck while the loan is being paid off.
Truck Review – Types And Kinds
Light trucks include a minivan, sport utility vehicle, canopy express, a pick up van, a panel truck, and a sedan delivery.
Classified as medium trucks are a cutaway van chassis, a medium standard truck, a flatbed, and a motorhome.
Truck Loan, Anyone?
Lending companies that offer a truck loan among its portfolio usually accept models 1997 and newer.
The types that are usually used as collateral are an L-300FB, an aluminum van, a canter cargo truck, a refrigerated van, a closed van and a forward self loader.
Usually, a latest photo of the to be used for the loan will be required.
A truck loan can be anywhere between Php30,000 to Php250,000.