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Financing a Truck With Bad Credit? No Problem!

Financing a Truck With Bad Credit? No Problem!

Posted at Sun, Mar 22, 2020 11:30 AM

Top 5 Things to Do When Financing a Truck With Bad Credit

As you may have already noticed, getting a truck loan has become far easier, especially when you get an online auto loan to finance your truck purchase. This include getting financing when you have no credit history or a low credit score. This is an exciting opportunity for truck owners and a great time to learn more about automotive financing. Our team wants to work with you to secure the loan you need. First we recommend making sure you have the following:

  • Proof that you as the borrower are 18 years or older
  • Proof of your income, normally pay stubs or tax returns
  • Proof of where you live, normally utility bills, rent receipts or a legal document with your address on it
  • Your permission and agreement to insure the truck
  • A list of references

Then, we recommend reading through the following 5 tips to make sure you are prepared to purchase a truck regardless of your credit score.

  1. Find a great truck, make a plan, and value your vehicle
    With truck financing pre-approved, you’re free to enjoy the best part – choosing your vehicle. We’ve found that when our customers have their sights set on a specific truck, we can better help them plan for the financing they need. Plus, it gives you something fun to think about and a concrete goal to strive for as you work with your credit.

    A trade-in can be used in addition to or in place of a down payment and offers similar benefits. Look up the trade-in value of your current vehicle by going on our website and using our trade-in tool. You can also always send us a form or give us a call so our industry experts can help evaluate your trade-in for you.

    Once you have a truck picked out and know the value of your vehicle, it will be simple to plan out the steps you need to take in order to responsibly finance your purchase.
  2. Estimate your loan amount and consider a co-signer
    You can work with our team to estimate what you may be able to afford as a total loan amount. From there, we can look at monthly payment plans to help you stay on budget and continue to improve your credit score. Your down payment and trade-in amounts will be useful. Adjusting down payment, loan term and APR will enable you to see how the loan amount and monthly payments will change depending on your purchase, and we will be able to figure out what will work best for you.

    A cosigner or co-applicant is a useful option to think about when you have bad credit, especially as trucks are generally more expensive than cars. Adding a co-applicant with a higher credit score means you’re applying for a joint auto loan. Creditors see this as two sets of income that can be taken into account by the lender and balance the difference between your credit scores. That can increase your chances of approval and, if approved, may get you a larger loan amount at a better interest rate.
  3. Build up a down payment
    A down payment can be a good thing for all parties involved in a loan and will be a requirement in many cases. Money up front could reduce your potential loan amount and financing costs while decreasing lending risk for the creditor. However, if you don’t have much or any cash for a down payment, you may still qualify for a loan.
  4. Try boosting your score
    While you are building up your down payment and working with us to secure the best auto financing possible, you might consider improving your credit score before you officially apply for financing. Fixing errors contained in your credit history can be a big help and is just generally good to check on. You can also try measures such as paying off overdue balances, reducing the amount of your credit card debt, and correcting any issues found in your credit report.
  5. Get pre-approved online today
    Give yourself more control in the buying process by getting your auto loan arranged before visiting the dealer. Once at the dealership, pre-approval enables you to focus on selecting the right model and negotiating a great deal on price. With our online financing tool, you can apply for a loan online from work, home or your cell phone with no pressure. It takes just minutes and you’ll receive an instant decision. If approved, we provide multiple offers tailored to your needs. Just select the best option, print your documents and come shop with confidence.


Regardless of your situation, we want to work with you to ensure you’re driving the vehicle you deserve. Our wide selection of trucks and SUVs along with our friendly financial professionals will ensure you can get the right truck at the right price, all while building your credit. See how we can help you today by calling Tim’s Truck Capital in Derry, NH.

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