As a business owner, much of your sense of self worth depends greatly on your business and its success. The fact remains, however, that only a small percentage of small businesses actually succeed. The same holds true for trucking/logistics industry. It is a lot of hard work and stress to be self employed, having all those financial responsibilities can be a real burden.? Some folk get in over their heads with all of the bills that they have to pay, and their employees? salaries, and cost of maintenance of their equipment, and the cost of fuel, and?. You get the idea. Sometimes, no matter how hard you try, you just can?t keep your business afloat. Maybe you?ve been struggling to make your commercial truck loan payments on time for quite a while and you finally realize that you can no longer make your payments and before you know it you are several months behind.? Most lenders will wait until a commercial truck loan is in default for 90 days before issuing an order for repossession. One of the very worst things that can happen that you should avoid is a repossession order.? Not only is repo order MURDEROUS to your credit score, it also serves as a red flag for other lenders that you have not been responsible enough to pay your debts and will therefore discourage other lenders from lending to you and thereby making it extremely difficult for you to get a commercial truck loan in the future. ?If possible, some lenders will accept the truck back, although you will still owe the debt, but this scenario will allow to preserve what little credit you have left by avoiding the issuing of a repossession order and instead receiving a ?voluntary repossession? on your credit report. Of course, you want to avoid even that first 30 day late payment. Some lenders will allow for you to skip a payment, tacking it on to the end of the term of your commercial truck loan.? This can be a helpful tool when you are unable to make a payment, but it is, of course, not a long term solution. Maybe you have some equity built into the vehicle that will allow for your company to refinance the truck or trailer before you get to be thirty days behind. This will allow for you to obtain lower, more affordable monthly payments on your commercial truck loan and could be not only the best, but very well could be the ONLY solution that may get you out of financial trouble and allow you to still keep open the doors of your small transportation business. Naturally, you will want to avoid any of this from happening to you in the first place. One of the best ways to do that is to find a reputable commercial truck lender that will only allow you to finance as much as you can afford, thereby keeping your monthly payments affordable and sustainable throughout your commercial truck loan. Should you have any questions, please call the friendly folks at TruckLenders USA at 877-23-1475 or email sales@trucklendersusa.com.
Source: http://trucklenders-trucklendersusa.blogspot.com/2012/11/bankrupt-and-not-being-able-to-payback.html
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