Semi Truck Title Loans in Illinois

If you need cash fast and you run a trucking business, you might have equity in your commercial trucks that you can use. Semi-truck title loans in Illinois are allowed. We’ll show you what you must know about the loans and how to get the best one for your situation.

How Do Semi Truck Title Loans in Illinois Work?

If you own a trucking business and are hard up for cash, you might be able to get fast money with semi truck title loans in Illinois. Title loans in Illinois are legal, but they aren’t legal in every state, so always check with your local state regulations to find out about your chances of securing a semi truck title loan.

It’s easy to qualify for commercial auto title loans in Illinois. You don’t need good credit, so even if a traditional lender turned you down, you might still be eligible.

As long as you are at least 18-years old, are on the title of the commercial truck, and don’t have any financing on the truck right now, you can borrow against it. Basically, you borrow from the value of your commercial truck.

The commercial truck title loan will be a short-term loan, typically less than two years, but sometimes up to 4 years. The amount you can borrow depends on the value of the commercial vehicle, its age, and condition.

Semi Truck Title Loans in Illinois Advantages

  • You get to keep the truck and borrow against its value.
  • You don’t need perfect credit.
  • It’s a short-term loan, so you won’t pay interest for long.
  • You can use the funds however you need, whether you have a large truck repair bill or you want to expand your business, the funds are yours to use.

Semi Truck Title Loans in Illinois Disadvantages

  • If you don’t make your payments, you could lose the truck.
  • The interest rates on commercial vehicle title loans are usually higher than traditional financing.

Semi Truck Title Loans in Illinois Overview

The laws for semi truck title loans in Illinois may differ from those in any other state, so it’s essential to understand how a title loan in Illinois works.


To be eligible for a semi truck title loan in Illinois, there are certain criteria you must meet.

You must be at least 18-years old and own a truck without a loan on it. A commercial vehicle title loan should be the only lien on the truck for you to be eligible. It’s also imperative that you are on the title. For example, if your dad lets you drive a truck for your business, but you’re not on the title, you can’t borrow from the car with a semi truck title loan.

As long as the truck is in good condition and has no liens, you may be able to borrow against it as long as you prove you have the income to cover the payments. A semi truck title loan charges interest and fees, and the terms are short – usually less than 2 or 3 years which means payments can be substantial. While bad credit won’t stop you from securing a title loan, not being able to prove you can afford it can be a stumbling block.

Terms and Repayment

Most commercial truck title loans have short terms. The loan is supposed to be to take care of an emergency or give you temporary working capital while you figure things out, so you don’t have to sell your trucks.

Borrowers can delay their first payment as much as 60 days from the disbursement date in Illinois. This gives you a little time to save up money to make your monthly payments on time. After that, you’ll make principal and interest payments each month like you would with any other loan. If you don’t make the payments, the lender can take possession of the truck and sell it to make the money back.

How to Apply for Illinois Semi Truck Title Loans

Select a Lender

Before applying for a semi truck title loan, you must select a lender. Hundreds of truck and car title loan lenders offer commercial truck title loans in Illinois, but like any loan, not all are legit.

Before you settle on a lender, make sure they have the experience and reviews that give them a good reputation, that they offer the loan amount you need, and that their interest rates are competitive compared to other lenders in the area.

Evaluate the Funding Needed

Before taking out a semi truck title loan, make sure you know how much cash you need. Don’t borrow more than necessary since you’ll pay high-interest rates from the start. While title loans are great to help you get back on your feet or even grow your business, there’s no reason to pay more interest than is necessary.

Discuss Terms and Repayment

As is the case with any loan, you can negotiate the terms of your title loan. This works best if you get a few quotes. Since many truck title loan lenders offer an online application process, it’s easy to shop around and see what you can get.

Don’t be afraid to talk to a representative and talk about your repayment terms and interest rates too. It never hurts to ask about better terms.

Use Semi Truck as Collateral for the Loan

Keep in mind that you’re putting your semi truck up for collateral on the loan. As long as you need the funds and can make the payments, you don’t have much to worry about. But, if you were to be unable to make the payments, you put your truck at risk. Since your commercial trucks are likely the bread and butter of your business, only borrow what you know you can payback.

Title Loans in Illinois: Risk vs Reward

Title loans have their good and bad sides. Since you don’t need great credit, you might pay more for the loan than you would loans that require good credit, and like we said, you’re risking your truck’s title.

On the flip side, using a title loan helps you access the equity you’ve invested in your semi trucks, allowing you to either keep your business afloat, grow it, or take care of expenses you can’t afford at the moment.

Semi Truck Title Loans in Illinois FAQ

To get a semi truck title loan in Illinois, you must have a valid commercial truck title. You must be the person named on the title to get the title loan as well. You can’t get a title loan on a truck you borrow or rent – you must be the person on title.

Yes, Illinois is one of the 20 or so states that allow title loans. Just because they are legal in Illinois, though, doesn’t mean you should trust just any lender. It’s important to do your research and always read the fine print before taking on a title loan since you put your commercial truck, including semi trucks, dump trucks, box trucks, or any other commercial vehicle at risk.

Yes, Illinois residents can apply for title loans online. This makes finding the right lender much easier and getting the process completed quickly. However, make sure you’re aware of what you’re undertaking since you are putting your truck at risk.

The nice thing about the commercial truck title loan is you don’t need good credit. Yes, lenders will do a credit check, but they are only looking for really bad recent credit issues that would uphold the process. They focus more on the value of the car and your ability to repay the loan.

The Bottom Line

Semi truck title loans in Illinois can get you the funds you need fast. If you own your semi trucks outright and can prove you can afford the loan, you have many options to get quick money from your commercial truck.

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