Things to Prepare Prior to a Truck and Business Loan Application

Buying a truck or establishing a business (or perhaps starting a trucking business) requires serious money. Luckily, there are lots of truck and business loan products available in the Philippines. But as with applying for other types of loans, getting a business or truck financing application approved involves readying a couple of things. Check some of them out below.

Personal Research

The first thing you need to prepare is a personal research on the truck and business loans available in the Philippines. You shouldn’t just go to the first money lender you encounter after all. By doing a bit of research, you’ll be able to pick the best loan product for you, as well as avoid any hidden charges that come with some programs.


Banks and lending firms need to know why you’re approaching them to borrow money in the first place. In a way, it helps them determine whether you’re qualified or not, and your reason is a factor that will decide the amount of money you’ll receive. So make sure you have a pretty good reason why you’re applying for a business or truck loan.

Application Form

You also need to make sure your application form is filled out completely prior to your appointment. That way, the money lenders would have as much important information they need from you. Thankfully, a lot of business loans in the Philippines come with online forms that could make sure yo

Business Licenses

Another thing money lenders will look at are your business licenses (assuming you already have one). So prior to your application, you need to have your licenses updated. Has your business relocated? Did you recently get married and haven’t updated your registered name? Then visit the nearest BIR branch and get all those fixed.

Business Plans

But if your business is still in the planning stages, then best prepare a detailed business plan prior to your loan application. Banks and financial institutions will take you more seriously if you make a good impression. Being passionate and knowledgeable of your business plans can help you do that and more.

Other Documents

Other specific documents would also be required by the lending form to help them objectively review your application. Depending on the lender, these include your bank statements, credit reports, tax returns, income statements, balance sheets, and cash flow projections. Make sure you have the latest versions of these files prior to visiting the money lender.


A secured or collateral loan is a lending option where you need to pledge an asset to borrow money. Failure to return the money will result in your property getting forfeited by the lending firm. If you’ve decided to apply for this type of loan, then you need to prepare one of your assets (usually a car or a house) beforehand.

Financial Situation

Aside from a good reason, complete requirements, and collateral (for secure loan products), money lenders would also take a look at your current financial situation. If yours is good, then you’ll have a better chance of getting approved. If not, then better do everything you can to improve it before applying.

Credit Score

Similar to your financial status, banks and financial institutions will check your credit score upon application. Thus, you should make sure your credit score is high before applying for a loan, even a secured one. Otherwise, you’ll have slim chances of getting the money you need to acquire a truck or start a business.

Be Prepared

Whether you’re looking for new or used truck financing, or you need seed money to jumpstart a business, it’s best if you apply well-prepared. So before your appointment with the money lender, make sure to have the things mentioned above on hand.