Can I Take Out Truck Driving School Loans with Bad Credit?

If you’re worried about taking out truck driving school loans with bad credit, you may not need to be. There are plenty of programs out there that can supply aid to those that need it to get their CDL. Having bad credit is not the end of the world, and there are many ways to help get your credit back up to a good score. Getting a CDL is a great way to improve your finances, and maybe your way out of a bad credit situation- how are you supposed to do that if you can’t even get a loan? Read on to learn more about starting your truck driving career, even if you have bad credit.

Truck Driving School Loans With Bad Credit: Where to Begin?

If you’re worried about getting truck driving school loans with bad credit, you aren’t alone- 34% of people aged 18 to 29 have some form of student loan debt. Getting your CDL is an excellent way to start your journey towards clearer skies. How are you supposed to start if you can’t get truck driving school loans with bad credit? Here’s the good news: you still can! 

How Can Bad Credit Affect Me?

Credit scores as a means of evaluating consumers have only been around since 1989, yet we take them for granted as a necessity that we have always been working with to get a loan, rent an apartment, or open a credit card. But if we could live without it before, there must be solutions for those who have no credit or bad credit.

Unfortunately, bad credit prevents consumers from being able to do a lot of things. With bad credit, you can’t get loans, can’t open a new credit card, may have trouble renting an apartment, and more. However, bad credit is not an unfixable issue. There are a few ways to help fix your bad credit. Unfortunately, the easiest way to fix bad credit is to pay off all of your loans that caused it. One easy way to fix bad credit is simply paying your bills on time if you are able. There are also credit relief funds and programs aimed at helping those who are struggling to maintain good credit. 

Aid for Self-Paying Students

Truck Driver Institute admires the work it takes to fund your own education and to work towards a better future for yourself. Given all of the monetary factors that go into forging your way, to reward our self-paying students’ hard work, we provide a $1,000 scholarship for students who pay their own way through their CDL education. Grit-filled self-starters are the foundation of any great trucking company, and we recognize that- this is why we’d like to encourage any student making ends meet on their own to get their CDL and start driving. If you have bad credit, this aid may help take some stress off your back while you’re learning and earning your CDL. You can use it to pay off some of your loans, pay for part of the course or your lodgings, or whatever else may be the most help. 

Truck Driver Institute’s CDL program takes just 3 weeks and is a great starting point for anyone looking to secure their financial future with a career in the trucking industry. Our graduates have an over 80% acceptance rate, making our CDL training program one of the quickest ways to start your career–and begin to help you build good credit! 

Student Financing

Many institutions, Truck Driver Institute included, provide financial aid for students based on nothing but the merit of being a student in their school. The better the student you are, the more likely institutions will invest in your education, as they know they’ll get a great return on investment. This means that your credit score will not be a deciding factor in whether or not you can access this student financing program. While not an outright loan, student financing will help extend your payments so that you can pay for your education on your own time, rather than all at once. Moreover, you can apply to more than just one financial aid plan, not including all of the scholarships available for students. Each year, over $100 million in scholarship money goes unclaimed by potential student users. So even if you don’t think you’ll win a scholarship, if applying only takes a few minutes, you could be the only one and win it all! 

Career-Paid Tuition

Career-paid tuition is when the company you work for will pay for the training required for your job. Many technical careers will do this for their employees, like doctors, nurses, teachers, pilots, and, of course, truck drivers. For prospective truckers, this means that when being hired to a truck driving position without a CDL, certain trucking companies will pay for your CDL training. Moreover, this means your schooling would be paid for in addition to making a salary. If you can find a position that will supply this for you, it can be a great way to kickstart your career with little to no investment on your part, other than your time!

How does it work?

In short, if you approach a trucking company with the intent of working for them but you don’t have a CDL, they may offer you a deal: they pay for your CDL training (and sometimes a wage on top of that) under the condition that you agree to work for them for a specified period of time afterward. You should do your research before asking a truck driving company to ensure this is an employer you would want to work for. Do they provide jobs with the type of truck driving you’d like to do (regional versus nationwide)? Are they family-friendly? Are they pet-friendly? These are some questions you may want to ask yourself when looking for a truck driving company to pay for your education. However, while in the beginning, this limits your options when it comes to the number of companies you can work for, taking this route is a smart financial decision and an efficient way to get your CDL and start driving. While some larger trucking companies offer their own internal CDL training programs, many others will outsource their training to private training schools like Truck Driver Institute. If you’re interested in learning more about the different trucking companies out there, read more in our blog post on the subject.

Traditional Student Loans

Many traditional avenues for getting student loans are difficult for those with bad credit, but it’s far from impossible. After all, not all students are under the age of 30. Older students will most likely remember what it was like before credit scores became the be-all-end-all, and may even not have good credit themselves as they didn’t have the same opportunities from the start to build their credit. Students looking to take out truck driving school loans with bad credit should still look into traditional avenues of getting loans from the government or private banks. NerdWallet has put together a helpful page on the subject– in short, you can:

• Find a cosigner with good credit: Having someone with good credit cosign with you on your trucking school loan can provide some extra accountability for the loan provider that makes it possible for you to get a loan you wouldn’t have been able to before.

• Do your research: You shouldn’t jump at the first loan opportunity you see, even if your credit is poor. Loans targeted at those with poor credit can often be exploitative and dangerous, filled with hidden stipulations and fees. Take your time in choosing the right financial path for yourself- moving carefully can save you years of added stress from taking a poor loan offer.
• Make a plan for repayment: Once you’ve accepted your loan, it’s important that you begin to plan for that loan’s repayment. If you avoid sticking to a regular repayment plan, interest and other fees can keep you trapped in that loan for longer than you intended. Also, consider refinancing your loan once you’ve begun your career as a truck driver to get the best rates.

What Should I Do After Getting a Loan?

First and foremost, you should be aware of the time limits and requirements for the loan you’re receiving. Loans provided specifically for students often have a funds disbursement date tied to your schooling dates. Be aware of these rules and plan your schedule accordingly.

After that, enjoy your education! Once you’ve got a plan for acquiring truck driving school loans with bad credit, the hard part is over. Sit back, study, and enjoy the ride! Truck Driver Institute has received many testimonials describing the program as an enjoyable experience, and one that has prepared students well for their future. 

Finance Your Education With Truck Driver Institute

As mentioned earlier in this post, Truck Driver Institute proudly provides many different avenues for our students to finance their education and begin their careers in truck driving. We offer student financing, a self-payer scholarship, and we even accept the post-9/11 GI Bill®. Whatever your situation, prospective truck drivers will always have a place at Truck Driver Institute- contact us today to see how we can help you achieve your education.