Is there any obligation if I apply?
No, there is no obligation whatsoever. We’re happy to present your options. Applying is completely risk-free. We’re here to help you.
My credit is fair, poor, or bad. Can I still qualify?
Usually! Our program considers a variety of information. Unemployment OK, too. We have a social mission. We’re providing opportunity and access to credit!
How much can I borrow? What are the payments? What is the interest?
You can borrow to pay for everything up to 100% of the tuition, costs, and fees on your CDL training enrollment agreement. Minimum of $3,500 / Maximum of 7,500. Payments typically between $115 and 195 per month, depending on amount and term.
What’s this I hear about training reimbursement?
Great question! Many employers near you pay up to 100% of your loan payments in monthly reimbursement and bonuses. This is huge! In other words – paying for your CDLA loan can be zero dollars out-of-pocket. Ask your school placement officer how this works.
What’s better, using my credit card or a CDLA loan?
Usually a CDLA loan is better for your credit than running up your credit cards. Rating agencies such as Experian often look at credit utilization rates. A term loan from CDLA keeps your credit utilization low (that’s good!) and allows you flexibility to use your credit cards for other unexpected expenses. CDLA gives you the best of both worlds: Conserve your cash and credit and pay-as-you-earn!
Does applying affect my credit score?
No, applying does not affect your credit score. Applying is completely risk-free. After you’ve been approved and you have accepted financing, a hard inquiry will be made to verify the information you’ve provided as part of the final approval process. Only then will this hard inquiry be reflected on your credit report.
Can I apply if I have a discharged bankruptcy? Tax liens?
Usually, providing that your bankruptcy is fully discharged. Unsatisfied tax liens and delinquent child support are disqualifiers. If you're currently unemployed, that's OK, too!
Can I have a cosigner?
No. CDLA helps you build your own credit!
Is it easy to submit an application? What documents do I have to submit?
Super easy. The easiest, simplest, and quickest CDL financing option to apply for. A simple/quick all-electronic application on the web. Your school will help you. Together, you fill out the form, and upload your photo ID. Takes less than 10 minutes!
How long does it take to know if I’m approved?
After your qualification and acceptance in to the CDLA truck driver training program, we can usually process your financing application and get a decision within 1-3 business days.
What happens after I’m approved?
Your loan is funded and your fees for the program are satisfied.
Can I choose full-time or evenings and weekends?
Yes, our financing works for both full-time programs or part-time programs.
Can I borrow a partial amount?
Yes, partial amounts are available. Minimum amount $3,500.
When do payments begin?
For most, first payment is due 60 days after your loan is funded. So you have time to complete training, get a great new job, and pay-as-you-earn!
Can I pay off my loan early? Can I borrow a partial amount?
Absolutely, and there are never prepayment penalties!