FAQs - Frequently Asked Questions for Trainees

Is there any obligation if I apply? 

No, there is no obligation whatsoever. We’re happy to present your options after a standard hard-pull credit-check.  We’re here to help you. 

• If finances are tight or uncertain, CDL Advantage is your safer bet

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!  Many can still qualify with a coborrower, too.

• When juggling a job or family obligations, CDL Advantage offers you wiggle room 

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 $5,000 / Maximum of $12,500. Interest rate and payments are typically between $149 and $249 per month, depending on program 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.

• If landing a job fast is critical, CDL Advantage gives you a head start

What’s better, using my credit card or a CDLA loan?

A CDLA loan is usually 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?

Applying does not affect your credit score. To conditionally approve, we simply make a hard credit inquiry to verify the information you’ve provided as part of the approval process. This hard inquiry be will reflected on your credit report. 

Can I apply if I have a discharged bankruptcy? Tax liens?

Usually, providing that your bankruptcy is fully discharged more than a year. Satisfied tax liens are OK. Unsatisfied tax liens, repossession, foreclosures and judgments are disqualifiers.  But blemished credit can be overcome if you have apply with a qualified coborrower.  

Oh, by the way, if you're currently unemployed, that's OK, too!

Can I have a coborrower?

Yes!  Qualified coborrowers vastly increase your chances of qualifying - especially if your credit is poor.  Strongly encouraged. Great for younger trainees.  CDLA helps you build your 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.  Our field reps at 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 into the CDLA Advantage 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 and part-time programs.

Can I borrow a partial amount?

Yes, partial amounts are available. Minimum amount $5,000.

When do payments begin?

A first payment is due up front and then every month for the term of your loan. Get a great new job, and pay-as-you-earn - or let your employer pay via a training reimbursement program!  Your CDL can be a zero-cost credential for you.

Can I pay off my loan early? Can I borrow a partial amount? 

Absolutely, and there are never prepayment penalties! 

Where can I get help with other questions?

Contact your local training facility directly.  They can answer your questions!