Results 1 to 7 of 7
-
11-23-2018, 11:19 AM #1
- Join Date
- Apr 2018
- Posts
- 114
Startup Equipment Leasing/Financing
Best tried and true lenders for Startup Equipment Leasing/Financing?
With commission rates and credit requirements.
-
11-23-2018, 12:18 PM #2
- Join Date
- Apr 2018
- Posts
- 114
More or less for Truck Leasing.
-
11-23-2018, 12:34 PM #3
We do a lot of truck deals. Startup must have 3 years CDL experience, 650 credit and $10,000 in reserves in a bank account. We require app, 3 months bank statements and 2 years tax returns to consider. For a startup we will need to know who their haul source is and how much they will be making. Commissions on transportation related equipment range from 2-6% depending on the size of the deal. Non-transportation related equipment commissions 2-8%.
Jim Plummer
Quality Leasing Co., Inc.
A Tom Wood Automotive Company
Office: 317-253-4415
Direct: 317-845-8768
Fax: 317-688-6420
Cell: 317-512-9618
www.qualityleasingco.com
-
11-23-2018, 12:37 PM #4
- Join Date
- Apr 2018
- Posts
- 114
So a startup needs $10k in reserves?
-
11-23-2018, 12:56 PM #5
Yes at minimum. On a used truck that would be our minimum required amount in reserves. Now if they are looking at getting a new truck they will need more money in the bank. We want to make sure they are properly capitalized and able to fix the truck if it has mechanical issues.
Jim Plummer
Quality Leasing Co., Inc.
A Tom Wood Automotive Company
Office: 317-253-4415
Direct: 317-845-8768
Fax: 317-688-6420
Cell: 317-512-9618
www.qualityleasingco.com
-
11-23-2018, 01:06 PM #6
- Join Date
- Apr 2018
- Posts
- 114
A lot of new startup merchants are looking to start up because they don't have money.
Who is the best bet for those merchants seeking to get a truck (more specifically in this case box truck)?
-
11-23-2018, 01:15 PM #7
Good luck. If they are trying to get into the trucking business with no money they are destined to fail. I don't know of any good finance companies that work with brokers that will fund a deal for a startup that is not properly capitalized from the start. Typically, they would have to get on with a haul source that would have them drive for them as a company driver for at least a year prior to offering them a walk-away lease on one of their own trucks. Most of the time the terms are really bad for the customer. Usually $4,500-$5,500 a month plus the cost of maintenance, fuel, insurance, etc. They will drive for them as an owner operator for a few months and decide to turn the truck in and go back to being a company driver because under those terms the driver will bring home $300-$500 a week. If the startup owner operator gets his own used truck with a monthly payment of $1,500.00 he will still have the maintenance, fuel, insurance, etc. However he will not be bound to hauling for just one source and can actually after expenses bring home $1,500-$4,000. If he has good credit he maybe able to work something out with his bank. But that would usually be a small ticket item and they usually steer clear from someone that is just starting out.
Last edited by Jplummer; 11-23-2018 at 01:17 PM.
Jim Plummer
Quality Leasing Co., Inc.
A Tom Wood Automotive Company
Office: 317-253-4415
Direct: 317-845-8768
Fax: 317-688-6420
Cell: 317-512-9618
www.qualityleasingco.com
Similar Threads
-
Startup Needs $13,000 for Equipment Financing. FICO is 640. 10% Down Payment
By Fundyman in forum Deal BinReplies: 3Last Post: 05-13-2018, 10:43 PM -
Equipment Financing & Leasing!
By jfeinberg in forum PromotionsReplies: 7Last Post: 03-21-2016, 04:33 PM -
Startup Equipment Leasing
By ks0807 in forum All Other LendingReplies: 2Last Post: 10-19-2015, 03:25 PM -
Startup equipment leasing
By ks0807 in forum Deal BinReplies: 9Last Post: 09-24-2015, 07:34 PM -
Equipment leasing/financing
By getlikwid247 in forum All Other LendingReplies: 7Last Post: 12-30-2014, 12:56 PM