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06-07-2022, 11:18 AM #1
Equipment Financing Questions to ask....
If you are talking to a trucking company who needs money, ask
Use of funds - equipment financing, working capital or each/both?
Break it down.
Loans up to 7 years and rates 8% and up.
Programs for Fico 680 and up
620 to 680
Below 620
Amount of money requested...
Day cab, sleeper or what
Long haul, short haul or what?
How many truck current own
Type of products hauled
DOT number
Fico
Loan App
4 months business bank statements
Most recent business tax return
Do they require apportioned plate?
Are they Owner Operator or they have drivers?
If have drivers how many driver currently work with them?
If Owner Operator How many years of CDL/ Industry hauling experience?
Is PG a Homeowner or they are renting?
Have they financed or leased a truck before?
How is their current payment history?
If required can we get loan reference from the other lender(s)?
Invoice on truck he wants to buy
Mileage on invoice.
year on invoice
NOTE: Over 500,000 miles and over 10 years old makes it a C-D financing.
For a private party equipment transaction we would need the following:
- Complete condition report (showing make, year, model, with current condition and mileage) - see attached
- Photos of the unit
Once unit is approved then lender will request;
- Copy of title (front and back)
- Bill of SaleSteve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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06-07-2022, 02:46 PM #2
- Join Date
- Nov 2013
- Posts
- 598
What is your time in business min and min credit for trucking? I get tons of < 1yr 500+ FICO's for o/o.
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06-07-2022, 03:04 PM #3
Yeah...depends on the lender...one of my guys does these with 500 - 600 Fico range, but usually needs co signer and/or down payment 20% up to 50%. Unfortunately, most of these small truckers aren't worth fooling with.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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