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  1. #1
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Location
    Irvine, CA
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    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 Sale
    Steve Benjamin
    Professional Business Loans

    1012 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.

  2. #2
    Senior Member Reputation points: 23085
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    What is your time in business min and min credit for trucking? I get tons of < 1yr 500+ FICO's for o/o.

  3. #3
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    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

    1012 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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