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08-19-2022, 11:30 AM #1
Truck financing guidelines....
Some questions to ask from prospects/clients who want to finance a truck purchase...
Loans up to 7 years and rates 8% and up.
Amount of money requested...
Use of funds - equipment financing, working capital or each/both? Break it down.
Day cab, sleeper or what
Long haul, short haul or what?
How many trucks currently own
Type of products hauled
DOT number
Fico
Loan App
4 months business bank statements
Most recent business tax return MAY be handy
Do they require apportioned plate?
Are they Owner Operator or they have drivers?
If have drivers how many drivers 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 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 would request;
- Copy of title (front and back)
- Bill of Sale
If Fico is in the 500's they may still be able to finance a truck...but would need money down and/or a co-borrower, co-signer...
Lenders to consider:
Few I've heard of and some I've used:
Slim
Everlasting
National Legacy
Financeitforward
LendSpark
Bay Capital.
I'm sure there are othersLast edited by Olderguy; 08-20-2022 at 08:11 AM.
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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