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  1. #1

    Trucker needs $50,000

    I have a trucker who is looking for a minimum of $50,000 to purchase another truck and to use as working capital. He has one truck already.

    He has been in business for 10 years and the revenue is about $12,000 a month.

    His credit is not good as he has a 500 credit score.

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Can he put money down and also get a co-borrower for a truck purchase/lease? That's the only way this will work. My guy goes down to 550 Fico so may be SOL. But we could try. If he just wants working capital and money for a truck he is definitely SOL.

    Just to give you an idea, I am financing a used truck with over 500,000 miles right now $42,000 the payment is $1,921 a month for 4 years. How is the guy going to make the payment?

    So let's look at working capital....let's say your client qualifies for $10,000 and assume 1.40 factor rate for 30 days. That's $14,000 payback, 30 days = $466 a day. Does his average daily balance cover this $466 a day plus $1,921 monthly truck payment?
    Last edited by Olderguy; 09-10-2022 at 11:08 AM.
    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
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  3. #3
    Senior Member Reputation points: 4567 NickHubbard's Avatar
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    Nick Hubbard
    Senior Loan Advisor
    314-252-0299 - Office
    314-885-2262 - Direct
    nick@elitefactoring.com
    www.elitefactoring.com

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by NickHubbard View Post
    Maxim won't do trucks older than 2015
    requires 20% to 40% down payment
    Won't do trucks with rebuilt engines.
    However not credit based, but asset based lending
    Last edited by Olderguy; 09-12-2022 at 07:35 PM.
    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.

  5. #5
    I can help get around 12k working capital if he's doing that on average. I also have equipment lenders that will do sub prime credit. Let me know how I can help.

    Thanks,
    Connor Toomey
    Priority Capital – Account Executive
    174 Green St. | Melrose, MA 02176
    Direct: 339-293-6159
    Email- ctoomey@prioritycapital.com
    www.prioritycapital.com

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