Semi Truck Financing - for Investors (No CDL)
The easiest way for investors to qualify for financing commercial equipment is to have good credit and a large cash reserve. Banks like to see you have enough cash to cover issues before your revenue starts coming in. $20k + in seasoned cash reserves (checking, savings, retirement, investment accounts, etc) should be a starting point for a used truck. The more the better. Personal credit score should be atleast 675 with auto loan and/or mortgage history. Expect down payments of 15%-25% required by the lender.
Additionally, a bank will want to know what motor carrier you will be hauling for and who your driver will be.
For those who lack good credit or bank statements showing your cash reserves, you will need a down payment of 40%-50% and a registered business entity (LLC or INC).
It has been challenging to get financing for investors with no trucking experience, but this post should manage expectations on lending requirements.
Trust Alliance Capital, Inc.
800-763-2810; ext 100