UPDATE 1/1/2020: Please check with us, this post is dated.
We get calls all the time from borrowers that want to finance a class 8 truck or trailer but don't have a CDL. Here are some situations where we can work this out:
1. The borrower is the owner of the company and has had at least 2-3 years time-in-business. This situation is the ideal; many of our bank partners will consider these loans as long as the business has been cash-flowing (there is enough money to turn a profit).
2. The borrower is a startup with some experience in the trucking industry and has a FICO score 670 or above and money to put down on the transaction; usually 15%-25%.
3. The client is a homeowner or has a net worth over $100,000, has a FICO score over 600, and has at least 25% down.
There are plenty of exemptions to these examples, but in general if you don't fit one of these categories you can always offer more $$ down or collateral.
These examples don't apply to large transactions; $1MM+.
As always, ALWAYS LET THE LENDER TELL YOU NO, don't assume you won't qualify.