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.
Trust Alliance Capital has been serving commercial customers' financing needs for over 15 years. Currently holding an A+ rating with the Better Business Bureau. Our expertise in commercial equipment financing, SBA/USDA loans, and commercial real estate will help you move forward in your business.
Whether you have pristine financials and credit or have seen some challenges, Trust Alliance Capital can help you get there.
1.800.763.2810 ext 100
186 N 100 E, Ste A
Kaysville, UT 84037