Equipment Financing for Trucking Industry
Equipment Finance Agreement Credit Requirements
As a borrower, how do you determine a lender’s credit requirements, if they would do the equipment, your industry? If you approach the wrong lender who doesn’t offer the program you need, you might have to start over, leading to “bank hopping.” This is a time-consuming process where business owners apply to multiple places in search of the right loan.
With Liberty Capital, there’s no more guessing whether you’ll get the right loan for both short-term and long-term funding solutions. Let us help you find the ideal funding option efficiently, saving you time and effort. Liberty Capital Group, Inc. offers a range of financing solutions tailored to meet the diverse needs of business owners.
Equipment Financing and Leasing
a. Pricing: rate-based revenue, time in business and credit
b. Monthly Payment
c. 12-to-60-month term
d. Early pay off discount
e. Fees to borrower – from 3.0% origination fee (based on approved line amount)
f. Lease to own, FMV, $1 Buyout
Underwriting:
a. No Minimum deposit require
b. MStart up OK. Pre-revenue or post-revenue start up~
c. Min 600 FICO
d. Invoice and Bank account required
Financing structure for flexibility:
a. Fixed Payment
b. Fixed Payback
c. Closed-ended
d. No maintenance fee
e. Low Capital outlay
Equipment Leasing Credit Requirement for Trucking
Equipment Financing for non-startup
a. Funding up to $5,000,000 Pricing: Fixed rate as low as 6.99%
b. Monthly Payment
c. First Lien on Equipment
d. New 3–5-year term loan
e. Down Payment, $0 Down, Security Deposit
Underwriting:
a. Minimum $15K Revenue
b. Minimum 2-3 years’ time in business
c. Minimum 620 FICO
d. Financials package required
e. No prior bankruptcy, liens
Proof of fleet of 3 or more, owner operator acceptable
Fixed structure for predictability:
a. Fixed monthly payment
b. No Balloon payment
c. Close-ended
d. 100% tax deductible
e. Early payoff discount
Fully funded up to 120% to include sales tax, delivery, install and warranty.
