Comprehensive Credit Underwriting Guideline for Flatbed Truck Financing
Equipment financing is not a one-size-fits-all solution for any business. Navigating the complexities of financing can be challenging, especially for those with limited time in business or lack of credit history small business.
However, Liberty Capital has deep roots in the equipment leasing industry who can bring over 20 years of experience financing equipment. Their knowledge and expertise, make them well-equipped to handle all types of equipment financing needs for any industry.
Application only financing makes it easy to get financing without having to show profit.
We can break up multiple financing exposures to accommodate lender’s exposure limit to accomplish to accomplish a “Low Doc Equipment Financing” utilizing our “app-only up to $250,000 financing.” This is just a guide. Not an absolute credit window but a window to where you can expect. Each lender will have their own credit window and max exposure limit for each business.
For example, SBA has $5MM limit per SSN but mainly follows the following exposure guidelines more or less.
Here’s app-only limit based on time in business.
$3,000 – $49,999: 650 credit score or higher
v Start up to 1+ years’ time in business, present control
v Credit Reports, 5yrs clear history, No major Derog, 7min Satisfactory trade
$50,000 – $100,000: 600 credit score or higher
v 2+ years time in business
v Reference—Low-5 (banks statements or Bank Rating)
v 1 YEAR TIB (time in business) for Max Limit – APP-ONLY MAX LIMIT
$100,000-$150,000+ 625 credit score or higher
v 3+ years’ time in business, present control
v Personal guaranty required with a Fair Isaac FICO of 650 or higher
v Bank Reference—Low-5 (banks statements or Bank Rating)
v Two (2) years business tax returns
$150,000+ 675 credit score or higher
v Two (2) years business tax returns
v Bank Statements —Med-High-5 (banks statements or Bank Rating)
v Debt Schedule (maybe required)
APP-ONLY MAX LIMIT $250,000 – 725 credit score or higher
v Personal guaranty required with a Fair Isaac FICO of 725 or higher
v Bank Statements —Med-High-5 (banks statements or Bank Rating)
v 5-7 YEARS TIB for Max Limit – APP-ONLY MAX LIMIT
As you can see, your qualification is not easy with many more variables not included in here such as Paynet, Paydex, Background History, Type of Industry, Type of Equipment (new or used makes a difference due to age), dealer or private seller.
This is just to give you the main criteria you will encounter when applying for equipment financing. Most would say they rather work with a direct lender, but doing so may not be always the best choice due to complexity of getting the right approval based on the funding. It would be time consuming applying to multiple places or once you get turned down.
Understanding Flatbed Truck Configurations for Business Owner
Flatbed trucks come in various configurations suited to different applications: Each type serves specific industries and tasks, providing versatility and efficiency.
Here are ten common types of flatbed trucks and their typical use cases:
- Telescopic Flatbed Trucks:
– Use Case: Ideal for tasks requiring long reach both horizontally and vertically, such as construction projects, material handling at warehouses, and infrastructure maintenance.
- Articulating Flatbed Trucks:
– Use Case: Suited for navigating tight spaces or reaching around obstacles, making them valuable for urban construction sites, landscaping projects, and building maintenance in congested areas.
- Knuckle Flatbed Trucks:
– Use Case: Well-suited for loading and unloading cargo, handling materials in confined spaces, and performing logistics operations in industries like construction, forestry, and transportation.
- Flatbed Trucks:
– Use Case: Combining features of both flatbed trucks and aerial platforms, they are utilized for maintenance, installation, and repair work at elevated heights, such as utility maintenance, signage installation, and building exterior maintenance.
- Aerial Work Platforms (AWPs) on Flatbed Trucks:
– Use Case: Equipped with aerial work platforms instead of traditional crane flatbeds, they provide a stable working area for tasks at height, such as painting, window cleaning, and maintenance of high-rise buildings.
- Utility Flatbed Trucks:
– Use Case: Customized for utility companies and municipal services, these trucks are used for tasks like repairing power lines, streetlight maintenance, and telecommunications infrastructure maintenance.
- Flatbed Tow Trucks (Wreckers):
– Use Case: Essential for towing disabled vehicles, recovering vehicles from accidents, and transporting vehicles to repair facilities, making them indispensable for towing companies and roadside assistance services.
- Flatbed Roll-off Trucks:
– Use Case: Designed for transporting and dumping large containers or bins, they are commonly used in waste management, construction debris removal, and recycling operations.
- Heavy Haul Flatbed Trucks:
– Use Case: Equipped with heavy-duty capabilities, they are utilized for transporting oversized or overweight loads, including Heavy construction equipment, machinery, and industrial components, often used in heavy haulage and specialized transportation.
Each type of flatbed truck is tailored to specific industries and applications, offering versatility and efficiency in their respective use cases.
How To Get Financing for Flatbed Trucks for Your Business?
What you get when you get the best equipment loans with Liberty Capital, you’re going to be rewarded with exceptional customer service and quality loans.
Fast simple online application. No financials up to $250,000. Corp-only (no personal guarantee) available.
Here are the benefits to financing your next used Flatbed trucks.
- Up to 110% on New or Used Flatbed Truck Financing
- Master Agreement up to $5,000,000
- Loc Doc, Fast Approval and Funding
- 12 – 72-month fixed payment terms
- No down payment required for well qualified borrowers.
- Lowest Rates in the industry for qualified borrowers
- Eligibility for all new and used flatbed truck financing.
- Will not appear on personal credit reports.
- No pre-payment penalties – Discount for Early Payoff
- Off-balance sheet financing – Fair Market Value, 10% Buyout
- Lease – $1 buyouts – No Balloon Payment
- Equipment Finance Agreement
Liberty Capital's Used Flatbed Financing Solutions
Liberty Capital offers comprehensive financing solutions tailored to businesses’ needs, including dollar buyout equipment loans, equipment financing agreements (EFAs), and fair market value leases. Certain equipment has no age restrictions on used flatbed trucks. Due to the second market of used trucks, most lenders offer flexible terms with minimal down payments.
Liberty Capital accommodates clients with to financing options that will yield very little working capital outlay.
Here’s our current promotion to save on cashflow.
- $99 for the first 6 months: Requires only $99 to start.
- 90-day Deferred Payments
- $0 Down Payment for well qualified buyers on the Equipment Financing Agreement
Loan Types of Equipment Financing and Leasing
- Off balance sheet financing – Fair Market Value, 10% FMV
- Capital Lease – $1 buyouts Equipment Finance Agreement
- Lease Rental Purchase Option (RPO)
While financing comes with its own set of advantages and disadvantages, one thing remains evident: Liberty Capital provides a diverse range of loan programs to assist and navigate you through the funding process and avoid the pitfalls.
There are pros and cons to financing but one thing is clear, Liberty Capital can offer you diverse of loan products that’s to help and guide you through the funding process.
Financing and Leasing Options
Equipment financing typically involves two primary options:
– Used Truck Financing: Allows businesses to spread equipment costs over time, making it more manageable.
– Used Truck Leasing: Provides off-balance sheet financing with options such as Fair Market Value (FMV) leases, offering flexibility at the end of the lease term.
Advantages of Financing with Liberty Capital
Securing Flatbed truck financing is essential for businesses to grow and thrive if you don’t have the banks to back you up. You know they’re not there because they don’t like to finance used equipment, but Liberty Capital can get you approved for your Used Flatbed Trucks or any other business equipment no matter your credit or business history. We can do used flatbed truck financing for startups as well. We can have you running your Flatbed truck with very little out of pocket money, saving you and your business cashflow.
Fast online application processes, next-day funding, competitive rates, and diverse truck loan programs make Liberty Capital a preferred choice for new or used equipment financing. Financing options won’t impact personal credit reports, providing further flexibility. While you build asset you also benefit from the tax advantages.
How to Apply for Used Flatbed Financing?
At Liberty Capital Group, we simplify the process to get you approved swiftly. To apply, simply submit your online application, and upload your invoice and recent bank statements. With flexible terms and competitive rates, we help businesses of all sizes acquire the equipment they need to succeed, you’ll be assigned an experienced funding manager. You’ll be able to discuss your options, discuss the process and how to get funded fast. Apply today and unlock the funding you need for growth and efficiency.
All we need from your clients is a simple application.
1. ONLINE APPLICATION: You can fill out our application, upload and authorized us to process your application. We do soft-inquiry, and our lender will do hard inquiries once you are approved for Equipment Financing only.
2. Equipment Invoice or Quote for the truck or equipment you want to buy. Multiple vendors accepted. We’ll lump them into one monthly payment for you. We’ll accept bill-of-sale for some private sale.
3. Banks statements (3-4 months) – Proof income, proof of banking, and proof funds availability in case down payment is needed and to match for ACH Payment Drafting – as an auto pay.
