Bad And Poor Credit Financing
Monday, 14. May 2012
Bad and Poor Credit Financing, Semi Trucks, Big Rigs, Tractor Semi, and Semi Sleeper
Article by J.M Luna
Bad and poor credit conventional financing programs for semi trucks, big rigs, tractor semi, semi sleeper opportunities is available from dealers/lenders. These semi trucks, big rigs are available like any other leases with approximately 30% to 50% due upfront as a down payment. This creates a tremendous buying opportunity for the owner operator with a good driving history but poor credit history. The dealer/lender is more interested in the owner operators references, personal and business, than his past credit. They want to see whom he is leased on with or how he will derive his future income with his new acquisition.
There are many alternatives in obtaining semi truck financing. Whether you are a start up or a seasoned business, the first logical place to investigate your financing is at your local bank. This may be a pleasurable experience if you have many contacts at your bank but most people usually don’t have these types of connections.
The seasoned or fleet operator must have at least mid 600s on their credit scores and be prepared to go through a long paper process. Prior year tax returns are required, current personal financial statements needed, interim financial statements and other banking information pertaining to your business and personal bank balances are required.
The start up business must have a credit score properly 680 or higher and will have a much smaller success rate in obtaining bank financing. The business start up is a much higher risk factor and must adhere to tougher lending standards than the seasoned or fleet operator..
The types of semi trucks we are talking about are Freightliners, Internationals, Kenworths, Mack, Peterbilts and Volvos. The years manufactured are from 1999 to 2006. There is a good selection of makes and models and gives the owner operator a buying opportunity. This program applies for start ups as seasoned businesses…
The application process is quite simple and the dealership has a vested interest in getting to know you and your driving history. The process of obtaining a semi truck is no different than any other type financing vehicle.
Happy hunting for you semi truck, big rig, semi sleeper and tractor semi acquistion and its related financing.
CHECK OUT THIS SPECIAL CONVENTIONAL FINANCING FOR CUSTOMERS WITH POOR AND BAD CREDIT
Our Easy Qualify Semi Truck Conventional Financing Credit Program:
YOU PICK OUT YOUR SEMI TRUCK..MAXIMUM FINANCING $ 35,000
SEMI TRUCK, BIG RIG, SLEEPER TRUCK 2005 OR NEWER
*Prior Bankruptcy Ok*First Time Owner Operator Ok*Little Driving Experience Ok*Low Fico Score Ok*Past Credit Problems Ok
The lender can overcome all these credit deficiencies with good down payments or additional collateral. (*additional collateral = Title’s to trucks or trailers owned free and clear) For difficult credits, we look for 30-50% down – The larger the down payment, the easier the approval.
What the lender needs to get you a quick response:
1.Any standard credit application 2..Spec. sheet including full vin. number and ecm mileage3. Price of the truck, include tax and license if applicable4.Copy of customer’s drivers license
How the lender process works on approved applications:
1. You submit a customer2. We will fax you a proposal outlining the terms – Generally within 1 hour3. You send us an invoice4. We email you a set of loan documents – same day5. We will fund you the same day that we get back signed documents and insurance. 6. With the applicants cooperation we can finish a deal in two business day. Our goal is to get you funded as quickly as possible.
Trailer Financing:
We can finance trailers in two ways. either with 50% down payment or with ~20% down payment but with the title to a Truck as additional collateral. The customer must have title, to a 2003 Truck or newer, owned free and clear that they can pledge as collateral.
Lender Conventional Financing Limitations:
*$ 35,000 Max fund amount*Applicants with large outstanding tax liens ($ 10,000+)*More than $ 15,000 in outstanding credit card debt*Currently in Bankruptcy, if discharged – OK Repossessions on credit report
J.M Luna has over thirty years experience in the financial field. This includes financing, hard asset money loans and commercial lending.
U.S Corporate Capital Leasing assists the start up and seasoned truck businesses for their acquisition and financing needs.
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