Why Finance Transportation Equipment?
So, why finance vehicles or equipment in the first place? Isn’t it better to pay cash so you don’t accumulate debt? Yes and No.
Certainly you do not want your business to be saddled with so much debt that you can’t grow. Transportation loans can help you build credit and free up working capital. Rather than pay cash for a commercial vehicle and then have a hole in your bank account.
Are you turning down loads?
By pursuing equipment financing options, you can focus on growing your business and increasing sales. Most likely, you probably already own necessary equipment. However these tools can break, often when you least expect it. Do you find you do not have enough equipment? Being able to finance more equipment will allow you to serve even more customers!
Developing your fleet early is essential for successfully positioning yourself in this very competitive industry.
Requirements for Transportation Financing
You will need a credit score of 650 and a minimum of 2 years experience. If your credit score isn’t that high or you do not have 2 years of experience, you may still be able to find financing on a used truck at a high interest rate. Growing fleets will need your last three year Financial Statements.
Finding the right financing solutions is a phone call away and most borrowers secure commercial vehicle financing with ease. We have a desire to help customers with the best overall programs that meet their needs. Interested to get started and finance transportation equipment? Connect with our finance professionals and get started by filling out the credit application.