How to Submit Application
- Download application
- Fill application out
- Scan if printed or save if digital
- Attach to email and email to email@example.com
- We will contact you!
Have a question?
Fill out the contact form below and we will email you the credit application.
Truck Financing lending Criteria
While we cannot guarantee that every applicant is able to obtain financing, our highly experienced staff works hard to put the transaction together. Terms such as length of the loan, amount of down payment, and interest rates are all affected by your credit and experience in the industry. Following are some generic guidelines that will help you better understand your chances of obtaining financing:
Owner Operators A/B Credit:
Those who fall in the A/B category receive the best loan/lease terms. They typically meet the following criteria:
- 3-5 years in business
- Established truck credit (ie have financed a truck previously)
- Credit score of 675+
- Homeowner helps
- Good haul references
Owner Operators C/D Credit:
- First time buyers with 2 years driving experience (usually requires proof of income and/or tax returns)
- Non homeowner
- Mid 600’s for credit score
- Small revolving debt available
- 5 years in business
- Minimum of 5 trucks
- Established truck credit
- Financial statements
Non Qualifying Owner Operators:
There are a variety of reasons why lenders might choose to decline an applicant. These include:
- Credit score below 600
- Recent Bankruptcy
- Past due Tax liens
- Past due child support
- Equipment is over 10 years old
Through a vast network of lenders, we are able to provide installment contracts to finance your new or used medium and heavy duty commercial trucks. Features and benefits of loans include.
If you are looking to conserve even more capital, you might want to consider leasing. For some, leasing has become a good alternative to conventional loans. Depending on the type of lease, you will have the ability to buy the truck at the end of the term or simply return the truck. The best lease terms available are usually for new trucks and they require excellent credit to qualify. The most common types of leases are:
TRAC (Terminal Rental Adjustment Clause) Lease: This is the most popular type of lease where you have a set payment, then at the end return it or buy it for the current value. If the truck is worth more then the present value, the lessor refunds the difference. If it’s worth less, you are responsible for the difference.
FMV (Fair Market Value) Lease: Typically referred to as “walk away” leases, these offer a fixed monthly payment. At the end of the lease, you may purchase the truck for it’s fair market value or simply return the truck and “walk away.”
If you have any questions about your financing options, please contact us for further information.