Fleet Financing: What To Look For In A Loan
There is no better time to explore fleet financing. Are you looking for low-interest rates and high approval rates? These should be enough to make your ears hum. It is a great time to invest in equipment for your business.
It’s nearly impossible to finance your vehicle fleet, especially if you want to expand it. Your caravan must be reliable, up-to-date, and on an upward trajectory.
More INFO: Box Truck Financing
Every fleet is different. It is up to you to decide when and what vehicles you will need. It is essential to evaluate your assets and determine if financing is the best option. You can find loans that fit your needs and budget, but it’s necessary to ensure you get the best deal.
LOW-INTEREST FLEET FINANCING
This means your loan will have a low-interest rate. You’re not only paying interest, but a good chunk of your loan payments will go to your principal early on. We only need to tell you once if you see this deal.
This type of loan won’t likely offer any rebates. A larger down payment is also an option for you. Consider a larger down payment to ensure you get a better deal than other interest rates.
You won’t need to pay an ample, unfeigned cash down payment if you get a loan with a lower down payment. The vehicle’s value is also financed. It is an excellent deal if you are looking for fleet financing. You won’t have to make large upfront payments for multiple vehicles.
If you can obtain it, this loan is also outstanding. By not draining your savings, you are allowing yourself to have operating capital in case things turn complicated.
To be eligible for this type of loan, however, you must already be in business. You must have good credit and a steady income. Low down payment loans are only available to people who can prove their financial stability and business reliability. These loans are only sometimes available to people with poor credit, except in exceptional circumstances.
The good news is here! Chances are that you are looking at fleet financing or expanding.
A COMPANY THAT KNOWS YOUR INDUSTRY
Trust is the most important thing when choosing a place to finance you. A lender familiar with the industry will be able to advise you on the best loan type for you.
Commercial Lending USA is one such lender. You can customize your leasing terms to suit your needs and have a lender familiar with the industry. You can tailor your loan to meet your needs. Start the process of fleet financing. Get in touch with us at (571) 544-6600.
What credit score is required to finance a truck?
CFF’s average client has a personal score of 640 or more. Additional information for credit applications with credit scores below640.
When I apply, will you pull my credit report?
Yes. CFF considers both your personal and business credit when processing your credit request. It is often a positive thing, as some clients have poor credit. We can use their credit to approve financing and place the equipment IN THE NAME of the client’s business.
What happens if I have past liens, judgments, or bankruptcy?
CFF has a unique program called FRESH START. Clients with poor credit have the chance to re-establish their credit. Although the rates and terms are higher, we offer an option for clients with approved credit.
What are your interest rates?
Our rates are often competitive with your local credit union or bank. Although we will need to check your credit, you will find our rates very competitive in the transportation equipment financing market. If we don’t offer competitive rates, you can’t do business with us.
How fast can you approve our application once we have submitted it?
We respond quickly. We can often issue credit approvals within 2 hours if your application has been completed.
Is CFF limited to financing trucks?
No. No. We work in four primary industries: trucking, towing, and construction, as well as moving.
Do you take equity from other equipment I have financed and connect all my loans?
No. No. Our financing is fixed, and we don’t collateralize any other equipment. Each contract is unique. This is an advantage to financing with CFF over your local bank.