Curious to know what’s involved in the commercial truck finance process?
Perhaps it’s been a while since you bought a commercial truck so the financing process is not clear in your head. What follows will give you a clear picture of the simple steps involved in the fast process.
CFF Commercial Truck Finance Specialties
First, you should know what you can use CFF commercial truck finance services to purchase. CFF offers financing towards…
- Semi Trucks & Trailers: We’re experts in financing big rigs, day cab tractors, pumper trucks, boom trucks or flatbed trailers, drop deck trailers, refrigerated trailers, & dry van trailers.
- Tow Trucks: Trust us to finance a rotator tow truck, rollback tow truck, repo tow truck, heavy duty tow truck, medium duty tow truck, and/or a light duty tow truck for you.
- Light & Medium Duty Fleets: CFF actually began by financing commercial fleet vehicles, including cargo vans, box trucks, pick-up trucks, straight trucks, last mile trucks and more.
- Box Trucks: We have flexible options on box truck financing for owner operators, small moving companies, and large agents for nationwide van lines – on new and used vehicles.
- Construction Equipment: CFF is the natural choice for your equipment needs, including trucks, heavy haul trailers, bulldozers, concrete pumper trucks, utility boom trucks, as well as sky lifts, bobcats, skid steers and so much more.
Step 1: Select Commercial Truck
Now you know what we can help you finance.
So, the first step of the commercial truck finance process is to select the commercial truck or equipment you want to finance to grow your business.
The best way to decide on the right commercial truck to buy is to calculate your projected profits with our popular Budget Builder Tool.
You should NOT purchase any equipment before estimated your profits using this powerful and simple tool.
Step 2: Fill Out the Fast Credit Application
Once you’ve selected the commercial truck and equipment you wish to purchase, the natural next step you need to take is to fill out our fast and easy online credit application.
The CFF credit application is one of the fastest in the commercial truck financing industry. It takes only about 4 minutes to complete and that’s usually all that’s needed to get a you a ballpark estimate of the loan amount and terms of the loan.
The items you may need to provide in the credit application process include:
- Current and past bank statements (last 12 months)
- Your commercial driver’s license (CDL) – if you’re OTR
- Dealer invoice
- Equipment specifications
- Bill of sale of the commercial vehicle
- Additional financial documents may be required if your loan exceeds $150,000
We don’t always need bank statements and tax returns, just in some cases.
Step 3: Approval in as Little as 2 Hours
Once you fill out the online credit application, our team instantly receives your application and they go to work processing your package and putting together the best deal possible for you.
CFF looks at both your business and personal credit when we process your credit application. This is often positive, because some clients have limited business credit, and we can use the strength of their personal credit to approve their financing and put the equipment IN THE NAME OF THEIR BUSINESS.
Your commercial truck finance approval can actually come from one of our expert finance consultants in as little as one hour but, on average, you’ll get contacted within two hours.
“Will I Get Approved?”
There are several factors that make an ideal CFF client, which include:
- Credit score at 640 or higher
- At least 2 years in business
- Vehicle or equipment in good working condition
If you have all three of these factors then we can finance your commercial assets.
Step 4: Discuss Terms
When we contact you, we’ll share the deal we estimate we can get for you.
If your credit is too low, the vehicle doesn’t qualify as ‘good working condition,’ you don’t have enough years in business, etc., we’ll share steps to get approved or recommend another option that could work well for you.
“Must I Put Money Down?”
CFF financing approvals are based on 100% financing. However, we will always recommend the program that benefits you, so we are happy to quote payments with or without a down payment.
If the pre-approval terms sound agreeable to you, then we will proceed to the work of underwriting your loan.
Step 5: Funded in as Little as 24 Hours
While it is true that CFF is know for fast funding at low rates, you should plan on having your deal funded within an average of two business days.
“How Much Can I Finance?”
CFF offers financing ranging from $10,000 – $1,000,000. Our average transaction size is $62,000.
You should also know that CFF offers rates that compete directly with that of banks and credit unions.
The amount you can borrow depends heavily on the truck or equipment you are buying.
The good news is that you may buy new or used trucks and equipment with no age restriction with CFF. However, the asset(s) must be in good working condition in order to secure a commercial truck loan.
One of the benefits of purchasing commercial trucks and equipment is that the asset itself can be used as collateral, which means these loans are less dependent on your personal credit. In other words, it’s a ‘self-secured loan’ – meaning the actual equipment acts as collateral.
Why “NOW” Is the Best Time to Buy
Interest rates are at a 10-year low!
That means money is cheap and if they go any lower, they’d be selling you money at a discount…which isn’t going to happen. So then, interest rates will do nothing at this point but start shooting back up.
Securing a commercial truck loan today is smart because interest rates are ideal!
Secondly, Section 179 tax deduction means that you get to deduct 100% of the purchase of your commercial truck equipment up to $1 Million, plus other bonus deductions. Learn more here
As soon as you ‘Submit’ your app…well, you know the rest at this point, don’t you?
About Commercial Fleet Financing, Inc.:
At Commercial Fleet Financing (CFF), our pros have given smart advice to fleet owners and owner-operators in the transportation, moving, towing or construction industries for more than two decades. With CFF, finding the right financing solutions is a phone call away and most borrowers secure commercial vehicle financing with ease. To talk directly with one of our finance pros and get started with a credit approval in as little as two hours, CFF’s phone number is (469) 208-4701.