If commercial fleet owners could peek through CFF’s looking glass at the credit application process for commercial truck loans, what would you see?
Here’s a detail of what to expect, and how it all works so fast, when you decide to fill in the 5-minute credit application for fast, 2-hour credit approval.
Most of us love things that move fast – fast cars, fast athletes, fast animals. All these things are great but when you’ve got your eye on the next commercial truck or piece of construction equipment you need to grow your business, you appreciate the speed of CFF’s 2-hour credit approval.
CFF takes pride in pioneering the commercial truck loan industry’s fastest and most simplistic funding process for trucking business owners and independent owner-operators.
That’s because we get it, when you’ve got an average of $800 a day to be made for a load per truck, you’ve got a lot riding on a fast process…no pun intended.
You don’t have time to waste on ridiculously long and complicated credit applications followed by even longer credit approval times and funding times. Don’t mean to throw the banks, credit unions and truck finance companies under the rug but their 2 – 5 page credit apps and long, complicated processes can give you a chronic eye twitch.
Some banks have credit applications that are even longer than 5 pages – which perfectly demonstrates the power of working with a commercial truck finance ‘specialist.’
We help build great American small businesses through:
How Much Can I Finance with CFF?
You may get credit approval and finance practically any amount with CFF, as long as the deal makes good financial sense.
On the lower side, we’ve financed loans as little as $6,000, with more smaller loans coming in at around $20,000. On the higher side, we’ve financed as much as $1.6 Million in a single deal. The average commercial truck finance deal is around $50,000.
We perfected the credit application process by boiling it all down into a simple, sexy, 1-page credit application that takes no more than 5 to 10 minutes to complete.
Trucking companies may fill out our easy online credit application or we can email a PDF version of the 1-page application that can be printed out, scanned and emailed back to us.
Some of the primary questions on the app you’ll need to answer include:
- Credit Score
- Time in Business
- Vehicle/Equipment Specifications
Having been in this business for close to 25 years, we look at more than just your credit score. We consider the whole picture to recommend the best route for your commercial lending needs.
However, the average credit score of a typical CFF client is 640 and higher and time-in-business is at least 2 years.
Submitting the Credit Application
To gain a fast, 2-hour credit approval, there are just a few items that the CFF finance experts will need.
- Credit application – Obviously, you’ll need to submit the credit application itself, with ALL fields correctly filled in. The team has done an impeccable job of cutting all wasted and redundant questions and requirements from the application so the fields on the 1-page form are all critical to start the funding process.
- Specs on Commercial Truck/Equipment – Again, another self-evident requirement here. The team will need the specs sheet on the asset you’re looking to finance in order to evaluate it for funding approval.
- Copy of Invoice – An invoice is a non-legally binding request sent by a seller to a buyer that identifies which goods or services are being purchased and the due date for payment. Referenced from legalnature.com
- Bill of Sale – A bill of sale is a legally binding document where a seller confirms delivery of the goods and transfer of legal title to the property to the buyer for immediate payment at an agreed upon price. As such, a bill of sale may contain information in addition to that contained in an invoice, such as warranties and other promises of the parties. Referenced from legalnature.com
Note: Some CFF programs do require a “Bill of Sale” to put the deal together for the CFF team, but most underwriters don’t require this upfront.
Waiting For 2-Hour Approval
The time you wait after you’ve pressed “submit” on a credit application can feel like being submerged 100 meters below water with no oxygen mask. Ok, maybe that’s a stretch…but you’re at least anxious to get a fast answer, right?
Most banks, credit unions and other commercial truck finance firms can take half to a whole day getting back to you.
CFF? We take just 2 hours, on average!
When we get your form submitted via our online credit application or by submitting a PDF version, the first level underwriter (CFF team) will review the application.
We will evaluate all aspects of the deal, including time in business, credit score and the equipment being purchased.
If our underwriter feels there is a deal, the first level underwriter will submit the loan request to the next level for final approval. When CFF initially reviews the deals, a lot of guesswork is removed from the equation because of our expertise.
Remember, CFF has been doing ONE thing for the past 25 years – commercial truck financing! We’ve served over 10,000 customers with more than $1 billion in loans, so you may not want to trust us with mortgage loans…but commercial truck loans? We’re the best in the business at that.
You Got Approved!
Once out first level underwriter approves of the deal, they will also provide 3 different finance options on a 60-month term.
Your dedicated loan consultant will contact you to discuss the details of the initial approved deal options.
If you (the loan applicant) agree to the terms then the loan consultant will issue a formal approval letter.
Most This approval process usually takes no more than 2 hours with CFF!
Why CFF’s Approval Process is FASTER
Our process is faster because of the ability to work with both the customer and dealer at the same time. Most finance companies just talk to the customer so having the dealer in the other ear speeds up the process.
CFF’s processes are also faster because of the expertise behind the processing. Local banks and credit unions mostly understand vehicle loans and mortgages. That is their forte.
CFF understands equipment valuations – which is why the underwriting process with us is faster than banks and credit unions.
General underwriters won’t understand how to valuate something like a 2007 Sterling Conveyor Truck.
Most CFF approvals are done with “application only” because our underwriters understand how equipment valuation is conducted and how to underwrite a company’s credit without needing to review financials.
Let’s Get You Approved!
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) 281-2962.