If you’re looking to purchase a new or used truck or piece of equipment, don’t let this quick list of 7 things stop you from getting truck or equipment financing:

  1. Lack of Time In Business:

Typically, you’ll need 2+ years in business as an LLC or DBA before borrowing large amount of money to purchase a new or used truck, trailer or equipment. Being a newer business may not stop you from getting a loan, but it does make it more challenging.

Commercial Fleet Financing offers a separate program called Fresh Start for those that are still working to build up their time in business. When you call CFF, ask for our financing pro that handles Fresh Start.

Get started by filling out a credit application now.

  1. Insurance Requirements:

Insurance is a requirement on your financed truck. If you’re new to the industry, you may be surprised by the high cost of premiums and the cash you’ll need to pay up front. So, if you’re struggling with cash on hand, insurance will create additional pressure on your cash flow.

Easily calculate the profitability of your truck or equipment purchase by using the Budget Builder Tool. It’s free for you to use.

  1. Poor Credit:

As with most other loans, it’s difficult to get semi truck financing with bad credit. The exact requirements may differ, but generally you’ll need an established credit score of at least 670+ to qualify.

Learn about what are considered Good, Bad, & Ugly Credit Scores.

  1. Purchasing an Old Truck:

If the truck you’re purchasing is older than 10 years or has more than 700k miles on it, you’ll find it very difficult to get financing. Older trucks breakdown more frequently and have less value for collateral to protect the money loaned to you.

  1. Debt to Income

Your financing request may be rejected if your debt to income ratio is too high. Don’t max out your credit cards and limit other expenditures to keep your debt low in relation to your income.

  1. Renting Your Home vs Home Ownership

If you rent your home instead of owning, that may prevent you from being approved for truck financing. Home ownership is viewed as a helpful way to demonstrate you can repay large loans on a timely basis.

What is needed to get an approval?

  1. No Depth to Your Credit Profile

If you show minimal credit in your credit report with a history of low balances, that may hurt your chances of getting your semi truck purchase funded. Just as with home ownership, larger credit balances and a history of on-time payments will help get you on the road to success.

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The CFF Advantage is Clear:

Low Rates

  • Get the best rates in the market based on credit, years in business, and other factors. Our rates compete with banks and credit unions – our process is faster!

Flexible Terms

  • Our terms are famously flexible, and we offer many special offers and incentives on different vehicle purchases.

No Hidden Fees

  • You don’t have to worry about ‘banker language’ used to hide additional fees with CFF. Our programs are simple, you’ll know exactly what you’re getting with our customer-first approach.

Simple 1-Page Application

  • Fill out our simple 1-page form, provide a bill of sale, and you’ll be on your way to financing in as little as 24 hours!

Credit Consideration

  • While we look at credit, don’t be deterred if you don’t have excellent credit because we have options.

White Glove Service

  • Once you complete the quick application, we take it from there and do all the heavy lifting to get you cash-in-hand in as little as 24 hours!

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.