Are You eligible for commercial truck loans? Here's How to find out.

So you?re in the market to obtain a new commercial truck or commercial trailer for your business. Congratulations!! It?s a very exciting period for you and your business. There is likely to be a few burning questions that you would like to have answered? ?Am I eligible for commercial truck loans? How do I find out??? First, there are a few lending requirements that are standard in the commercial vehicle financing industry that you should be aware of.

One of the first things that lending institutions will consider is your time in business. Generally, most lenders will ask that you have a minimum of two consecutive years of time in business. This helps prove that your business has longevity and is not a fly-by-night operation. Lenders want to know that borrowers are in it for the ?long haul,? so to speak. To prove that you have been in business for a minimum of two years, lenders may ask that you provide your Schedule C?s, your business license, or proof of your company from the Secretary of State. There may be institutions that will lend to a start up business, but they tend to charge higher rates and require much more money upfront.

Another requirement needed in order to be eligible for commercial truck loans is a decent credit score. Having a good credit score can allow your company more financial freedom and gives lenders a good cause to lend to you. Just like any other industry, commercial truck financing companies need to know that you have a good pay history on your debts before they will feel comfortable lending money to you and your business. A good rule of thumb is to keep your credit score around a 675 or better. You can certainly find lending houses that will lend money on lower scores, but you will end up paying more money for the loan. The better your credit score, the better rates and terms your financial agreement will have, and the better chance of success your business will have!

Lastly, in order to be eligible for commercial truck financing, you should have an open bank account in your business? name. This is needed in order to verify that monthly cash flow generated by your business, which is a main factor that the lender will use to determine how much you qualify for.

If you meet the three basic requirements listed here then you should feel confident that you are eligible for a commercial truck loan. Start making calls and find the lender that is right for you! To expedite the process, it is suggested that you have ready as much documentation as you can when you apply.? Your lending representative may ask for more documentation than is listed in this article (remember that the requirements listed here are the minimums) and if asked for more documentation it will behoove you to expeditiously provide them to your lender. Best of luck to you!

Source: http://trucklenders-trucklendersusa.blogspot.com/2012/07/are-you-eligible-for-commercial-truck.html

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