Existing equipment, or new equipment business wants to purchase.
TO QUALIFY:
- Business owner has a personal credit score of 620 or higher.
- Lenders prefer 2 Years in business
- Typically requires a down payment
- Business owner without recent bankruptcy
- Lender prefers the business owner is a home owner
- Equipment used within the businesses specific industry (no pizza oven for trucking company)
- New equipment or less than 10 years old.
- Lenders evaluation typically at 80% of auction value
TERMS:Â
- $10,000-$2 million
- 12-48 Month Term
- 7-28%
Video
Example
Jon has been a small business owner for 3 years and it’s time for him to purchase a new tow truck. Â He financed the truck over a period of 48 months at 8% interest. Â Jon has been able to double the number of tows he can service, doubling his profit.