If you’ve been wondering how to finance a box truck for your transportation business, you can rest assured you’ve found the right place! At First Capital, we offer a wide variety of financing programs for box trucks, sprinter vans, step vans as well as any other commercial vehicle. Don’t worry – even if you are just starting your business and/or you might have challenging credit, we have programs that can get you the financing!
There are several pre-qualifying questions we like to ask so we can figure out which program suits you best.
- One of the most important questions we’ll need address is your time in business. Determining how long you’ve been in business will determine the amount you can be pre-qualified for.
- The next step is finding out about your credit and if you have business partners. We’ll need to learn about their credit, too!
- If you’ve picked out a truck or van already, we’ll need to know the details and specs on the vehicle.
- Income very rarely comes into play when applying for financing, but some programs may require it depending on your situation.
Those are just a few of the things we look at when pre-qualifying our customers. Read on below to learn more about these steps in greater detail.
If you prefer to skip the read, you’re always welcome to give us a call and speak to one of our expert advisors. We can be reached at 888-565-6692.
Time in Business
If you have been in business under 2 years, you’ll be considered a start-up.
Showing you’ve been in business for over 2 years shows strength in the business and will get you the ability to get you a higher amount of financing if needed.
Just starting out? You can assume the typical amount allotted is $50,000.
Business Owner’s Personal Credit
For all owners of the business, we’ll need to know where they fall. Even if you’re not sure what your exact score might be, but sharing with us if you think it’s “excellent”, “average” or “bad will help us better understand what programs you’ll qualify for. Having detailed info will also help, for example if you had a prior bankruptcy or repossession is something we’ll need to know. If you have open tax liens or collections/judgements is also helpful information. It’s very important for you to know, we are on your side and we want to obtain the best terms for you. So withholding information from us will only make the process more difficult.
Typically, we like to know the year, make, model and miles and if you’re buying from a dealer or private party. If you haven’t picked out a truck yet, don’t worry – just go online, find a few that you like, and save the links. It’ll give us a good idea of what you’re interested in, and we can work with that until you are formally approved. You can always change the vehicle to something else if you find something you like more later on. Some programs have age and mileage restrictions; however, we have quite a few programs that don’t have any of those restrictions! We work with you to find the vehicle that will fit your needs best.
Proof of Income
The majority of our programs won’t require proof of income. We understand that if you are just starting your business, you won’t have proof of income. But some of our programs that will take more challenging credit, will require some proof of income. Or if you’re looking for larger dollar amounts we’ll also need proof of income. Typically these are for transactions greater than $200,000.
What do you qualify for?
Now that you’ve seen a few of our prequalifying questions, let’s go into some of our programs and see what you qualify for.
If you don’t see a program you qualify for, don’t give up! Give us a call first and we can pre-qualify you!
Please Note: If you don’t see a program you qualify for, don’t give up! Give us a call first to pre-qualify you. There are so many nuances that we can’t cover every program we have available. Hence, it’s always best to speak with one of our advisers to see if you qualify.
Bad Credit & Average Credit Programs
- 1, 2 Mos Payments Down – 10k to 100k – 600 Credit – Start Ups Ok – No Age/Mileage Restrictions – Short Haul Only (Long Haul: Fleet Reqs)
- 1, 2 Mos Payments Down – 10k to 100k – 620 Credit – 2 years time in biz
- 10% Down – Up to 200k – No Credit Score – 1 year time in biz – Must Gross 25k a month
- 15% Down – Up to 30k – Start Ups Ok – < 575 Score – Long & Short Haul – No Mileage Restrictions
- 25% Down – 10k to 40k – No Credit Score – ’08 or Newer Under 200k Miles – No Private Party Sellers
- 50% Down – 10k to 400k – No Credit Score – Any Age or Mileage – Previous BK & Repo’s are Ok
Good Credit & Average Credit Programs
- 1, 2 Mos Payments Down – Up to 75k – 620 Credit – 2 years time in biz & must have fleet of at least 2 trucks
- 1, 2 Mos Payments or 10% Down – Up to 100k – 680 Credit – 3 years time in biz – Must be a Home-owner
- 1, 2 Mos Payments or 10% Down – Up to 60k – 700 Credit – Start-Up Ok – Must be a Home-owner – 5 years CDL
- 1, 2 Mos Payments or 10% Down – Up to 60k – 700 Credit – 5 years time in biz & same address
Get Box Truck and Sprinter Van Financing from First Capital Today!
If you’re ready to get financing for a box truck or sprinter van, contact First Capital Business Financing today to get pre-qualified and learn more about our programs! Call us at now at 888-825-1669 or apply online for same-day approval. Get the equipment financing you need with First Capital Business Finance, no matter your credit score!
Box Truck & Sprinter Van Financing Made Easy | First Capital Business Finance