How To Finance A Tractor Trailer After A Bankruptcy

commercial truck financing

Did you know you can finance a tractor trailer one day after your bankruptcy is discharged?

 

If you recently went through a bankruptcy, yes even if it was yesterday, there is a way you can finance that semi truck you’ve been wanting. I figured it was time to write about this since I’ve recently realized that most owner operators that have had to go through an unfortunate financial situation were not aware that there are options even if they’ve been told by everyone else there was no way they could finance a truck.

Even if you didn’t have a recent bankruptcy, but maybe you have some collections, medical bills, a foreclosure, and even an auto repossession we can still obtain financing for you. I’m sure if you’re doing this research you’ve been speaking with other lenders or banks and they’ve all told you the same thing, “sorry, but with a recent bankruptcy there’s nothing we can do for you at this time. Try coming back in a few years and we’ll see what we can do then.” Who has a few years when you’re trying to start a business next week?! Most banks and lenders will not even finance anyone with any previous bankruptcy, and the ones who will consider will require the bankruptcy to be discharged for at least 2 to 3 years. Not only is there a few years needed since the bankruptcy but there must also be re-established credit supporting you can handle a larger monthly payment.

Options for financing a commercial truck after a bankruptcy:

Because of the obvious risk of financing someone who’s recently gone through a bankruptcy, there will be a down payment requirement or there will be extra collateral required to be pledged.

Option 1:

  • 25% down payment
  • Truck must be a 2007 or newer
  • Must have less than 700,000 miles
  • Max finance amount $40,000

Option 2:

  • 50% down payment
  • No age restriction, but truck/trailer must be approved by asset manager
  • No mileage restrictions
  • Max finance amount $250,000
  • Min finance amount $10,000 (transaction size should be $20,000 min)

Option 3:

  • Pledging extra collateral must have a minimum auction value of $10,000
  • Total aggregate value of the pledged assets must be equal to the cost of the equipment being purchased
  • Pledged asset(s) must be free and clear of any liens

Option 4:

  • Combination of pledging assets with a down payment
  • Call for more details 888-565-6692

As you can see we have solutions for the credit challenged business owners. The best way to find out how we can structure your deal is to call one of our business development managers, they will guide you and can address any questions you might have. Feel free to call us at 888-565-6692. Click here for more information about our commercial truck financing.



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