Posts Tagged ‘Leasing’
Start Up Equipment and Truck Business Loans, Capital, Financing, Leasing with Credit Problems, Up To $100,000
Start up equipment and truck business loans, capital, financing, leasing with credit problems are still available in these economic times.
This article is going to discuss what is equipment and truck loans, leasing/financing, what are its benefits, leasing plans and how it relates to the start up business.
Additionally, we will show you lending requirements below for start up loans
Leasing is a form of renting but with a buyout clause at the end of the lease to take title to whatever we are leasing. The requirements to get into the lease may be as low as first and last payment and as much as 25%. Each situation is different and this offers the start up and seasoned business a way to invest very little monies into the business. Additionally, all other monies can be used for operating expenses such as marketing and other key areas. Leasing is not a new form of financing but could be a lending solution to the start up business.
The small sample of type of start up industries that leasing, business loans and financing can be used for are the following:
Dump, garbage, tow, flatbed, water trucks, over the road trucks and day cabs, heavy and construction equipment such as bulldozers, tractors, excavators, skid steer loaders, backhoes, flatbed, drop deck, refrigerated, dry van trailers, and industries which include limousines, limousine and shuttle buses, and machinery and production equipment.
The benefits of leasing may result in off-balance sheet financing reporting, tax incentives and conserving cash flow and preserving lines of credit for working capital purposes. Many leasing requirements may only require the initial outlay of first and last rental payment. Most leases finance 100% of the cost of the equipment such as soft costs which include shipping, software, training and installation. Additionally, leasing lets you regularly upgrade your equipment, eliminating your utilization of old, outdated equipment and reducing repair options.
Some of the leasing plans available to the lessee are $1.00, 10% or 20% purchase options as well as Trac Leases and FMV lease buyouts. Additionally, some lenders offer seasonal payments, deferred payments for ninety days, declining payments and half payments for a specified time period. It is important that the lessee understands all these different lease plans available as well as the buyout clauses. The lessee has many options to consider in negotiating his lease. He must understand each lender’s requirements and see if it fits within the realm of the lessee’s requirements.
Some lenders will accept the start up business whereas others will not want to lend to this group. They consider that their risk capital can be invested in other types of portfolios that can be better served. Many lenders require full documentation which includes a couple of years of personal income tax returns, a personal financial statement, and other underwriters requirements. However, in the past couple of years, there is a select group of lenders out there require an application only program. These lenders have their own computer scoring model and eliminate the necessary additional paperwork of other lenders.
These application only programs are usually restricted to the seasoned business, however there are a few out in the industry which will work with the start up business as well. The amounts of the application only program run as high as $150,000 for the seasoned business and $10,000 for the start up. Additionally, the lender will lease the qualified asset probably from 36-60 months and many won’t finance any equipment and commercial vehicles over ten years old.
It is important to understand the lease terms, the rate factor the lender is charging and the buyout clauses in the lease to take title. If you anticipate paying off the lease early, you should consult your lender to ascertain there is no prepayments for a early payoff. The last thing to understand that the lessee is going to guarantee the lease.
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1) Recap of Start Up Business Loan, Financing Programs Up to $40,000**********Conventional Financing, Bad Credit
0-2 Years Time In Business, Story Book Lender, Credit is Run but isn’t Credit Driven, High Cash balances help a lot for approval
For New Business Start-Ups: (terms 12-30 months) Up To $40,000
1. Completed Credit Application
2. Personal Credit Report from all Principals
3. Last Years Personal Tax Return
4. Evidence of an Alternate Source of Income*********
5. Personal Financial Statement on All Owners
6. Evidence of a Business Bank Account (this may not be open yet)
If a Business has been open for a few months, please retrieve bank statements
Lease Terms are Up To 36 Months…………10% Buyout Clause
2 ) Second Start up Lending Program.
If you have good credit for other start up financing, minimum credit score 650 or higher, the down payment for conventional financing may be any from 10 to 30% down. Industries include owner operators for semi, day cabs and dump trucks. Other industries such manufacturing, construction, medical, transportation may also be eligible. Paperwork requirements are basically the same as above….
3) If you don’t qualify for the start up programs above, we have many off lease and repo financing programs that start as low as 550 for minimum credit scores, financing up to $100,000, Down payments as low as $1,000
Happy hunting for your acquisition and its start up financing programs
Rick has over thiry years in the financial field, including
Conventional Financing And Leasing For Construction Equipment, Trucking, Medical Equipment, Agriculture Equipment, And Franchises, Minimal Credit 680
Conventional financing and leasing, for new and used equipment, is still available for credit scores higher than 680 for construction equipment, trucking, medical equipment, agriculture equipment and franchises. There are application only programs up to $75,000 with full documentation packages up to $250,000. This lender is very disciplined in its lending requirements and will qualify only applicants that meet their standards.
This lender requires that a business must be established for at least three years. Additionally, this lender will consider irregular payment structures on a case by case basis.
Additionally, this lender has some repo and off lease equipment available to applicants that don’t qualify for their normal lending practices. These off lease and repos will offered out with less stringent credit and lending requirements.
Check out the program structure, credit and asset guidelines and the asset and industry restrictions as well below. There are many financing and leasing programs below a credit score of 680.These are great financing programs as well..
Happy hunting for your conventional financing for construction equipment, trucking, medical equipment, agriculture equipment and franchises.
Program Structure
Application-only transactions from $5,000 to $75,000
Transactions from $75,000 to $250,000 require a full financial package: Two years’ tax returns or business financial statements
Interim financial statements
Personal financial statements for all owners
Two years’ personal tax returns for all owners
Discounting available for approved lessors and with approved documents
Terms 12 to 60 months
Approvals are good for 20 days. Approvals may be extended upon request.
Irregular payment structures (semi-annual, deferred, seasonal, balloon payments) are considered and will require up front credit approval
Sale/leasebacks are will not be considered
Credit Guidelines
Minimum personal guarantor credit score of 680.
Minimum time in business of 3 years
Minimum Equifax business credit score of 480 and minimum D & B Paydex score of 65.
Corporation-only transactions considered for publicly traded companies only; however established companies may be considered with good financial statements and business credit scores.
All individuals with at least 10% ownership are required to personally guarantee.
A signed credit release is required in order to pull credit.
Asset Guidelines
Trucks and trailers ( model year 2001 and newer )
Construction Equipment- includes cranes, wheel loaders, crawlers, dozers, backhoes, skid steer loaders, excavators, etc.
Agricultural Equipment
Vocational Equipment
Limos ( 48 month term max. )
Furniture
Tow Trucks
Doctors Equipment ( must be licensed physicians )
Forklifts
10. Landscape Equipment ( zero turn mowers )
11. Franchises
12. Restaurant Equipment (serialized )
Assets and Industry Restrictions
Generally, only “hard” assets will be considered
No real estate or items permanently attached to real estate
Restaurant equipment for established franchises only
No airplanes and boats
No Computers and software
No direct to garment printers
No televisions and select audio/visual equipment
No hotel FF & E
No exercise equipment
10. No medical equipment to non-licensed physicians
11. No residential contractors or construction companies. Commercial and utility contractors are OK.
12. No real estate development companies
13. No timber or logging
14. No long haul trucking companies
Rick has over thiry years in the financial field, including leasing, working capital and hard asset money loans, and commercial lending.
U.S Corporate Capital Leasing assists the start up and seasoned business for financing in all different industries….
http://www.cclgequipmentleasing.com/lease_construction.htm
http://www.cclgequipmentleasing.com/truckfinancing.htm
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Tags: Agriculture, agriculture equipment, B Paydex, business, Construction, Conventional, Credit, E No, Equipment, Financing, Franchises, Leasing, Medical, Minimal, personal financial statements, personal tax returns, Rick, Trucking, U.S Corporate | 
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Conventional Financing And Leasing For Agricuture Equipment, Trucking, Medical Equipment, Construction Equipment, And Franchises, Minimal Credit 680
Conventional financing and leasing is still available for credit scores higher than 680 for construction equipment, trucking, medical equipment, agriculture equipment and franchises. There are application only programs up to $75,000 with full documentation packages up to $250,000. This lender is very disciplined in its lending requirements and will qualify only applicants that meet their standards.
This lender requires that a business must be established for at least three years. Additionally, this lender will consider irregular payment structures on a case by case basis.
Additionally, this lender has some repo and off lease equipment available to applicants that don’t qualify for their normal lending practices. These off lease and repos will offered out with less stringent credit and lending requirements.
Check out the program structure, credit and asset guidelines and the asset and industry restrictions as well below. If you have any questions, give us a call
Happy hunting for your conventional financing for construction equipment, trucking, medical equipment, agriculture equipment and franchises.
Program Structure
1. Application-only transactions from $5,000 to $75,000
2. Transactions from $75,000 to $250,000 require a full financial package:
a. Two years’ tax returns or business financial statements
b. Interim financial statements
c. Personal financial statements for all owners
d. Two years’ personal tax returns for all owners
3. Discounting available for approved lessors and with approved documents
4. Terms 12 to 60 months
5. Approvals are good for 20 days. Approvals may be extended upon request.
6. Irregular payment structures (semi-annual, deferred, seasonal, balloon payments) are considered and will require up front credit approval
7. Sale/leasebacks are will not be considered
Credit Guidelines
1. Minimum personal guarantor credit score of 680.
2. Minimum time in business of 3 years
3. Minimum Equifax business credit score of 480 and minimum D & B Paydex score of 65.
4. Corporation-only transactions considered for publicly traded companies only; however established companies may be considered with good financial statements and business credit scores.
5. All individuals with at least 10% ownership are required to personally guarantee.
6. A signed credit release is required in order to pull credit.
Asset Guidelines
1. Trucks and trailers ( model year 2001 and newer )
2. Construction Equipment- includes cranes, wheel loaders, crawlers, dozers, backhoes, skid steer loaders, excavators, etc.
3. Agricultural Equipment
4. Vocational Equipment
5. Limos ( 48 month term max. )
6. Furniture
7. Tow Trucks
8. Doctors Equipment ( must be licensed physicians )
9. Forklifts
10. Landscape Equipment ( zero turn mowers )
11. Franchises
12. Restaurant Equipment (serialized )
Assets and Industry Restrictions
1. Generally, only “hard” assets will be considered
2. No real estate or items permanently attached to real estate
3. Restaurant equipment for established franchises only
4. No airplanes and boats
5. No Computers and software
6. No direct to garment printers
7. No televisions and select audio/visual equipment
8. No hotel FF & E
9. No exercise equipment
10. No medical equipment to non-licensed physicians
11. No residential contractors or construction companies. Commercial and utility contractors are OK.
12. No real estate development companies
13. No timber or logging
14. No long haul trucking companies
Rick has over thiry years in the financial field, including leasing, working capital and hard asset money loans, and commercial lending.
U.S Corporate Capital Leasing Group assists the start up and seasoned businesses for financing in all different industries..
http://www.cclgequipmentleasing.com/lease_construction.htm
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Tags: Agricuture, Construction, Conventional, Credit, Equipment, Financing, Franchises, Leasing, Medical, Minimal, Trucking |
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Certain Concerns Regarding Heavy Equipment Leasing
Whether you need – a tractor, an earth-mover or bulldozer, erection equipment, an excavator, drilling equipment, other heavy machinery Excavators, Wheeled Excavators, Dozers, Graders, Wheel Loaders, Compactors, Backhoes, Off Road Trucks, Backhoe Loaders, Bulldozers, Crawler Dozers, Shovels, Graders, Excavators, Crushers, Skid Steer Loaders, heavy equipment leasing is an excellent way to grow your business without the significant initial investment and usage of your existing lines of credit. Leasing is faster, requires less of your attention and less upfront money than a bank loan. These days companies also offer immediate write-offs, Balance sheet management, Customized solutions, Solid asset management, improved cash flow, Easy upgrades. Plus, in these economic hard times, it is better to lease heavy equipment then it is to purchase it because of the low resale value the equipment has.
In leasing your heavy equipment, lease payments are tax deductible. Because of that you can have a wide access in your money while traditional loan only offers half of its tax deduction. A typical lease arrangement is for between two and five years. If one is opting for heavy equipment lease, then it might be because of one of the following reasons:
It will give good financial ratio.
Tax benefits as said above.
The total cost ends up in saving money by leasing rather than purchasing.
In case of operating lease, the equipment does not show up on your balance sheet as a liability or an asset.
You have to put up less money initially, when compared to a loan i.e. you will have a lower monthly income.
There are still more concerns which are as:
Make safety also an added concern and take respective measures regarding that in prior.
Get to know the whole details about the heavy equipment lease and any hidden costs.
These days it has become too risky to invest in new equipments. You never know when it will be out of trend. If it all happens then you won’t be in a position to claim your money. And most important, it is a sweat free, simple process.
Sanjana Sharma is an author of this article. For more information about used medical equipments, equipment leasing, heavy equipment lease and computer equipment lease. Please follow this link dental equipment
