| Equipment Leasing & Financing > Online Vendor Kit |
| Truck Lenders Vendor Division |
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| If You Sell Equipment, Financing Is Vitally Important To You |
The two questions every one of your prospects ask are:
What are the benefits of this acquisition?
How am I going to pay for it? |
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In small, entrepreneurial companies, cash is critical. Many of these
companies live "hand to mouth" with no real reserves except for major
emergencies. Companies like these invariably
need outside help to acquire
your equipment.
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In big companies, managers must justify each new acquisition in order to
obtain the necessary funding. There are often committees and budget
concerns to address. Managers must prepare justification reports and follow
time consuming procedures to get money allocated to their projects. These
roadblocks can be more daunting than a simple cash shortfall is for a small
entrepreneur, but many of these managers can authorize leases.
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There is a third category of prospect. It is the company which would love
to have your equipment but because of past credit problems doesn't qualify
for conventional loans or leases.
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All of these are leasing opportunities that Truck Lenders can address which
will help you close the sale.
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Getting Started
To find out more about putting us to work for you, simply complete our
Vendor Information Profile and provide us with information on the equipment
you sell. One of our experienced vendor account specialists will handle the
rest - including providing you with sales materials and Lease Applications.
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1. Funding Capabilities
2. Submission Guidelines
3. Internal Processing
4. Funding
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Funding Capabilities
**The client's credit score will ultimately determine their Lease Program**
680 FICO and Above:
• 48 HR FastLease program w/ same day approvals(we can get docs out within 48 Hrs. of credit submittal).
• App-Only clients need just a credit app & invoice to fund deal.
• Client must have at least 3 yrs Time In Business and a minimum revolving balance of 50%.
• Up to $100k app only, $100k+ will require 2 yrs financials.
• Titled vehicles are limited @ 7rs old, Titled trailers @ 10yrs old.
• We are competitive with the largest banks on interest rates.
• Option for $0 down and as little as 12 month term.
• Can be written as a LEASE or a LOAN (EFA-Equipment Finance Agreement).
600-680 FICO:
• Same day approvals in most cases.
• Can finance client's with less than 3 yrs Time In Business but limited on dollar amount.
• 1st & last payment due at Lease signing.
• Some deals may require 1 yr tax business tax returns based on overall credit picture.
• Can be written as a LEASE or a LOAN in some cases (credit decision to be made by TruckLenders' underwriting).
600 FICO and Below:
• Start-ups and businesses with less than 3 yrs Time In Business may require a co-signor.
• Additional collateral in the form of free & clear equipment or real estate may be needed to secure transaction.
• 1st & last payment + 10% security deposit due at Lease signing.
• Must be written as a LEASE (No Exceptions).
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Submission Guidelines
Required Documents:
• Signed credit application (Vendor app OK but must be legible)
• Vendor Invoice (must include Year, Make, Model, Vin/Serial #; if titled include mileage, engine specs, composition and dimensions of trailer if applicable; non-titled include usage hours)
• Titled Asset Detailed Specification Sheet (in some cases Invoice will suffice if required info is included)
**Remember, this is an EQUIPMENT LEASE and is written as a business transaction, therefore TruckLenders must receive detailed information regarding the client's company**
**If these questions aren't answered on the application, please be prepared to answer the following in writing or over the phone prior to submission:
• Complete legal business name of the lessee. Please include the DBA name if there is one.
• Type of business entity (i.e. corporation, sole prop, etc.)
• Nature of the lessee's business.
• Time in business.
• Business address and phone number.
• Equipment location address if different than the business address.
• Full name, address, phone number and social security number for all guarantors. Please also include the ownership percentage.
• General description of the equipment with price. Please make sure you indicate whether the equipment is new or used.
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INTERNAL PROCESSING to Approval/Decline
**TruckLenders will evaluate each submitted deal on an individual basis and make an informed credit decision based on a number of factors:
• What is the client's Experian credit score?
• What is the revolving available balance on the client's credit? (typically we will look for at least 50% available)
• How long has the client's company been in business?
• Is the client's company in good standing with the Secretary of State?
• What is the client's ability to support the debt? (we will typically request a bank rating from the lessee's business checking account)
• What is the condition of the asset to be financed? (Is the asset valuable on the resale market in comparison to the vendor's selling price?)
**Upon consideration of these factors, TruckLenders shall issue an Approval or Decline to the credit request**
**Applications submitted by 12 noon PST will generate an Approval or Decline by the end of the same business day. Applications submitted after 12 noon PST will in most cases receive a decision transmittal the following morning**
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Funding
**Upon receipt of the original copies of the signed Lease Documents, along with a check from the client's business bank account for the upfront monies that apply, TruckLenders shall proceed to transaction funding**
**TruckLenders will conduct a final verification of the client's business information (to include legal name, address and telephone directory verification) and confirm the details of the equipment to be financed with the appropriate vendor:
• Final Vendor Invoice must be formatted correctly per TruckLenders instructions
• Long Haul Trucking transactions will require tracking device installation prior to funding
• Site inspection required on deals over $25,000 (in most cases can be ordered and completed within 24 hrs of receipt of Lease Documents).
• Insurance Binder MUST be completed and formatted per TruckLenders instructions
• Title Work will be completed by Vendor or TruckLenders on a per deal basis, and transaction shall not fund until all Titling Work is properly formatted
• Pre-funding may occur on a per deal basis as necessary
• Vendors shall be paid via overnight check and will be provided with a tracking number.
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 Download Vendor Form |
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