Purchasing your first commercial truck is a significant step, especially if you have subprime credit. While it might seem daunting, there are several lenders who specialize in helping first-time buyers with less-than-perfect credit. Here’s a look at some of the top lenders you can consider and whether dealers offer these options:
National Funding is well-known for its flexibility and willingness to work with startups and borrowers with bad credit. They offer tailored financing solutions that can help you get on the road quickly. Many dealers partner with National Funding to provide flexible financing options for buyers with subprime credit.
Balboa Capital stands out for its fast approval process and same-day funding options. This can be particularly beneficial if you need to secure your truck quickly to start your business operations. Dealers often collaborate with Balboa Capital to offer financing solutions to their customers.
CAG Truck Capital specializes in financing for commercial trucks and is open to working with borrowers who have good or bad credit, including those with past bankruptcies. Their experience in the industry makes them a reliable choice. Many dealers work with CAG Truck Capital to help buyers with bad credit or past bankruptcies secure financing.
First Capital Business Finance is another excellent option for startups. They offer no-down-payment options, which can be a huge relief if you’re just starting out and need to conserve cash. Dealers commonly partner with First Capital Business Finance to assist startups and buyers with subprime credit.
Known for their fast approval process and flexible repayment terms, Commercial Fleet Financing can help you get the truck you need without the usual hassle. Their customer-centric approach ensures you get the best possible terms for your situation. This lender is a popular choice among dealers due to their fast approval and flexible terms.
Pelagic Capital is a strong contender for first-time buyers with subprime credit. They offer several truck financing programs specifically targeted towards first-time buyers structured with a 20% down payment and have a proven track record of approving drivers with bad credit or limited credit history. Many dealers partner with Pelagic Capital to provide quick and easy financing solutions to their customers.
Dakota Financial is one of the oldest commercial truck financing companies, with over 20 years of experience. They specialize in providing funding solutions for borrowers with prior bankruptcies, tax liens, judgments, repossessions, or slow pays. Many dealers partner with Dakota Financial to offer flexible financing options to their customers.
Maxim Commercial Capital helps small and mid-sized business owners by providing loans and leases secured by trucks, trailers, heavy equipment, and real estate. They offer financing amounts from $10,000 to $3 million and have a strong track record of funding equipment purchases, working capital, and debt consolidations. Dealers often work with Maxim to provide financing solutions tailored to buyers with subprime credit.
Securing financing for your first commercial truck with subprime credit is possible with the right lender. By considering options like National Funding, Balboa Capital, CAG Truck Capital, First Capital Business Finance, Commercial Fleet Financing, Pelagic Capital, Dakota Financial, and Maxim Commercial Capital, you can find a solution that fits your needs and helps you get your business rolling.
Are you ready to take the next step in your commercial trucking journey? Let us know if you need more information or assistance!