Helping Transportation Companies get the equipment they need for success

For Semi truck financing, applying for a truck loan doesn’t have to be difficult. Arming yourself with the right information will prepare you for the task. If you’re working with an efficient finance company, they will most likely prequalify their clients prior to asking them for an application. There’s no point in wasting the customers time on filling out an application and sending over the other required paperwork if it can be predetermined they are not qualified by asking a few questions. Our Finance Specialists are trained to ask the following prequalifying questions before they take an application.

      1. Whats your current time in business as a corporation, LLC or DBA?

        Most programs offer lower down payments for businesses that have been established for 2+ years. Even if you’re an owner operator and you’ve been operating for more than 2 years this will open more doors for more programs versus a person just starting out on his first truck.

      2. What does your credit look like?

        Just like anything else financed, credit does come in to play. Even though we do specialize in people who have challenged credit, we still need to get an idea what we’re dealing with to properly inform the client on what they need to expect. We normally will ask if the client knows what their scores are from the three credit bureaus.From there we’ll even go into more detail questions; like if client has ever filed a bankruptcy or if they have any other issues like previous repossessions or tax liens.

      3. Have you picked out a truck yet?

        Before a credit officer can look at your file they not only need to see your application and credit, but they also need to see the collateral you are looking to finance. So having a truck or even a few trucks already ready prior to calling would be a good idea.

      4. Do you have a fleet of trucks, and if so how many are in your fleet?

        There are some programs that only require your 1st payment in lieu of down payment. But this program is specifically for business owners who have been in business for a 2 year minimum and who already have a minimum fleet of 2 trucks. Just like we mentioned earlier, the longer time in business and being able to prove your ability of running a successful business will open the doors to other financing programs.

      5. How much of a down payment have you set aside to purchase this truck?

        Knowing your budget for any business is essential prior to making any large purchases. Depending on the credit and age of the truck, the down payment could be more for someone who had a recent bankruptcy versus someone who has perfect credit. It’s our job to set the expectations on our first conversation with all our clients. Even if that means we have to be honest and say there is no available program for you. Sometimes it’s because of limited funds available require a down payment.

      6. Whats your Monthly payment budget?

        Knowing your monthly budget is important because it give you a starting point as to what you can afford each month after other expenses. This figure can be adjusted with money down or longer terms if available.

      7. Whats the year of the truck and how many miles are on it?

        Assuming you are in the market for used trucks, knowing the year and mileage is very important. Some programs have limitations on the amount of miles and the age of the truck. So again, picking a truck out in advance will help expedite the process when trying to prequalify for a truck.

      8. Does the truck have a sleeper or daycab?

        We have some special programs for start-up owner operators that don’t require a large down payment and it has no age limit or mileage limits for daycabs. Where other programs require more down payment and have restrictions on age and mileage for trucks with sleepers.

      9. How long have you had your CDL?

        Some programs require the business owner or driver have a minimum of 3 years driving experience with their CDL. Some programs have no requirements at all. We offer programs for both seasoned drivers and new drivers.

      10. How soon are you looking to purchase this truck?

        Depending on the situation, clients may have a strict timeline. They may have committed to a contract or a new hire driver. The fastest we are able to fund a transaction would be within 3 business days. But the requirements for this program is completely different compared to a program that takes longer to fund. By informing us on your timeline we can determine which programs are capable of fulfilling your expectations.

        Axe Business Funding is here to help build your company.

        If you’re ready to get the financing you need, contact Axe Business Funding today! Call us now at 888-542-7221 or apply online and prequalify for your loan. We make sure to help finance our customers and provide them with the financing they need regardless of their credit history.

      11. Apply-today
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