Due to a contracting economy, many lenders have excess inventories on their books that they need to put back on the street.  These in-house inventories are non income producing, therefore putting pressure on the lender to make a deal with the consumer. These deals can be found in the price, the financing or a combination of both.

 Some lenders are will finance repossessed and off semi trucks in the repo market   with a minimum credit score of 550. This gives the startup and/or seasoned business a second chance financing opportunity to start and/or expand their fleet with bad credit. This opportunity would have never existed in the past.

 

 REQUIREMENTS OF ONE AVAILABLE FINANCE PROGRAM

     Credit scores must be 550 or higher

   Discharged bankruptcies up to twelve months

   Financing up to $60,000

   Lease to Purchase with 10% buyout

   Trac Lease only

   Special finance program for drivers with less than two years owner operator experience

 

         UNABLE TO QUALIFY FOR********************

 

     Back child support with no payment plan

     Tax Liens

    

The applicant must have a minimum $4000 down payment

 The types of semi trucks, over the road trucks, and tractor trailers we are talking for the finance program are :

   Peterbilt, Kenworth, Freightliner, Mack, International, Volvo

 

 In conclusion, this is a buyers market for owner operator trucks, and  trailers,   . Check out all the deals in the market and make sure that you have a stable income base to assume whatever debt that you may occur.

 

Happy hunting for your acquisition and related finance opportunity for a semi truck, over the road truck, and tractor trailer….

Situations for small businesses, like new trucking companies, become even more difficult as they have to meet recurring expenses like fuel, maintenance, tires etc. They cannot postpone such payments to a later date, just because their customers have engaged their services on a credit period of 30-60 days. Organizations find it very difficult to manage their finances this way. They often find themselves trying to arrange funds rather than concentrate on activities like staffing, routine checks of vehicles, marketing, contacting and dealing with new customers and so on. As funds are unavailable at the time when they need it most, they may miss out on new contracts. Thus the growth that they hope for may be stunted.

The issue that arises with banks, for finance, is that it takes some time to process loans. If it happens to be for new or small businesses, banks are not ready to provide finance for various reasons like their credit ratings, the number of years in business and so on. There are, however, various options available for financing, other than bank loans.

One very popular financing facility is the accounts receivable financing and factoring. These are very similar to each other, differing only in the way that financing is a loan, while factoring is selling the account receivables to the financing company. Very often these two terms are used interchangeably. Other than this difference, other facilities in the two financing options remain the same. The accounts receivable financing is a blessing in disguise for companies who have this asset in hand. The accounts receivables are either pledged or sold to finance companies.

Finance companies provide finance up to a certain percentage, which may be as much as 90% at times. After the amounts are recovered from the debtors the remaining amount is given to the companies after deduction of some fees. The credit worthiness of customers is the main consideration in case of accounts receivable financing. Thus if the company that needs finance is dealing with credit worthy customers or government organizations they can get a good amount from the finance company. When the factoring option is used, the factoring company takes over the risk of collection of accounts receivables from the customers on the given date. Similarly if the accounts receivable financing option is taken then the company itself has to manage and bring about discipline in the operation of finances and other activities of the organization.

Furthermore the factoring or financing option is equally useful for organizations under bankruptcy protection. With the expert services and guidance of finance companies, organizations can tide over tough times with much more ease than they would otherwise without a loan.

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It’s faster and cheaper. In a foreclosure, there are specific wait times that allow the borrower to get current with their mortgage. It’s not uncommon for the process to drag on for almost a year. These delays can cost your lender a good deal of money. A loan modification, on the other hand, takes an average of 30 to 60 days. All they have to do is go over your documents, talk to your loan modification attorney, and see if you qualify. The negotiations are the hardest part, but they don’t cost quite as much as foreclosure expenses.

It’s less work. To start the foreclosure process, your lender will have to assess late charges, file a Notice of Default, pay heavy lawyer fees, and arrange an auction to sell your home. And if you manage to get back on track and stop foreclosure, all the work simply gets filed away. Loan modifications involve less work on their part. You and your  Loan Modification Attorney will do most of the work and provide most of the documentation. Often, all they have to do is assess your case and decide what kind of mortgage assistance you will need.

It helps keep investors. Foreclosures are as damaging to your lender as they are to you. It may benefit them for now, but with the recent housing bubble, it will eventually weigh them down. Investors don’t want to deal with banks that have too many foreclosures on record. If they grant you a loan modification instead, your payments will keep showing up on their records instead of being written as bad debt.

Of course, this doesn’t make it any easier to get what you want from your lender. After all, you’re still a liability—and it’s important to prove that you can get back on your feet. To get the best loan modification deal, you need a good lawyer who knows the what lenders need and can convince them that it’s the wiser choice to settle a loan modification.