If you are looking to acquire a box truck and are not in a position to pay cash, here are some helpful tips on how to get a box truck lease or financing.
Box truck leasing and commercial truck financing are quite different from traditional vehicle financing or leasing. Traditional loans are based on credit scores, revenue, as well as time in business to determine what amount your business is qualified to borrow.
With box truck leasing, the vehicle you decide to purchase becomes collateral for the lease. This limits the lender’s risk which in turn helps the purchaser qualify for the financing.
Below is a checklist of requirements for determining your eligibility:
One of the best steps you can take toward deciding what and when to buy it so determine your eligibility by getting pre-approved for your box truck financing. C&M Motors can help you access your business history and credit to determine the range of financing you qualify for.
Factors that determine eligibility are:
· Credit score
· Time in Business
· Down payment amount
When it comes time to purchase or lease that new box truck, your credit health is a major factor. Applying to many promising credit offers can generate a lot of inquiries on your credit report. Each hard inquiry can drop your credit rating a full 10 points. Applying to a handful of places, rather than dealing with one trusted dealership, can drop your score by an entire credit grade. Not recommended.
Here are a few other activities to be mindful of that can affect your credit score:
· Other credit accounts – type, age, amount owed
· Credit utilization percentage (i.e., how much of your credit you’re currently using)
· Payment history
· Total debt owed
Why C&M Motors
C&M Motors is a locally owned and operated family business serving the greater San Diego area since 1982. With 2 locations to serve you (National City and Vista), we offer a more personalized experience and customized services to meet your business needs. We can help you with all your financing needs. One hard inquiry and no loss of credit score grade.
Sales, service, rentals, maintenance, collision, fabrication, parts, and 24/7 emergency roadside assistance are all available at C&M Motors.
Give us a call to learn more.