When your business is in the need for truck & trailer financing, there are some ways to improve your chances in obtaining commercial financing. Most lenders are going to weigh heavily on your credit pay history. Get a copy of your credit report so you know and understand your position before going to commercial truck leasing companies. Truck & trailer financing is like any other financing in that your credit score will be very important to determining whether or not you will be able to obtain commercial financing.  If there are credit issues, try to get them removed or cleared up via letters to the credit bureaus showing any unpaid items have been taken care of. They will then remove those for you if applicable, thus increasing your score and chances to obtain new truck & trailer financing.

     Time in business can be another important factor. Commercial truck financing companies vary in the documentation they need in order to lend you money.  There are specialty truck financing companies that may be able to help with first time buyer purchases.  Most truck & trailer financing companies can and do deal with a wide variety of programs that can be suited to your individual needs.  Be prepared for a down payment. Depending on the lender, it can be anywhere from a no down payment program to 10-20% and even higher in some cases with challenging credit. Commercial truck finance companies are not against you. They are there to help you. Keep in mind that they are taking a risk on you and that they will receive the monthly payments on time.  It is imperative that payments are made on time so that not only are you developing a good credit history, but when you need commercial truck financing again in the future, you are improving your ability for success.

     Another way to improve your chances for commercial financing is to set lower expectations. Many new businesses feel that they need to get right into a top of the line piece of equipment. That would be nice, if your business can afford that, but it might not be the most reasonable thing to do. Think about looking for used equipment.  Older models can be found for very reasonable prices.  Choosing a used piece of equipment will cost far less than new, making payments easier to handle than if you insisted on a brand new truck.  New equipment is super of course, but a new business starting out needs to think ahead and be budget conscience. Having cash in the business account is important to the success of your business. You should not stretch your dollars so tight every month that it becomes a struggle to keep afloat. Commercial truck finance companies wouldn't let you do that anyway. They will examine your finances and be well aware of what you can afford.

     So, for the best chances of obtaining commercial truck financing, know your credit history and budget limitations. After all, you want to be a success .