Conventional commercial transportation, coach bus, coach charter bus, new and used, financing and leasing is still available in today’s financial markets with bus repos for sale if conventional financing isn’t obtained. In this article, we are going to address requirements that need to be met in order to be approved for commercial transportation financing in these tough economic times.
In today’s market, many lenders have either run out of money to lend or must liquidate their off lease inventories to generate working capital. Additionally, some lenders are no longer in business due to these difficult economic times.
This economic crisis has affected everyone including banks and lenders.
Here are the following requirements for the applicants to be approved for conventional commercial transportation financing.
Credit scores must be 650 or higher, time in business must exceed two years, two years prior years business and personal income tax returns are required. The summary page of your last three months business bank statements are required. It is a big plus that your 2009 books are complete and they show a profit.
It is important that lenders want to finance profitable operations, so therefore be extra careful in reviewing your 2009 financial records for accuracy.
In addition, lenders require a sales invoice requiring detail specs on the commercial transortation bus including seller information
Lenders will finance used charter and travel coaches and buses, Additionally, lenders will look at limousines and shuttle buses whether new and used.
If you don’t qualify for the above requirements, there are commercial bus repos for sale that the bank will relax their credit standards for. This could be a great program for start up commercial transportation businesses and ones that don’t qualify for conventional financing..
In these difficult economic times, there is still conventional lending available for the qualified applicant. There are some transportaton conventional financing that fall below 650 but they are rare.
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Source by Rick Reed