Are you looking to lease a box truck or buy a used truck? Commercial Lending USA offers a variety of box truck leasing options that will work within your budget and increase your profit.
We understand that the commercial trucking industry has special financing needs when leasing box trucks. Our truck leasing experience spans over 20 years. Commercial truck financing is what we live and breathe.
Deciding whether to obtain a traditional truck loan or a box truck lease. Commercial Lending USA is a trusted partner with a deep understanding of the commercial trucking business. The complexities of registration, insurance, warranties, and titling are critical to your success in the industry.
Get a free quote for financing your box truck today. The application process is simple, quick, and straightforward. We will only ask for a soft inquiry about your credit. There are no hard inquiries and no impact on your credit score.
GET APPROVED FOR $250K WITHIN 24 HOURS – APPLICATION ONLY!
GET A SAFE & SECURE QUOTE + GUARANTEED NO HARD INQUIRIES
Apply Now For Call (571) 544-6600
HOW TO GET A BOX TRUCK LEASE
Box truck financing differs from traditional vehicle financing or leasing. Conventional truck loans heavily depend on your credit score, business income, and time in the business to determine if they are suitable.
Box truck leasing is where the truck you choose to buy becomes the collateral. Helps limit the risk for the lender on the loan or lease of the truck.
Many factors will determine your box truck lease term, interest rates, and down payments. This complete list of the elements and requirements determining your financial eligibility.
#1 DETERMINE ELIGIBILITY – PREAPPROVED
Getting preapproved before you go box truck shopping is a good idea. Commercial Lending USA offers a fast and simple pre-approval process. A finance specialist will ask questions about your credit history and business history.
Most of our competitors conduct a hard credit inquiry. It isn’t suitable for your credit score. The pre-approval process will not harm your personal or business credit scores.
FACTORS TO DETERMINE ELIGIBILITY
- For the best Box Truck Financing Rates, a Credit Score: of 650 or Higher
- Time in Business with a CDL Licence – Preferable for 3+ years (But we can finance start-ups too!)
- The Down Payment Amount – What you can afford to pay for your box truck.
We understand the importance of keeping up-to-date equipment to maximize efficiency and comply with regulations. This is what drives growth and sustainability.
BOX TRICK FINANCING AND CREDIT
Your credit score plays a vital role in obtaining a new truck. Commercial drivers damage their credit scores by applying to every company promising them the truck they want.
This can lead to a lot of challenging inquiries in your report. Each tricky question can cost you approximately 10 points.
It is possible to be a risky applicant for financing through a dealer. Dealers will often give your information to any bank or company they believe will approve you when you “apply” for financing. Leads to unnecessary credit-damaging hard inquiries.
We want to make your business grow as much as possible. Commercial Lending USA gets you preapproved for truck finance with only a soft credit inquiry. You can view your rates online without committing to anything or causing damage to your credit.
We encourage you to become familiar with your credit score and the options available to you at your current rating before damaging it. Researching your options and making the right decisions for your business is essential. You can make the best decisions by being educated about credit and the process.
BREAKDOWN OF FICO SCORE RANGES
- 300-579 Abysmal scores considered. Credit applicants with scores in this range may have to pay higher fees or deposits.
- 580-669 Scores from the 580 mark up to the higher 600s as Fair credit scores. People with scores within this range to as subprime borrowers. This range includes 17% of the population.
- 670-739 This range can go to as “Good.” This score is good. Individuals with this high credit score have a lower chance of default. Statistics show that approximately 8% of applicants with Good credit scores will be seriously delinquent. This score is about 21%.
- 740-799 Lenders and banks will offer higher interest rates to those with scores in the range of Very Good. 25% of the population has a score within this range.
- 800-850: This is the highest credit score and is an exceptional credit score. Lenders offer the highest rates to those with credit scores above 800. Scores between 800 and 850 are the norm for around 21% of individuals.
Statistics show that most people have credit scores between 600 and 720.
WHAT IMPACTS YOUR CREDIT SCORE
- Payment history This tells you if your payments have been made on time or not.
- Credit utilization rates – The amount of credit you have available for your credit cards.
- Type, age, and amount of credit accounts. Lenders like diversity in your credit reports. A good credit score by having various credit cards, car loans, and mortgages.
- Total Debt Obligated – This shows how much you owe on loans and how much you owe on your cards.
- Bankruptcies and Child Support Due, Public Records Filing for bankruptcy or receiving large amounts of child support late will affect your credit score.
- Open New Credit Accounts. Too many accounts can damage your credit score. It can be detrimental if you have received too many credit cards or loans in the past 2 years.
- Hard inquiries – Your score will be affected by how many times a lender requests your credit information. These searches remain on your credit report for two years.
#2 FIND YOUR NEW BOX TRUCK
The fun part about box truck leasing is shopping for your big rig. A reputable commercial truck dealer is the best place to buy your used or new box truck.
(571) 544-6600. If you are unsure of the reputation of a box truck dealer in your local area, please give us a shout. We maintain a database of trusted dealers across the US.
- Make, Model, Year (Less Than 10+ Years)
- Mileage (less than 700k)
- It would help if you had a straight truck or box truck to fit your purpose.
- Condition Report
- Any major repairs that have one in the past.
- It is preferred to be sold by a dealer in box trucks.
- Serial Number of the truck.
- Is the truck brand new or used?
- Minimum 3 photos
You will need to use the truck as collateral to finance the loan. The lender can repossess the truck to recover the capital if you cannot repay the loan or lease.
You’ve found your truck and need financing? You’re great! Click here to start the process.
#3 FIND GOOD BOX TRUCK INSURANCE
Good insurance is required before you can get your truck lease approved. Commercial truck lenders will handle this.
As with everything else in life, you get what you pay. You don’t want your box truck or business to be uninsured, making them valuable assets you will have to pay for repairs and legal fees.
All box truck lenders require that you have the following coverage:
- Insurance coverage
- Protection from physical damage
- To protect your cargo and storage, you can get cargo and storage coverage
Lenders will not let you close the deal without the correct type of insurance for a truck. For any questions, please get in touch with your finance specialist. (571) 544-6600
#4 SUBMIT ALL DOCUMENTS TO GET FUNDED
After you’ve found a truck that meets all your requirements and has proper insurance, you can finalize your financing. For more information, contact your finance specialist.
The documents will be created and emailed to you for signature and review. Most documents can be signed electronically.
Most transactions are funded within 1-3 days. We offer a quick turnaround for getting you the truck that you need.
BOX TRUCK LEASING FAQ
How Do You Finance a Box Truck?
Commercial Lending USA(r) makes it easy. Our specialty is in truck financing. We offer many financing options for truck owners with excellent or bad credit. Get a no-obligation, free quote today. There are no complicated questions or adverse effects on your credit score. truck finance specialist. (571) 544-6600
How long can I finance a box truck?
When it comes to financing a box truck. Call us to find out the best terms for you. (571) 544-6600
What can I do to finance a box truck with bad credit?
Get a free quote today! There are no complicated questions or adverse effects on your credit score. (571) 544-6600
What will the interest rate be?
Rates can vary depending on many factors, including your credit score, business strengths, industry, equipment type and funding type, market trends, etc. Market conditions can cause rates to fluctuate. Commercial Lending USA has a vast network of funding partners that allows us to offer the best terms, rates, and payments in the market today for many industries. Rates range from 4.9% to 6.9% for those with excellent credit and who are qualified.
This financing method allows you to quickly calculate the rate of return on the equipment finance or working capital product.
What Credit Score Is Needed to Buy a Box Truck?
Commercial Lending USA has a solution for you. Our box truck financing specialist will find the right program for you regardless of your credit score. Contact us at (571) 544-6600 for more information.
