How We Work With Truckers With Bad Credit

Financing a semi truck is hard for truckers with bad credit. Here’s a video that explains how we help those that have had trouble in the past.

Check it out:

Video Transcription

OK. Our second video on our blog. I appreciate you for checking back and welcome to Capital Solutions. By the way, I was told that in my first video, I seemed really uptight and nervous. So they were right, I am nervous. This is kind of a trip being on video, but that’s OK, I’m going to try to lighten up. What we’re going to talk about on this video is the type of credit we do, and how we get around it. Capital Solutions is a financing company that specializes in providing commercial truck financing for people with with bad credit. We don’t have a minimum credit score. We’re not credit driven. What we do is get collateral, in addition to what you’re buying, in order to get around the bad credit. Some of the things, and I’ll go into that, here in a second. Some of the credit problems that we can work around are number one, bankruptcies. If you’ve had a previous bankruptcy, we can get around it. Even if you’re currently in a bankruptcy, theoretically, if the trustee and the bankruptcy cooperates, we can still work with you. If you’ve had past repossessions, we want the story: what happened. If it makes sense, and we have other strengths, which again I will go into here in a second, we can work around that too. Tax liens. If you’ve had tax liens in the past, we can work with you. In some cases, even if they’re still open, we can still, in some cases work around them, OK? Unfortunately in this economy we’ve got to throw in foreclosures here. If you’ve had foreclosures in the past, we can work around that, too. How do we do it? How do we get around those credit problems? And the answer to that is additional collateral. If you have some kind of additional collateral that you can put up, then we can get around those issues that I mentioned. What types of collateral do we take? They can be other commercial trucks, that are free and clear. We can also take heavy equipment. Yellow iron, excavators, backhoes, that sort of thing, or other types of heavy equipment. We get a lot of people that are offering equity in real estate. If you have real estate with lots of equity in it, then we can put a lien on that property and act as the additional collateral until you pay the truck off. If you do not have any of this collateral that I’m speaking of, you can bring in a co-signer and a co-signer can put up collateral for you, and we can do it that way. So, as long as we’ve got collateral on transaction, we can get around pretty much any credit issue. Sometimes people will ask, “Well, why do you need the additional collateral?” The answer to that is real easy. Because your credit’s bad, OK? So we need something else that you can bring to the table, that can get around that. But on a more professional reason is this. A lender needs to lend on strength. 90% of time, that’s on a credit score. So if you score a 780 and you’ve been in business for 2 years, you can get financing out there, OK, that’s good. But if you don’t have that kind of stuff, in order to attract the capital to the lending markets, you need some kind of other strength to bring to the table. That used to be where you could bring in a co-signer and they could do it. But with the economy the way it is, credit is becoming less of an issue, so we fall back on that additional collateral, so that’s why we get it. That’s our program and if you have questions, if it sounds like it would be something to help you or if you want more information, visit our website. It should be on this screen, somewhere around me. It’s capitalsolutionsonline.net. Come on in and just check it out, look around and if you have any questions out phone number is on there. Give us a call. Maybe we could help you or somebody that you know get the financing that you all need.