Truck financing help!

[Swmjason]

Greetings: Do you have any suggestions for commercial vehicle financing options? Currently, credit scores high 600's across all bureas, was low 700's until i recently appd and approved for 2 amex cards. Biz score: 161, D&B 40, ExpBz: 61. Asset Acquisition(s): Semi tractors : $60k each. I found two finance companies that would do 60LTV. With pre-payment penalties. In December of 2023; all bureaus will show perfect payment history (high 700's). Will recap with SBA loan at that time. However, in the mean time I have drivers ready to drive more trucks. Any reccomendations?

[Drifter73]

I'm guessing your contracts require tractors not older than 10years, judging by that $60k a pop?

I see used dealers in South Texas rolling out 01 to 08 models with sleepers for OTR (fleet maintenanced) in the $15k to $25k+ range. 

Alternately, there is the auction houses option for the 10yr 13 to 23 in the $25k+ range. But that can be a craps shoot. You never know what you're going to get, even after doing a pre-auction inspection.

With your recent credit activity it may be easier to acquire the older used rigs just to get some more wheels rolling, but if your contracts have minimum year stipulations, I guess that doesn't help.

[sccredit]

I'll give you some names that might look at this but preface this first - I don't know of any finance companies that would not have early payoff penalties on trucks.

North Mill Equipment Finance

Financial Pacific Leasing

Ascentiumn Capital