Urgent Solution for a New Customer’s Prime Mover Purchase
A new customer recently approached us with an urgent need to purchase a Prime Mover to replace a truck in their fleet that was destroyed in a fire.
The main challenge was that the client had only been operating as an owner-driver for six months, making it difficult to qualify under our No Doc / Low Doc policy. We faced limitations in verifying their business income, both in terms of future projections and historical data.
Despite these challenges, we decided to base our approval on six months of business bank statements provided by the client. This allowed us to approve the full amount of $181,000. Additionally, we secured collateral over an unencumbered motor vehicle owned by the client.
This solution was a great outcome for the client, who urgently needed a replacement Prime Mover to continue fulfilling contracts with their partners. It showcases our flexible credit matrix and our ability to cater to the unique needs of transport operators looking for a finance company willing to think creatively.
KEY POINTS:
Limited trading history
Client required urgent outcome
Customer maintained work commitments
Flexible credit matrix
WHY WAIT?
See if you Qualify for Online Pre-Approval up to $500K without affecting your credit score.
