What are the Equipment Leasing Credit Guidelines?

General Guidelines

  • Application only up to $150K; up to $250K for stronger verticals and credit profiles; upon Credit Officer’s discretion.
  • Comparable credit >= 50% of request.
  • Lack of Comparable Credit or other perceived profile weaknesses mitigated with Bank Statements to $100K, Tax Returns or CPA prepared Audited/Reviewed Financial Statements to $150K.
  • Personal Guarantees are required for all business <10 years Time in Business or <25 employees or upon Credit Officer’s discretion.
  • Bankruptcies, both on personal and entity must be greater than 7 years since occurrence.
  • All deemed significant Suits, Liens and Judgments must be mitigated.
  • Startups considered; < 1 year Time in Business $25,000; < 2 years Time in Business $35,000.
  • Personal Guarantees are required with a FICO score >700 .
  • 30% Soft Cost Maximum.

General Transportation Guidelines

Class 8 OTR / Interstate

  • 5+ Years Time in Business / +5+ Trucks Registered with the DOT • Must have own Authority under Borrower name, cannot be leased with another company.
  • Residential based entities must present CDL on owner and provide a commercial garaging location
  • FICO scores of 690+, 5+ open tradelines, 8+ total tradelines and 5+ years trade depth established.

Light Duty and Medium Duty

  • FICO 640+ considered

Used Equipment Guidelines

  • <10 years old. May consider older equipment if there is evidence of satisfactory condition useful life and current fair market value.
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