The oil industry in the United States has been a booming source of country revenue for decades. In the latest statistical report, the U.S. Energy Information Administration stated that U.S. crude oil production had increased 1 million b/d. The latter increases marks the largest annual increase in U.S. history. With this increase in oil production and use, the question of transportation has grown increasingly relevant. That’s where we come in.
Since 1925 Tiger General LLC has been building Swab Master Swab Rigs, Winch Bed and Winch Tractors, Vacuum Water Trucks, Double Drum Work Over rigs, and specialty truck bodies and equipment. If it has to do with the oil field industry, then we build, sell, and offer maintenance that is “Rock Solid.” As an 89 year old company, we have seen the United States’ economy rise and fall with certain political affiliations. As such, we believe that if one of our fellow oilmen is in need of a commercial truck, then who are we to deny them of their work purchase? Here, at Tiger General, we offer commercial truck financing for bad credit.
Commercial Truck Financing Options
So, you have a bad line of credit and you want to purchase a commercial truck; what do you do? If the economic times have been tough on your credit line, we are here to help with various financing options.
- Collateral Based Approach. Some financing companies utilize a collateral based approach when providing deals to potential customers. This type of approach relies less on credit and can help you to overcome: low credit scores, prior bankruptcies, past repossessions, or high debt to income rations. To negate the harmful effects of bad credit, finance companies will add additional equity to the deal. Assets can be established from: heavy equipment, equity in real estate, half-down payments, or using a cosigner.
- Buying Used vs. New. While many of us would love to purchase a new commercial truck, this option is not always a reality. Bad credit can often prevent people from growing their business through the purchase of a commercial truck. Luckily, purchasing a used truck is often a viable solution. If you have bad credit, you may be asked to pay a down-payment that is half of the initial purchase price. Since used trucks tend to be less expensive, it is often easier to make this type of down-payment.
- Leverage Your Current or Future Contracts. Financing companies advance finance to those applicants who have a sufficient cash flow to service their debt. By showing steady cash flow, your current and future contracts can help to negate the affects of a bad credit line.
- Past References. Has your company ever financed a commercial truck before? If the answer is yes, then forward letters from any of your past creditors. These letters will show that you have previously made payments on a timely basis.
- Explain Your Past Credit Issues. If you have ever experience repossession or bankruptcy, you should prepare a detailed explanation on why the event occurred. By putting this blemish into the best light, you have a better chance of receiving financing approval.
Tiger General LLC is proud to sell used and new commercial trucks to our oil field counterparts. If you have a history of bad credit, we can still help you purchase an exceptional commercial truck.