Conventional limousine, limousine bus, shuttle bus, coach bus, new and used, lending and leasing is still obtainable in today’s financial markets with limousine repos for sale if conventional leasing isn’t obtained. In this article we are going to address qualifications that need to be met in order to be accepted for commercial transportation financing in these tough economic times.
In today’s market, many financial institutions have either run out of money to lend or must exterminate their off lease inventories to create working capital. Additionally, some lenders are no longer in business due to these strenuous economic times.
This economic calamity has affected everyone including banks and lenders.
Here are the following requirements for the applicants to be approved for conventional limousine, limo, shuttle and coach bus financing.
Credit scores must be 650 or higher, time in business must exceed two years, two years prior years business and personal income tax returns are mandatory . The summary page of your last three months business bank statements are obligatory. It is a big plus that your 2009 books are thorough and they show a profit.
It is critical to maks sure that your 2009 financial statements are accurate, review them cautiously prior to submission. Banks are seeking for profitable operations.
Also, banks need a sales invoice requiring detail specs on the commercial transortation limousine and/or bus including seller information
If you don’t qualify for the above standards , there are commercial limousine and bus repos for sale that the bank will relax their credit standards for. This could be a large program for start up commercial transportation businesses and ones that don’t qualify for conventional lending
In these difficult economic era, there is still conventional financing available for the qualified applicant. There are some transportaton conventional lending that fall below 650 but they are rare.
Happy hunting for your limousine, limousine bus, shuttle and coach bus acquisItion and its related financing..