El Paso, TX (PRWEB) October 31, 2006
1st Commercial Credit is now a complete financial resource for the trucking industry. They provide truck financing to start-up operators and trucking companies with no financial history or that have been turned down by lenders due to less than perfect credit.
Demand for financing used trucks for first time buyers is increasing. Prospective buyers (with medium to low credit scores) and fast growing trucking companies (with sales histories that cannot justify increased borrowing) have created a market segment of their own. In recent years, many lenders have dropped out of the trucking business due to high default rates. This has left a financing void in the market. Although there are more lenders willing to finance small commercial trucks with regional travel of less than 300 miles, very few lenders are willing to take the risk with applicants who want financing for long-haul truck equipment.
According to Raul Esqueda (President of 1st Commercial Credit): "If you find a truck that you want, we can finance it for you. This new financial program is for borrowers who have been turned down by other lenders. We can accommodate low credit scores and previous bankruptcies. We can also approve renters (where other lenders will only approve home buyers). Our most important requirements are that applicants be current on substantial installment loans and have the ability to pay for the truck equipment."
1st Commercial Credit's truck-leasing program is not only for used truck dealerships. It is very appealing as an in-house financing program for independent trucking companies that need to retail their equipment.
In addition to Commercial Truck Financing, 1st Commercial Credit's core business is to provide freight bill factoring for trucking companies. The credit line authorized is based on the credit quality of the account debtor (customer that is billed) and not the client (seller or supplier).
If your business would benefit from a freight bill factoring program or a truck-financing program, contact 1st Commercial Credit at 1-800-450-9653