If you have a 500 FICO score and and an inconsistent income, the days of being able to finance your own semi truck are over
Chicago, IL (PRWEB) November 09, 2012
SemiTruckSource.com, a website owned and operated by commercial lending firm Clopton Capital, believes that positive changes have been made to the semi truck financing marketplace, but they are announcing that these changes will have casualties in the form of less truckers being able to purchase their own rig. In 2011, Clopton Capital was able to procure semi truck financing offers for over 90% of their applicants, and today they believe this percentage may only be half of that. “We had a great relationship with a Georgia-based financial institution that has went completely bankrupt with no ability to restructure as a result of the significant number of defaults and the near impossibility to recover many of the rigs financed”, said Jake Clopton, the founder of Clopton Capital.
Despite the various pitfalls, Clopton Capital intends to continue offering semi truck financing services, but they want to make the atmosphere surrounding these types of commercial loans apparent to potential clients in the future. “If you have a 500 FICO score and and an inconsistent income, the days of being able to finance your own semi truck are over”, said Matt Reed, an associate of Clopton Capital.
The firm does however want to mention that semi trucks are still in abundant supply and variety and that with the right credit and credentials, an experience trucker can still get a competitive trucking loan.
For more information on Clopton Capital's semi truck financing services, visit CloptonCapital.com/semitruckfinancing.html.