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Much like all other components of your business, purchasing a commercial vehicle is an investment. It takes time, knowledge and devotion. We understand that as a business owner maintaining the day-to-day operations and keeping your business running smoothly is a top priority. To assist with the process of purchasing a vehicle, here are some answers to commonly asked questions.
How does personal vehicle financing differ from commercial vehicle financing?
The primary difference between personal vehicle loans and commercial vehicle loans lies in the underwriting process. Since a business is involved, the underwriting for vehicle loans typically includes a few more steps. Outside of the underwriting, the process for financing is essentially the same.
What are the qualifications for financial commercial vehicles?
In order to finance commercial vehicles from FORUM, you must be in business for a minimum of two years, maintain a credit score of at least 680 and have a maximum debt ratio of 50 percent. Additionally, your company must be profitable with a positive equity position.
How long will it take to get my vehicle financed?
Once FORUM has all of your information, the turnaround time for financing a vehicle is rather quick. We use the Current Retail Pricing matrix for Commercial Vehicle Financing and we typically provide businesses with closing documents and a check within 48 hours.
How can I streamline this process?
Speak to a Commercial Group representative and provide all of your financial information upfront. Informing your representative of all pertinent information will help FORUM determine how much your business can afford and allow you to shop confidently.
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