For an Asset Based Loan, Small Business Loans Depot offers an Asset Based Loan with high approval rates and very high pre-qualification rates. There are many types of assets that businesses have they can use for an Asset based loan. Businesses can use receivables, real estate, some types of equipment as assets for capital. Complete the Secure DocuSign >>30 Second Application Now. , or Full App.
Or Call us at Tel: 1-919-771-4177, or Question?
Many business in the past have been frustrated with conventional financing and have never understood why they are turned down for financing when they have significant sales or equipment. Small business loans depot is in agreement and can provide your business an Asset Based Loan today! Does your business have Assets? Then we can get you money in a easily and efficiently.
– Qualifying for this Asset Based Loan will result in obtaining up to $500,000
in working capital.
– The process is fast and easy with minimal paperwork in most cases.
– Tough transactions are done routinely
– Low amounts such as $7,500 and up are considered.
– No requests for “up front” money or “up front” application fees.
– Just a 1 page application is all that is needed.
This Asset Based Loan provides major tax savings which compare to the powerful home mortgage deduction. Write off the entire payment, not just the interest.
This Asset Based Loan allows a business to do something banks won’t do. Take the money that is sitting idle in equipment and use it instead to generate revenue. Businesses use cash as a starting point for many of their activities which eventually result in revenue. Don’t let cash sit in assets!
The types of equipment which can be used vary greatly. Our Asset Based Loan program allows for Computer Electronic equipment, including desktops, laptops and servers, industrial equipment and machinery, such as drill presses, brake shears, CNC milling machines. Equipment with a value as low as $1,000 can be included in the transaction.
Credit scores for this Asset Based Loan start at 500 for some programs and 600 for some additional programs. The higher the credit score, the more funding that can be obtained.
Total funding for our Asset Based Loan program will typically total no more than $150,000 though it can be higher. The stronger the company’s sales, amount of assets and equipment, credit and time in business, the more that will be funded to your business. If a business can qualify for a maximum of $50K and needs more, Small Business Loans Depot can do a 2nd funding part under an additional program which allows a business to get $100K, $150K or $200K.
Call to Today, Toll Free at: 855-787-1113 to put cash into your business quickly and easily!
Sample of recent Asset Base Loan transaction:
A business consulting firm with 3 years in business and modest business credit needed a $20K Asset Based Loan. They submitted the application. Upon approval in approximately 48 hours, documents were E-Mailed to the customer. The customer returned the original documents overnight.
Upon receipt a final verbal verification was completed per telephone. The transaction funding and funds were wired to the customer within 3 business days.
What are advantages this type loan over other loans? There are several advantages, as follows:
– An asset based loan, in general, tends to be approved for a higher amount than other small business loans, especially compared to unsecured loans.
-These loans also, in general, require far less paperwork
– There are many more options for this type of a loan due to the simple fact that there are many types of assets. Unsecured is basically just one type of loan
1. Running out of Money. Running out of money is probably the main reason for going out of business. There are different circumstances under which businesses run out of money. The business is going through a slow period. Revenues have been low since the business opened.
3. Too much debt and overhead. The owners or the business itself may have too much debt and overhead to deal with. They can’t handle it and go out of business.
4. Insufficient starting capital. Many businesses never really had enough capital to start. Often there are problems after opening. This is followed by the business not having enough capital to overcome them.
5. Unable to get financing or enough financing. Many businesses need working capital or other types of business financing after starting. Some of these needs are critical. If they cannot get the financing needed for equipment or short term working capital, the business may not survive.
6. Not enough back up capital or emergency capital. Business owners have liquid assets and net worth. If the business needs more working capital than
7. Bad Employees. This is usually employees that are bad performers with low quality work and low production. Some employees are out sick on leave a lot.
8. Bad Marketing and Sales. Some businesses have owners with expertise in certain areas. They may have technical but not sales and customer service. These other areas can be crucial to the survival of the business.
9. Inflexible ownership. This is resistance to change or new ideas. Many business owners have aggressive take charge personalities. This is often what drives them to accomplishing starting a business. It can hurt some business owners significantly. Many business owners are not open to new ideas or alternatives different than the ones they believe in. They are often very resistant to criticism.
10. Market changes. Businesses need to keep up with what is happening in their industry and stay up. Some businesses show poor awareness to market trends and changes.
11. Not keeping track of competition. Businesses that do not keep track of what the competition is doing may be left behind. Competitors may introduce new products, programs and incentives.
Don’t let your business get turned down for any of these top 6 business loan decline reasons.
1. Derogatory Personal Credit
Poor, damaged, or delinquent personal credit of the owner is the main reason for being turned down for a business loan. Most businesses are less than 35 employees and the personal credit of the owner is usually part of the credit review. If the personal credit score of the owner is low, there are some steps that might be taken to minimize the impact to avoid defaults and the bank calling the loan due and payable in full.
Short term Solutions:
Research different business loan products before applying. Try to apply for business loan products that have less scrutiny of the owner’s personal credit. Talk to the lender first and find out how much of an impact personal credit has on their business loan product.
If there are multiple owners of a business and one owner has better credit, the owner with the better credit should be the first applicant. If the owner with the better credit is over 50% owner, the application may be approved without the other owner. This may prevent a decline for weak credit.
1. Longer term solutions:
Get a copy of your personal credit report and look for errors. You can dispute them with the credit bureau and your credit score will go up. Any derogatory items close to 7 years old may be on the verge of dropping off your report. If you have limited credit, this may be a time to consider what new accounts you can add to your credit bureau to make it stronger.
2. Derogatory Business Credit
Businesses can have derogatory business credit. This derogatory business credit may appear on a business credit report. Examples are State Tax liens, Federal Tax Liens, Suits and Judgements, Past Due Accounts and Collections.
Get a copy of your business credit report through Dun & Bradstreet and before applying for a business loan. Contact the business credit agencies and dispute incorrect information. The credit agencies will remove information they cannot verify as correct.
3. Insufficient Cash Flow
The lender believes that the business does not have enough recent cash flow to handle the new debt. A Profit and Loss statement showing a negative net income may cause a decline. Overdrafts and NSF’s happen because of poor or insufficient cash flow.
How to avoid this denial reason:
If your business is declined for this reason, contact the lender to discuss it. There may be alternative solutions. Your business might be approved for a lower amount. This can include a starter line that lenders offer just to get the relationship started. Lenders sometimes do this with borderline decline instances. They want to take a small risk hoping that the borrower will develop into a good long term customer. Weak financial statements.
Financial statements are still required for many types of business loans. If a companies financial statements are weak and show a low net income, decreasing revenues, or other weaknesses, it can easily cause a decline.
How to avoid this decline reason:
4. Insufficient Collateral
Some loan products are asset based but the collateral must be satisfactory or the business loan will be declined. This decline reason happens often when a bigger business loan is needed. Lenders will just not issue many unsecured approvals for higher amounts. Real estate backed loans, accounts receivables financing and equipment loans require acceptable collateral. Even if the customer has excellent credit and time in business, if the assets do not have enough value or other conditions are not here, they may be declined.
5. Time in Business
The time in business requirement varies from one business loan to another and as much as 2 years or more may be required. Ask the lender if there is a time in business requirement. If there is, ask if it a hard and fast rule. For some lenders, if the applicant has other strengths in their profile, it may override the time in business requirement and be approved. Less than 6 months time in business is difficult to approve. Brand new businesses with less than 3 months sales have very limited, if any, options.
Some lenders will decline a business just for being in a certain industry. Often business still apply because they don’t know the lender won’t loan to their industry. This is an easy decline to avoid. Put this in the list of questions to ask a lender before applying. For example, do you lend to my type of business? Sometimes lenders have preferred industries that they lend to.
FAQ Frequently asked Questions on top 6 business loan decline reasons
What are the main reasons businesses get declined for loans?
The top reasons businesses get rejected for loans are bad personal credit, net income or sales are too low, not enough collateral, short time in business, industry type, and unacceptable business tax returns or financial statements.
What can our business do after being declined for a loan?
Ask what the main decline reasons were. If it was for credit, ask for any credit bureau and business credit scores the lender has and the scores the lender wanted. For cash flow, collateral or financial information declines, find out the minimum requirements and when you can re-apply.
What can we do after being denied for low cash flow with strong sales?
The lender calculated that based on their criteria, your business does not have enough cash flow after expenses to safely pay their new debt. If your business is about to payoff any current debt or has recent increasing sales, then let the lender know. They may reverse their decision or approve a lower amount.
Some lenders have industries that the do not considered favored industries. They may consider your industry as challenged or place it in a more difficult to loan to internal category. Ask the lender: Is my industry a preferred industry you lend to?
How to correct the business loan decline
Not all of these 6 top business loan decline reasons have to be corrected. Some cannot be corrected. The steps that should be taken are on a case by case basis. Every company has different hurdles to being approved for a business loan.
Using some of the tips above and your business can overcome many of these top 6 business loan decline reasons and get critical business capital.
In summary, the top 6 business loan decline reasons are:
Derogatory personal credit
Derogatory business credit
Insufficient cash flow
Time in Business
In addition to charge offs, missed payments are considered derogatory business credit. The SBA is another resource available to assist small businesses in all industries prepare for a loan. They offer a 30 minute video session on how to prepare a business loan package.
Should you worry about all your decline reasons? What are other steps you can take? There are other considerations besides these top 6 business loan decline reasons. For example, declines for key financial ratios such as debt to income and also declining revenues.
as a result, businesses may get loan terms they don’t want and should consider Additional action steps in addition to the top 6 business loan decline reasons.
Not getting straightforward information when applying for a business loan? Business owners are often told they are approved only to find out they are not. They are surprised they must pay significant fees at closing they were not told about upfront. Get ethical business loans through credible, honest and upfront information.
Contact us and our representatives will work with you as your business advocate, not a salesperson trying to sell you a product. Get full and thorough information from representatives with integrity to put you on the path that is best for your business, not best for their business. Complete the secure DocuSign 15 Second Application now.
Or call us at Tel: 1-919-771-4177, or Question?
You will be given a fair assessment of your businesses’ chances for approval, the cost and charges. The strengths of your profile will be discussed, along with any weakness or obstacles to approval. You will be receive help in the same manner if you hired a paid consulting company that is working for you, not someone else.
Loan programs include:
– Business Loans based on the Gross Sales of your business
– Business Lines of Credit
– Asset based loans, such as loans against Tractor Trailers, Construction equipment
and Accounts Receivables.
– Financing to obtain equipment
– We specialize in difficult to approve customers. Difficult to approved business loans
because of credit, time in business, low revenues.
Get a free full consulting session with your business advocate.
Our consultants work much differently than tell you which products are available and push you to apply. We will discuss what your situation is and what are you trying to accomplish. We will ask you basic facts about your business to determine all the realistic and attainable options. By doing this, you will only be talking about products that are the best match for your business. Then we will discuss their features and benefits. You can then decide which of the options will work best for your business. You will not be pushed into any product. With this method, you can get a business loan through a legitimate and impartial manner. An authentic, true, reliable and objective assessment will be made. An ethical business loan is what your business deserves.
You will get clear information upfront. You will get detailed information and what you are told and expecting. We build trust and trustworthiness by working as your business advocate. Get an honest business loan for your business.
For other broad loan options and business assistance, check with the SBA. Useful business information such as business plans and specialized programs is available.
Start your business on the right track today. Thank you for visiting our ethical business loan page.
Ethical business loan resources:
Assistance is available in many cities to help you with your business based on the Region you are in.
Used Car Dealer Loans and used car dealer financing.
Loan for used car dealer up to $1,000,000.
Used car dealer loans of up to $1,000,000 can now be obtained fast. Terms available from 3 months to 120 months. Low credit scores under 500 and tax liens can be worked with. 3 Months or more in business.
What types of used car dealer loans can I get?
Used car dealers and new car dealerships now have fast business loan options. Programs are available. No financials or Tax returns are required.
Steps your used car dealership can take to get a used car dealer loan.
Search and identify lenders that have used car dealer loan programs and offer used car dealer loans.
For a used car dealership lot that has more than $10,000 per month in revenue and bank deposits, then it may pre-qualify for a business loan or other types of business financing. Short time in business less than 1 year can qualify.
Select the program that is the best match for your business and profile, such as revenue, time in business, and credit.
Call the lender and ask for details on approval requirements.
If your business meets the requirements, then apply. Submit any information that will help your application.
If an offer is made for business financing, review the terms. If you want to close the transaction, gather all closing stipulations and close the transaction.
Buy here pay car dealers have always had difficulty securing business loans and rarely get financed by banks. Now they can use financing based on the cash flow of their dealership to get business loans fast. They need to make several deposits per month and keep at least $3,000 average daily balance in their business checking account.
New car dealer loans
New car dealers can also get financing using their revenues. The process is also fast and easy. Just a few business days for financing and a one page application.
Callers request a used car dealer loan, a loan for a used car dealer or a business loan for a car dealer.
Other requests include loans for a new car dealer, and loans for car dealers.
Callers this week have requested loans for a used car dealer and a business loan for a used car dealer. Other callers have requested used car dealer financing and financing for used car dealers. Our most recent customer specifically requested financing for a used car dealer. The most basic requests are car dealer loans and used car dealer loans.
Representatives service the following cities in the Western Region and can be contacted.
Consultants in the following cities can be called to schedule a same day appointment
Kentucky, Virginia, Washington, D.C., and West Virginia: In Alexandria, VA and Arlington, VA. Chesapeake, VA and in Hampton, VA. Huntington, WV and also in Kenner, VA and Lexington, KY. Louisville, KY as well as Lynchburg, Virginia. Newport News, VA and in Norfolk, VA. Petersburg, VA and also in Portsmouth, Virginia. Richmond, VA and Roanoke, Virginia. In Suffolk, Virginia and also Virginia Beach, VA.
North Carolina, South Carolina:
In Anderson, SC and Asheville, NC. Cary, North Carolina and also in Chapel Hill, NC. Charleston, SC and in Charlotte, NC. Chattanooga, TN as well as Columbia, SC. Concord, NC and Davidson, TN. Dunn, NC, Durham, NC and Fayetteville, NC. Franklin, TN, Gastonia, NC. as also in Greensboro, NC. Greenville, SC, Henderson, NC as well as Hickory, NC. High Point, NC, Kingsport, TN and Knoxville, TN. In Maudlin, SC, Memphis, TN and also Morristown, TN. Murfreesboro, TN, Myrtle Beach, SC and Nashville, TN. North Charleston, South Carolina as well as Raleigh, NC. Sanford, NC, Lenoir City, TN and in Shelbyville, TN. Spartanburg, SC, Wilmington, North Carolina and Winston-Salem, NC.
In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. In Jupiter, FL, Fort Myers, FL as well as Ft. Lauderdale, FL. Hialeah, FL, Jacksonville, FL and Lakeland, FL. Melbourne, FL, Miami, FL and Ocala, FL. Pensacola, FL, Kissimmee, FL as well as Naples, FL. Orlando, FL, Ormond Beach, FL and also in Palatka, FL. In Palm Bay, FL, Pensacola, FL and also Port St. Lucie, FL. Saint Petersburg, FL, Sanford, FL and Tallahassee, FL. In Tampa, FL, West Palm Beach, FL as well as Winter Haven, FL.
Alabama, Georgia, and Mississippi:
In Atlanta, GA, Augusta, GA and Birmingham, AL. Gulfport, MS, Hoover, AL and also Huntsville, AL. Jackson, MS, Mobile, AL as well as Montgomery, AL. Savannah, GA, St. Mary’s GA and also in Talladega, AL.
Arkansas and Louisiana:
In Baton Rouge, LA and Fayetteville, AR. Forrest City, AR, Lafayette, LA and Little Rock, AR. Metairie, LA and New Orleans, Louisiana. Baton Rouge, Louisiana, Shreveport, Louisiana and also Lafayette, Louisiana.
Oklahoma and Texas:
In Arlington, TX and Austin, TX. Bartlesville, OK, Beaumont, TX and in Corpus Christi, TX. Dallas, TX, Edinburg, TX and in El Paso, TX. Ft. Worth, TX, Houston, TX as well as Killeen, TX. Lafayette, LA, Mission, TX and Muskogee, OK. Oklahoma City, OK, McAllen, TX and also in New Braunfels, TX. Round Rock, TX, San Antonio, TX, as well as Shawnee, OK. Sugarland, TX, and The Woodlands, TX as well as Tulsa, OK.
Representatives in the following Midwest cities can be contacted:
Illinois, Indiana, Wisconsin:
In Anderson, IN, Carmel, IN, and Aurora, Illinois. Chicago, Illinois, Elgin, Illinois as well as Rockford, Illinois. Joliet, Illinois, Lee’s Summit, Missouri and in Naperville, Illinois. Springfield, Illinois, Peoria, Illinois and also in Elgin, Illinois. Waukegan, Illinois, Cicero Town, Illinois as well as Champaign, Illinois. Bloomington, Illinois, Decatur, Illinois and Eau Claire, WI. Fort Wayne, IN, Gary, IN and in Indianapolis, IN. Madison, WI, Milwaukee, WI and Naperville, IL. Green Bay, Wisconsin, Kenosha, Wisconsin, and Peoria, IL. Racine, WI, Springfield, IL and also Waukesha, WI.
Michigan and Ohio:
In Akron, OH, Ann Arbor, MI and Canton, OH. Cincinnati, OH, Cleveland, OH and also Columbus, OH. Dayton, OH, Dearborn, MI and in Detroit, MI. Flint, MI, Grand Rapids, MI as well as Marion, OH. Maysville, OH, Muskegon, MI and Parma, Ohio. Toledo, OH, Wilmington, OH, Wyoming, MI and also Youngstown, OH.
Kansas, Nebraska, North Dakota and South Dakota:
In Council Bluffs, NE and Kansas City, MO. Lawrence, KS, Omaha, NE as well as Wichita, KS.
Iowa, Minnesota, and Missouri:
In Bloomington, MN and Columbia, MO. Davenport, IA, and also Des Moines, IA. Duluth, MN and also Independence, Missouri. Kansas City, Missouri and Minneapolis, MN. Overland Park, MO as well as Rochester, Minnesota. Springfield, MO, St. Charles, MO as well as St. Joseph, MO. Springfield, Missouri and St. Louis, Missouri. St. Paul, Minnesota and St. Cloud, MN.
In Albany, NY, Batavia, NY and Buffalo, NY. Cheektowaga, NY, New York City, NY as well as Niagara Falls, NY. Rochester, NY, Schenectady, NY, Seneca Falls, NY and Syracuse, NY.Maine, Vermont, New Hampshire and Massachusetts:
In Bangor, ME and Boston, MA. Burlington, VT, Cambridge, MA and Concord, NH. Montpelier, VT, Newton, MA as well as Portland, ME. Providence, MA and Springfield, MA. In Warwick, MA as well as Worcester, MA.
Pennsylvania, Maryland and Delaware:
In Allentown, PA and Baltimore, MD. Bethlehem, PA, Columbia, MD and Dover, DE. Harrisburg, PA, Lancaster, PA and in Lansing, MI. Lebanon, PA, Manchester, PA as well as New Castle, PA. Philadelphia, PA, Pittsburgh, PA and also Reading, PA. In Salisbury, MD, Scranton, PA and Towson, MD. In Weirton, PA, Wilmington, DE and also in York, PA.
Connecticut, New Jersey and Rhode Island:
In Bridgeport, CT and Camden, NJ. Hartford, CT, Jersey City, NJ as well as Milford, CT. New Haven, CT, New London, CT and Newark, NJ. Norwalk, CT and Norwich, CT. Providence, RI, Stamford, CT and also in Trenton, NJ.
Thank you for visiting our used car dealer resource page again soon.
How are we different? We will first discuss your business in detail. Your future business goals and needs will then be reviewed. From that, the business loan products that are the best fit and can be approved will be discussed. We stay with you through the entire loan process.
500 and lower credit scores can be approved. Tax liens, short time in business accepted. $5,000 to $500,000. Short and long term loans. 3 months to 120 months. Fast turn around. Same day responses in most cases. Short 1 page application. Fast and easy process.
We will help you get an LGBT business loan fast through this program.
LGBT business owners sometimes encounter discrimination in the loan process. Our loans avoid these problems. There is full and equal access to business loans for the lgbt community. We discuss the specific needs of each business owner in detail. We help them determine the product that best fits their business now.
We work with and volunteer extra professional assistance to the community. There are many requests. Callers call in asking for gay friendly business loans.
Business Loan for Gay and LGBT businesses questions:
Are some of these lgbt friendly business loans programs specifically for the LGBT Community? No. These loan programs have been reviewed to insure they are friendly to the Gay and LGBT business community. All customers are welcome as well.
Business loans for Gay and LGBT Businesses Resources:
The best and safe options to consolidate merchant cash advances. Many businesses have multiple mca merchant cash advances by stacking cash advances. Get immediate relief to lower their daily and weekly payments.
A regular consolidation and reverse consolidation will improve your cash flow up to 50% or more for some programs. Apply below now!
How to get a merchant cash advance consolidation:
Calculate how much you can afford to pay per day, week and month compared
to what you are paying now.
Research and contact companies that offer consolidation programs that match your business needs and daily budget.
Review the qualification requirements and choose from programs that you have the best chance to qualify for.
Do not get another mca merchant cash advance during the term of the consolidation.
FAQ Frequently asked questions on merchant cash advance consolidation.
How much can I save with a consolidation?
Your business can lower the daily or weekly payments between 25% and 50%. Some programs can lower payments as much as 75% and convert them into weekly or monthly payments.
How does the consolidation work?
A merchant cash advance consolidation is usually one large loan used to payoff several smaller cash advances. The goal is to lower total daily payments by extending the term, lowering the rate, or both. Some programs are structured differently or give you a longer term to payoff the current debt while others have a shorter term.
How do we qualify?
If you can pay the new consolidation amount while not paying the others, then your cash flow can qualify. It should be 30 days since your most recent advance closed and you should be current on the advances you have now. Lenders want to know your business has been able to pay the most recent advance before a consolidation request is approved.
How can I get the best terms?
Apply for the longest term program available. If you have several advances now then the best terms will be the consolidation that has the longest term. The longest term means your payment is lowered the most.
How does a reverse consolidation work?
A reverse consolidation covers the payments on your existing advances while you make a much lower payment on the reverse. During the term of the consolidation, your other advances drop off one by one until you only have the consolidation payment left.
How we can help
Your business may be in a position where it must extend out the term of current advances. We can assist in paying off 2, 3 or 4 other advances and lowing your payment as much as 50% or more.
Funding can be advanced to allow your business to consolidate merchant cash advances into 1 loan.
Tips on how to get approved for a cash advance consolidation:
– Keep paying all your current advances on time before applying for a consolidation.
– Wait until 30 days after the most recent cash advance to apply for a consolidation. Most consolidation requests be declined if a business took out it’s most recent
advance in the last 30 days. Lenders want to see how a business is paying it’s most recent debt before it agrees to approve a consolidation application.
– Don’t have more than 5 overdrafts or 5 NSF’s per month.
– No net funding requirement.
– Any number of positions consolidated.
There are daily, weekly, bi-weekly, and monthly repayment options for several consolidation options and loans.
We try to tie payment frequency to your deposit volume. In consolidations, the main things at are looked at are:
The repayment history on current advances.
– If we are materially cheaper, and if your business has been able to pay your existing higher cost advances with minimal NSFs, we will aggressively pursue a consolidation.
– Deposit volume and consistency are reviewed. If deposits vary significantly from month to month, we will typically look at the lowest month when calculating an amount to offer. Up to 1.25 times your deposits with a 6 to 12 month term are offered.
– (NSF) insufficient funds and overdraft frequency are looked at.
Other features and products:
1. Advances are available in almost all states EXCEPT California. Term loans are available.
2. Your future consolidation advance acts like more of a line of credit than a typical advance — a merchant can request additional capital at anytime from us. We will quickly re-underwrite it with no fee and offer additional funds and keep your scheduled payment the same.
You do not have to pay off our advance with us in order to get more capital. This holds true if your business requests more capital after one month, or after six months. Your business saves money at renewal. Your business will not pay interest on interest if you renew for premium programs.
– No origination or underwriting fees unless three or more advances are consolidated. Then those fees are still lower, $250 to consolidate 3 to 4 advances, $500 to $750 for 5 or more advances). No NSF fees or other junk fees are charged.
– The maximum initial advance or loan is $100,000.
– This is first position funding only. This funding can be the only funding following a consolidation. A standard line of credit, credit card split loan, traditional bank loan.
– SBA loan, car loan, student loans and home loans can be left in place.
– Daily, weekly, bi-weekly, and monthly payment options are available.
Your business may need help creating a business plan. The SBA can also assist with ideas and programs to develop a business plan.
Program # 1: Business funding based on the assets of the business. If the business has over $10,000 per month in sales, they may be able to get a business loan based on their sales.
Commercial real estate with equity can also be used to payoff the open tax lien. At closing the tax lien is paid off from the proceeds of the loan. Another option is to use business equipment. Get capital based on business equipment. Use the funds to payoff the tax lien. These options can also be used to pay a tax lien that has a payment plan and also tax extension deadline balances.
Business loans with an IRS payment plan
There are several business loans that can be obtained for a business with an IRS tax lien that has a payment plan. A business can use the revenues of the business or the hard assets of the business. This can be Real Estate or Equipment.
Business loans without a payment arrangement with the IRs.
A business that has a tax lien without a repayment plan can be financed. Businesses needing immediate help can now quickly use their revenues or assets to get working capital or a business loan. The process is fast and easy. Up to 5 to 10 business days and just a one page application.
Finally, other sources of information related to tax liens may be found at the SBA small business administration site.
FAQ on business and open tax liens
What is an open tax lien?
An open tax lien is a lien that has been filed by the irs or state government against a person or business that does not yet have a payment plan approved for repayment.
Can I get a business loan with a tax lien on my credit bureau?
There are several business loan options for businesses with a tax lien or open tax lien that are usually paid off at closing. Options are based on assets such as real estate or equipment as well as on cash flow.
Do I need an offer in compromise from the IRS before I can get a business loan?
A formal oic is usually, but not always needed. Real estate or equipment backed transactions may allow for payoffs of irs or state liens at closing. Smaller tax liens may not require an offer in compromise to close a business loan.
How do I know if I have a tax lien against me or my business?
Registered letters are sent by the IRS and state when liens are filed against you or your business. It will also appear on your credit bureau and against real estate you own. The county real estate office will have a record of liens against property.
Should I pay a tax lien if it has already been filed and damaged my credit?
Most lenders will not approve a personal or business loan with an active tax lien. Companies and vendors you do business with may be reluctant to enter into a contract with one on your credit file. The IRS also has the power to seize any of your assets without notice.
Get money on your semi-trailer, dump truck or business vehicle now!
If your business has big rigs and needs capital, it can get a loan against tractor trailers, semi trucks, and any business or commercial vehicle. Even 1 semi trailer truck can be enough to get capital. Loan amounts starting as low as 2,000 and up.
There are several loan programs and resources available in the marketplace to get semi-trailer truck financing. Credit scores can be lower under this program. Credit scores of the owner can be below 500. The truck or semi-truck has to be free and clear collateral.
How to get a loan on a semi truck trailer, big rig or business vehicle: How to steps, direction, and tips:
Estimated Cost: $0
Total Time: 1 Day
Supplies Needed: Semi truck trailer or business vehicle, title, picture of semi truck and odometer. Time available.
Tools needed: Internet connection, phone, computer
Step 1: Preparation
Research companies that offer loans against semi trucks or big rig 18 wheelers. Search for programs that best match your business need for the amount needed, the value of your semi rigs, and credit.
Step 2: Have your information on your big rig semi trucks ready to go. Have a list of the value of your vehicles.
Tip: Start the process a few days before needing funding. You may need to get together information you were not expecting to get.
Remember that regular business vehicles such as vans may also qualify.
Information on the trucks you will need includes manufacturer, year, model number, title, a picture of the odometer and a couple of
pictures of your truck.
Step 3: Settle on the top 2 or 3 programs that best matches the value of the semi trucks you have and the amount you need.
Contact qualifying companies and ask about their approval requirements.
Tell the lender the basic information on the trucks and try to find out what your chances of approval are. Also ask if you can be pre qualified.
Step 4: Submit an application
Apply with the program that can most likely get your business a loan against your semi trucks based on the conversations you had with the lender and review of their criteria. Complete an application for funding and provide the supporting items such as copy of the title, pictures and odometer reading.
Step 5: Review approval offers
After approval, review all closing terms and conditions. Make sure you can provide required closing items. Complete transaction and receive funding.
If you were declined, contact the lender and try to find out why. Try to find out if you are able to do anything to get the decision reversed and get approved. If you cannot get approved, then go back to the other lenders you looked at during your search. Ask if the reason for your decline will be a decline reason for them. If not, then consider applying with one of the other lenders.
FAQ on how to get a loan on a semi-trailer, truck or business vehicle
Can I get money against my semi-trailer?
Yes. Your paid off semi-trailer, tractor-trailer, big rig, 18 wheeler, dump truck or business vehicle can qualify. You have to prove ownership of the vehicle and have the title. It must be in your possession or in the shop. For smaller cars and trucks, the business name should be listed on the vehicle and used mostly for business.
How much can I get?
You can get about 40% to 50% of the retail value. This is close to the wholesale or auction value. You can also use the Truck as collateral to make it easier to get financing to buy another rig.
Can I get money against my broken down semi-trailer to pay for repairs?
Yes, you can get money against a semi-trailer and other vehicle types in the shop to pay for repairs. The shop will be paid directly to get your big rig back on the road asap. If the repair cost is less than the loan, then you will get the difference paid to you in cash.
Recent Customer requests
Last week the owner of a single rig trucking company called and said his truck went down and was in the shop. The customer needed $6,700 for repairs and his credit score was mid 500’s. He wanted to get funds against his Semi-Truck. The truck has a value of approximately $25,000. He still owed about $16,000 on it and as a result, we referred him to another loan product because the semi-truck has to be free and clear.
A company should make up a list and provide it to the lender to get a loan against 18-wheelers. Offering multiple trucks is also another way to get more money. The trucks normally have to be free and clear. The terms the customer can get are usually attractive because they are not short term and the collateral is valuable, so the lenders will give more attractive rates. The customer can get a decision within one business day and closed within a week.
Click on the contact link and get more information.
Loan amounts are based on roughly 2 to 1 collateral and also on the wholesale value. Businesses with 2 semi-trucks worth $100,000 for example, will get an offer in the $40,000 to $50,000 range.
Online resources include an interest calculator. Customers can type in the loan amount, the number of months and the monthly payment to find out the interest rate.
For example, on a loan for $100,000 for 60 months with a payment of $2,163, the interest rate calculates to 10.77% and a total repay of $129,780.
Additional collateral is not required. If a company obtains this loan, a site inspection is normally done by the lender. The customer pays for a site inspection. Another Tip: The trucks have to be accessible and in working order. A UCC filing is placed with the department of motor vehicles in the state the business resides in.
Thank your for visiting our loan against tractor trailer page. The success of your business is our goal.
Do you need help getting a business loan? If you and your business has experienced going to traditional banks or alternative lenders and not fitting into one of their programs we have some options and free counseling. Find solutions, learn and understand which programs are best to help getting a business loan for your business.
Options for help getting a business loan include options based on assets such as equipment assets, and based on just the sales of your business.
We will discuss your company’s particular situation and needs. We will help you determine what the best funding options are for your business. Once that is identified, we will help you get together any paperwork you need for that program and get you started.
Most businesses have the easiest time qualifying for either the loan against assets or loan using bank statements.
Many businesses that have been denied financing due to either unacceptable credit, collateral or financial statements have complained that if they have significant sales, so why can’t they get funding against their sales? We agree. We have assistance programs that provide help “getting a business loan” through just your company’s revenues or equipment. The funding functions similar to a business line of credit. The approval is based mostly on the business’s total monthly deposits, average daily balance and time in business.
We will provide help getting a business loan by assisting your business with the processing. Just provide your most recent 3 months complete business checking account statements and a short one page mini-app. Other ease of program include:
Fast and easy processing
No financial statements to provide
Easy personal credit and time in business requirements
Quick funding through a wire into the business checking account
within one to two business days.
Approvals are up to 125% of the total monthly deposits. If a business deposits $50,000 per month, the business may qualify for up to $62,500. The amount they will qualify for will depend further on the time in business and average daily balance. Terms are between
3 and 18 months, while most approvals are for 6 and 9 months. The customer can borrow and repay repeatedly. Once the customer pays the original balance down to about 40% of the original balance, they can borrow against the line again. The best way for help getting a business loan is to get the assistance of an experienced representative. Early payoff is limited and the customer will not get much of a discount.
We need to talk about time in business. The business only needs to be operating for 9 months, though any time in business more than 2 years means you will have more of a chance of being approved and increase the approval amount. All other things equal, a business that has been in business for 3 years will get higher approvals than a business that has been in business for
only 6 months.
There are more choices for help getting a business loan through the loan against assets program. A business can get working capital using either their computer electronic equipment, machinery, industrial equipment, construction equipment, dental equipment or medical equipment. Loan sizes are from $10,000 to $250,000, with just an application only for most cases up to $40,000. The business just provides a one page application and equipment list. Up to 75% of the current value of the equipment can be obtained.
Terms are 24, 36, 48, or 60 months. There are early payoff options, although they are not favorable or give a large discount for early payoff. The funding is set up either as a lease or an equipment finance agreement. Leases are designed to provide the biggest deductions but are not the best for early payoff.
Sample transaction in which a business received help getting a business loan.
Sparks Engineering needs $50,000 in working capital. They complete a one page application and equipment list. The list includes technical equipment such as measuring instruments as well as computer equipment, including Servers, technical engineering software and hardware.
Their bank statements show they are depositing an average of $60,000 per month. They are approved for $30,000 on a loan based on bank statements and $30,000 on a loan against their equipment. The $30,000 loan based on bank statements is for 9 months. The loan against equipment can be done for 24 to 60 months. Sparks Engineering does not want to have the entire $50,000 financed for only 9 months because the monthly repayment would be too high. They decide to take $20,000 with a 9 month term and $30,000 with a 36 month term.
Both sets of documents are E-Mailed to the customer. They complete and return the docs. After the docs are checked for accuracy, a decisionlogic bank verification and final verbal verification is completed with the customer. Once the customer confirms the transaction, funds are wired into their account within 24 to 48 hours.
Most frequent Requests:
– I need a business loan.
– Get me a business loan.
– Help me get a business loan.
Some customers call in, skip the questions, and just ask us to do consolidate advances. All of these requests fall into the same MCA consolidation relief product.
Question: How much of a loan can we get?
Answer: The amount depends mostly on the amount of your business’s sales, the amount of equipment the business has, the time in business, and the credit.
“Credit Inquiries” has been a topic of much conversation and concern in recent years. The following is current information you should know about credit inquiries you cannot avoid.
Do not try to avoid virtually all credit inquiries. A growing number of people do not want any, or virtually any credit inquiries to be pulled on them even if they are applying for credit. They tell lenders that they want to be considered for the financing without their credit being pulled. There are “credit inquires you cannot avoid”.
This is not feasible or realistic, especially if the request is in the name of an individual. In most of these cases, these request are in the name of a small business and the owner wants the request to stand in the name of the business by itself without their name.
If a business has less than 35 employees, in most cases the lender requires the owner’s credit to be reviewed. Complete the Secure DocuSign >>15 Second Application now.<<
Or call us at Tel: 1-919-771-4177, or Question?
Virtually no lenders will decide your loan request with a consumer obtained bureau. Consumers can contact credit reporting agencies as well as outside vendors that provide bureaus and get all 3 credit reports. These reports are not the same reports that lenders obtain. Consumer reports are formatted differently and are simpler than the lender’s report. The consumer version often provides more written explanation and sometimes less numerical detail. Consumers will sometimes take these reports and tell the lenders that they want the lenders to use their consumer obtained reports rather than what the lenders use. However, the lender’s version is usually more current than the consumer’s version. The consumer version may be two or three weeks old. The lender feels that the consumer’s version may not reflect items on the bureau that may have happened within those most recent two or three weeks.
There are many outside vendors that provide intermediate party credit reports. Lenders are not, and should not be expected to know whether those vendors provide updated and satisfactory information. Lenders are not obligated to use those reports. As a result, consumers should not expect to avoid credit inquires by demanding that lenders use their consumer credit report version.
Thank your for visiting our credit inquiries you cannot avoid resource page!