Complete application and provide the last three months business bank statements.
If approved, submit required closing information and close transaction
Small Business Loans Depot offers a loan using bank statements through the company’s Gross Sales. Every company has sales, so almost all companies can qualify.
Many callers call in and request a “loan using bank statements” or a “business loan using bank statements”. Get started on this financing today. Provide the most recent 3 months business checking account statements and 1 page application.
Our Loan using Bank Statements can be used by a business to get up to $250,000 working capital, and as much as $500,000 in some cases.
A customer can get a renewal of their original funding at 50% paid down.
The funding can be used for any purpose the business needs.
Applying is fast and easy and the entire process takes approximately 3 to 7 business days.
Ask about our Flex payment or Flexible payment product because the payments are variable and not fixed. United States and Canadian companies only.
A business is approved for $25,000 with a 6 month term and a $100 daily payment. With other programs, the business has to repay $100 every business day even if sales are slow or if sales are higher than normal.
With the Flex payment program, if the customer’s deposits drop 25% one day, then the daily debit is $75. If the deposits increase 50%, then the daily debit is $125. This program has a great advantage for customers. If their sales are slow, they won’t have a higher burden to make the payment. When their sales increase, they will still have the same percentage taken out and repay the funding sooner.
A business can get up to 125% of it’s monthly deposits with this program. The customer’s beginning bank statement balances, ending balances, amount of monthly deposits and also average daily balances are looked at to determine the approval amount and terms. The repayment term is between 2-18 months.
Customers with more than one active business checking account with significant balances should use the account with the highest amount of deposits. The minimum time in business is 4 months for the start up program. Your business should provide it’s first 3 months statements to try to qualify for the start up program.
– Just 4 Deposits per month required in many cases.
– No Site inspection for qualifying deals.
What is required to submit for an approval?
– Most recent 3 months complete business checking account statements
– Signed and dated application.
What is required for closing?
– Copy of voided check. Specifically, this is a copy of a voided business check.
– Copy of driver’s license.
– Landlord contact information.
– Other requirements may apply.
Required to pre-qualify or qualify:
– Signed and dated application from at least 50% of company ownership.
– Last three months complete business bank statements from the main business
– For amounts over $150,000: The most recent six months complete business bank statements and the 1st page of the most recent business tax return.
Required for Loan Contracts to be sent:
– Clear copy of driver’s license.
– Copy of a voided business check off of the approved account.
– Valid E-Mail address for the owners of the company.
– Federal Tax ID number, or TIN.
– Other requirements may apply.
Other business bank statement loan customer benefits:
– Renewals and renewal options often begin at 40% pay down of balance.
– No standard site inspection is performed or required for many customers.
– Bankruptcies older than 1 Year are usually acceptable.
– Only 50% ownership needed in some cases.
If a customer’s sales increase in the 6 months to year after the line is established, the line size may be increased very significantly due to both the increase in revenues and satisfactory repayment.
Other issues for the Loan using Bank Statements program include average balances, amount of deposits per month, number of deposits per month, beginning balances, ending balances, and overdrafts and NSF’s.
Question: How much time does the process take and how long does it take to receive the funding?
Answer: The decision process takes approximately 24 to 72 hours. The customer receives the loan documents the same day or the next day. Once the customer returns the completed documents via Fax or overnight, the loan documents are reviewed. Once the accuracy of the documents are confirmed, a verbal verification is done with the customer and funds are wired to the customer with in 24 to 48 hours. The entire process takes about 5 to 8 business days.
Thank your for visiting our Loan using Bank Statements resource page!
With a loan against equipment a business can get working capital. In a loan on equipment or vehicles, the owner keeps the equipment or vehicles and retains ownership when it is paid off. This asset based option is often used as one way to get a large business loan.
Qualifying equipment includes many types of construction and industrial equipment, business and commercial business vehicles. This includes tractor trailers, big rigs, commercial vehicles and semi -trucks. Low credit scores down to 500 and below may qualify. Complete the secure app below to get funding now.
Tools needed: Internet connection, phone, computer
How to get a loan against equipment
1. Prepare your asset list.
Make a list of the free and clear equipment assets your business owns. Include description, manufacturer, year, and model numbers.
2. Have your asset list ready to provide.
Tip: Available programs lend up to a maximum of 60% on qualifying assets and must be free and clear. Eligible equipment is very restricted.
Search for Lenders that specialize in loans against equipment. Most lenders only lend against 2 or 3 equipment types. These include construction equipment, dump trucks, and tractor trailers. Maximum age limits are common.
3. Contact the lenders that provide loans on the free and clear equipment you have
Ask about the approval and closing requirements. Find out what assets are accepted and what percent of the value can be loaned against. Also ask about credit scores, documentation required, and time to close. Settle on the program that is the best match for your business compared to the requirements.
How to Tip:
Provide the lender your asset information. Ask if they can review your asset list and pre-qualify you based on the value.
4. Complete an application
Provide any income verification and asset information you have when applying. Pictures and copies of any titles front and back are advised.
5. Close Transaction
Review any approval terms and conditions. A site inspection paid by the borrower may be required as well as proof of purchase and ownership. If you are declined, contact the lender to find out if you can cure the decline reasons and obtain an approval.
Once you are ready to close, request documents and finish the paperwork. Complete all closing items required and receive funding.
FAQ Frequently asked questions on a loan against equipment or vehicles.
What is a loan against equipment?
A loan on equipment lets businesses use the equipment or vehicles they own outright to qualify for a business loan. Borrowers can get a loan against construction equipment as well as tractor trailers and semi-trucks. Other qualifying assets include business vehicles and some types of machinery. The approval process is usually one or two days and the collateral stays on your property.
How much can I get?
You can get up to 60% against the current retail value of qualifying pieces. If your equipment has higher than market value, then provide documentation to prove the value from upgrades or customization.
How do put a value on the pieces?
Asset value data is used for each equipment type. The prices of comparable pieces on sale through industry leading vendors and suppliers may be used.
How old can my assets be?
Most trucks can be up to 8 years old. More than 8 years can still be funded with reduced approvals. Construction pieces and machinery can be older depending on the type, manufacturer, model and age.
Do I need to have proof of ownership?
Proof of ownership will be needed. Title, registration or bill of sale can be used for proof of ownership. Proof of purchase may also be needed and can be a paid invoice, loan or lease payoff letter, or bank proof of payment.
Can you take trucks or cars as collateral?
Free and clear trucks or cars including big rigs, semi trucks, OTR over the road tractor trailers, dump trucks, and vans may be used as security. Standard trailers such as big tex and gooseneck can be pledged. Cars, trucks and passenger vehicles may qualify if they are used partially for business.
Cnc milling machines, 18-wheelers, rigs, tractor trailers qualify. Machine tools may also bring significant working capital.
Construction equipment such as front end loaders, bobcats, skid steers, bulldozers, ditch witches, woodworking equipment, semi trucks, 18 wheelers, tractor trailers may also qualify.
Your business makes money by using equipment rather than owning it. Get the unused cash in your equipment and use it for cash flow in your business.
Submit the one page loan against equipment application and also the equipment list . Decisions are usually made in 1 day. Funding happens within five business days. $150,000 total funding is available.
Tell us the type of loan you are looking for. Callers ask for different types of loans. Some ask for a loan against construction equipment. Others ask for a loan on equipment using their construction assets. Some callers request a loan on machinery.
Underwriting reviews the age and condition of the equipment. Complete the equipment list. Use the most valuable and newest equipment on hand. Older equipment may qualify. This includes trucks and tractors. Through this loan against equipment, loans against a tractor-trailer is approved. It is also called a loan against an 18 wheeler as well as a loan against semi-trailer truck. Other products are a loan against a big rig, and loan against a semi truck.
Top 3 equipment types to get a business loan on or against
1 OTR Over the road trucks 2012 and newer
2 Construction Equipment or yellow iron
3 Dump trucks
Top 7 vehicles to get a business loan against:
1 Commercial Vehicles
2 OTR Over the road trailers
3 Big Rigs
4 Semi Trucks
5 Dump Trucks
The following are examples of equipment and vehicles that can qualify under the program!
1. Cat 314ELCR
2. Cat TL943
3. Doosan DX 300LL-5
4. Ford F250XL and Ford F350XL
5. Ford F450
6. John Deere 225DLC
7. Kenworth T370
Representatives service the following cities in the Western Region and can be contacted.
Alaska, Hawaii and California
In Anaheim, CA and Anchorage, AK. Bakersfield, CA and also in Carlsbad, CA. Chula Vista and also Fontana, CA. Fremont, CA and in Fresno, CA. Hayward, CA and Honolulu HI. Irvine, CA and in Madera, CA. Modesto, CA and also Merced, CA. Oakland, CA and in Ontario, CA. Oxnard, CA and Riverside, CA. Roseville, CA and Francisco, CA. San Jose, CA and also San Diego, CA. Santa Ana, CA and in Santa Clara, CA. Santa Rosa, CA and Sacramento, CA. Salinas, CA and in San Bernardino, CA. In Santa Barbara, CA and also Santa Maria, CA. Sunnyvale, CA and in Stockton, CA. Thousand Oaks, CA and Vallejo, CA. Ventura, CA and also in Visalia, CA.
Representatives in the following cities may also be contacted:
Nevada, Oregon and Washington:
In Bellevue, Washington and Eugene, OR. Everett, WA and in Henderson, NV. Kent, Washington in addition to Las Vegas, NV. Olympia, WA and also Portland. Reno, NV and Seattle, WA. Olympia, WA and in Paradise, NV. Portland, OR in Renton, Washington. Salem, OR and in Seattle, WA. Sparks, NV as well as Spokane, WA. Tacoma, WA, Vancouver, Washington and Yakima, Washington.
Arizona and Utah:
Albuquerque, AZ and Avondale, AZ. Chandler, AZ and in Flagstaff, AZ. Gilbert, AZ and in Glendale, AZ. Goodyear, AZ and also Mesa, AZ. Nogales, AZ as well as Ogden, UT. Phoenix, AZ and in Peoria, AZ. Provo, UT and Scottsdale, AZ. Salt Lake City, UT and also Scottsdale, AZ. Surprise, AZ and also in Tempe, Arizona. Tucson, AZ, Yuma, AZ and San Tan Valley, AZ.
Colorado, Idaho, Montana, New Mexico and Wyoming:
In Albuquerque, NM, Aurora, CO. Boise, ID and in Cheyenne, WY. Colorado Springs, CO as well as Denver, CO. Helena, MT and Lakewood, CO as well as Santa Fe, NM.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. Also 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,
Arkansas and Louisiana:
Also 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 for working capital against equipment:
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.
Visit the SBA. for more information on how assets can also be used in business loans and personal loans.
Thank you for visiting our loan against equipment resource page.