Tricon Leasing is a private financial institution that is primarily based in Newark, Delaware, United States. That said, the company and its services are not solely available for the state's residents. Tricon Leasing also offers its services to various other companies based across various states in the USA as well.
Furthermore, the company also has an international presence and provides financial services to companies located in Canada, the Caribbean and many other countries across the globe.
As a company with such a vast reach, one would normally expect Tricon Leasing to be a big daunting firm. However, that image is far from the truth. Interestingly, the company is relatively small in size and only has around 51-200 employees.
However, it's worth mentioning that it is part of a conglomerate known as the Tricon Leasing Capital Corporation. The corporation itself has been operating for more than 20 years. Therefore, one should not mistake the company's small size for inexperience or a lack of capacity.
Tricon Leasing works by the belief that equipment financing should be made easier for small business owners. The company also supports businesses that have already achieved success but are now planning on expanding their business. In addition to that, the company appreciates and supports business leaders who are progressive and thoughtful in their approaches. To be able to support them, Tricon Leasing offers capital funding of up to $30 MM to help turn their ideas into successful realities.
The finance company deals with a variety of loans and leases to help business owners start businesses and further help them prosper and flourish. The company offers services loans and leases in the form of TRICON equipment leases and commercial loans. They also provide users with short-term bridge financing and sales leaseback.
Similarly, they help support various businesses and are not limited to just one sector. Their programs are this wide in range because the team at Tricon Lease wanted to make their programs useful for any business that effectively wants to achieve a financial advantage. As a result, the company's programs are also very mainstream and have easy implementation.
As mentioned, Tricon Leasing provides financial options for a large range of sectors. Business owners operating within these sectors can help promote and grow their businesses by utilizing the best choice possible for their particular business at that time. The company provides these owners with the options of truck and trailer financing, heavy equipment financing and purchase order financing.
It also provides financial services such as invoice factoring, equipment for buses and other modes of transportation, and construction equipment for various sectors.
The greatest aspect of the financial operations of Tricon Lease is that the company works on a model that offers no money down financing. This financial relaxation means that the money down financing on all your transactions will amount to zero. The option to not have to put down payment is a huge relief for individuals looking to start a new business or take any risks in their current one.
The company understands the present-day market and how important it is for businesses to stay competitive. Therefore, Tricon Leasing provides the best possible financing options to those who choose it.
“Tricon Leasing works by the belief that equipment financing should be made easier for small business owners”
Who Should Apply for Commercial Truck Financing with Tricon Leasing?
Tricon Leasing is a great option to go for when it comes to commercial truck financing. These loans are beneficial for people looking to venture into the trucking industry. Such loans allow individuals to buy vehicles to start their business without forcing them to spend all their money on just the truck.
However, even applying for such loans can be a great hassle. Most finance companies and banks have extensive application processes. You are not considered eligible for the loan until you've undergone the entire process.
On the other hand, at Tricon Leasing, the loan is very manageable. Compared to other companies, the application process at Tricon Leasing is faster and more efficient. Your truck financing application can take less than 5 minutes to be filled out and, at times, less than 8 hours to be approved.
So, applying for financial services with Tricon Leasing is a great option for those who don't want to deal with the unnecessary hassle of excruciatingly long, tiring application processes.
However, you might be wondering who is eligible to apply for commercial truck financing with Tricon Leasing. The simple answer is almost anyone. The company prides itself on being on the truckers' side. As a result, it has extremely lenient approval policies, and almost anyone interested in starting a trucking business can get a good sum of financing for it.
This company is great for businesses that are just starting out and have no prior experience in the industry. Tricon Leasing can provide such businesses with the financial support they need to establish themselves. The company is easily able to provide such businesses with the financial support of up to $50,000. However, the only condition is that the owners of the business need to have a personal credit score that ranges from good to decent.
That being said, bad credit scores are not a dead-end when it comes to availing monetary support from the company. Individuals and proprietorships that have a record containing bad credit, or even one of bankruptcy, can still apply at Tricon Leasing to obtain financial resources for their business in the commercial truck sector. Though, a major drawback in this scenario is that a down payment may be required.
Furthermore, Tricon Leasing is also an attractive option for those businesses that need a large sum of money to support their business. Tricon Leasing can approve deals that amount up to $100,000 for such companies. The best part about this is that the company does not require any previous financial data on tax return information when approving such deals for businesses that have been around for some time now.
As a result, Tricon Leasing is counted among some of the best options out there for all kinds of businesses looking for commercial truck financing. The company's financing policies also cater to businesses that are just starting out, those that have been around for a while, and even businesses and business owners who have faulty financial records.
Furthermore, the company is also remarkable because it can provide its users with loans and leases that amount to a good sum of money. The company has a wide range of financial options and services that it provides and caters to a very diverse consumer base with different financial needs and histories.
That's why Tricon Leasing is a great option for almost anyone who wants to apply for commercial truck financing, with a likely chance of loan or lease approval, without having to go through rough and tedious application processes.
“Compared to other companies, the application process at Tricon Leasing is faster and more efficient”
How Do You Qualify for Tricon Leasing Commercial Truck Financing?
As mentioned previously, Tricon Leasing is quite lenient with its policies when it comes to handing out loans and leases to truckers. The company is able to hand out easy and quick financing approval for businesses in the transportation industry. However, they do have certain requirements that need to be met.
For instance, a basic criterion that all business owners applying for financial services need to be fulfilled is that the truck in question cannot be more than 7 years old. Furthermore, the truck must also have a travel history of fewer than 500,000 miles.
Other than these two basic requirements for the truck, the criteria vary from case to case and are able to accommodate almost everyone. A big reason behind this is that not a lot of emphasis is laid upon the financial history of the business owners, such as their credit score and tax return.
The company provides some options for the loans and leases one can avail. However, all these financial services have different criteria. The company provides a total of four options that users can avail, and all of them have separate requirements for eligibility that need to be met. All the options and their criteria are given below:
Option 1 has the highest eligibility criteria. It requires a stellar credit score and a long professional history. That's because option number 1 requires that the business owner's credit score be more than 700. Furthermore, their company has to be operating in the business for more than 12 years. By meeting these criteria, one can be approved for 3 months of banking with Tricon Leasing.
To be able to avail of this option as well, one needs to look at their credit score and how long they have been operating in the commercial trucking industry. This option provides the approved user with 3 months of banking with Tricon Leasing. However, there's a cap, and the banking limit is $50,000.
To qualify for this option, the applicant must have a credit score of more than 650 and should have been operating in the business for at least 3 months. In this case, homeownership can be considered a plus point as well.
This option is the one that is utilized by businesses that are just starting out in the commercial trucking business. As a result, being a start-up company is one of the requirements that need to be met for someone to utilize this option. The other requirement is that the owner should have a credit score of more than 700. Homeownership is a plus point in this case as well.
If one fulfills all these requirements, then they are granted up to $35,000 by Tricon Lease.
This last option is for those who don't have a good credit score. A bad credit score in terms of company policies means that the individual has a low credit score of less than 630. Tricon Lease can guarantee a financial approval of up to $55,000 in such a case.
However, the user has to pay a submission fee of $395. Such transactions are also approved after a 15 to 35% down payment. The purpose behind these changes is to make up for the higher risk valuation. Furthermore, they are necessary to provide the client with a fresh start by helping them re-establish good credit reporting.
If a client's application is rejected for any reason, then they will get a full refund of the payment. However, a processing fee of $197.50 will be subtracted.
It is obvious from the downward progress of options that they greatly depend upon the individual's credit score and the amount of time they have spent in the trucking business. The better your credit score and the longer your experience, the more likely is the chance of you getting a better deal.
Tricon Leasing Loan Application Process
The loan application process at Tricon is extremely easy and doesn't take up much time at all. You can request an application by calling on the company's toll-free number. However, the company also has the option of an online application that takes less than 5 minutes to fill.
The online application is divided into a total of 9 subsections, of which 7 need to be filled. The subsections and the information required within them are as follows:
- Vendor/Equipment Seller: The first part of the online application consists of the vendor or equipment seller's information. This includes basic information such as name, phone number, address, city, state, ZIP code and the contact person.
- Lessee/Applicant: The second part is of the information pertaining to the lessee or applicant. This section is also very similar to the one described above. However, there are some minor differences, such as this section asking for the amount of time spent in business, the applicant's email address and the FID number.
- Officer/Owners(s): The third and the longest section of the application is about information relating to the officer or the owner(s). Despite being the most extensive section in the entire application form, it is still not too lengthy and takes only a few minutes to fill completely. Most information is similar to what has been discussed before, such as name, phone number, address, city, state, ZIP code. The additional required information consists of your social security number and the percentage of business ownership you have.
- Hauling Reference (Company who pays you): The next section that needs to be filled in the application process is the hauling reference section related to the company that pays the applicant. This section consists of items like name, contact person, phone number, how long the individual and the company have been affiliated with each other, and the gross pay accounted for in dollars.
- Financing Term: After this comes the subsection of financing terms that contain questions relating to the equipment an individual is interested in leasing, its pricing, and the purchase options for the lease. This subsection also collects data on how long the individual wants the lease term to be. Lastly, a subjective question asking why this equipment is needed has to be answered.
- Disclosure Statement: Next comes the subsection of the disclosure statement. The statement reveals that the company or individual submitting this application for financing to Tricon Leasing Capital Corp. agrees that the same permission is extended out to the corporation's affiliates, assigns, and baking interests. Furthermore, by agreeing to sign this disclosure, one consents that if the corporation or any of the other parties mentioned above need to view the individual's or the business's personal or banking credit, they have the right to.
This subsection containing the disclosure needs to be filled with information such as company applicant, signer, title and the date.
- Security Check: The next section that needs to be filled is the security check, one that only requires the applicant to correctly answer a simple mathematical question.
Other application sections contain the banking subsection and the low credit score subsection.
- Banking: The banking section conveys information about how if the business has been functioning for more than 3 months, then its bank statements and additional references will be required as part of the application process. The purpose of this information will be financial assessment. It will help the company verify the correct corporate name and help it judge whether the bank account has been handled in a satisfactory manner.
- Low Credit Score: The section for low credit scores relays the same information that has been discussed previously. Applicants applying with a credit score lower than 630 will have to pay a submission fee of $395 due to higher risk valuation. Furthermore, the transaction will be approved with a 15 to 35% down payment. This payment will help the client get a fresh start and re-establish good credit reporting. If for any reason, the application gets rejected, then the applicant will get a complete refund minus the $197.50, which serves as the processing fee.
After the application has been correctly understood and filled, it can then be submitted using the submit button at the bottom of the application page.
The application process at Tricon Leasing is very easy and streamlined. The online form even helps you complete a lot of the information once you have given some general data. Furthermore, the process is also very convenient because of its speed. If all the conditions are met, the applicant can receive a loan grant in 8 hours or even less time. Due to the policies set in place by the company, it is also very unlikely that they reject a loan or lease.
However, if an application is rejected, the company allows a free resubmission of it. Furthermore, you can also cancel any approval you are dissatisfied with.
According to the company's term of use, they look out for four factors when it comes to approving loan applications.
The first factor is a hauling reference, as this will assure the company that the truck will have work immediately. The second factor is a bank reference of the past 3 months. This should be provided in the form of a banking statement summary page. The third element is the quotation or invoice on the piece(s) of equipment that one wants. Lastly, the company looks into the applicant's credit score and evaluates them.
“The loan application process at Tricon is extremely easy and doesn't take up much time at all”
Tricon Leasing Commercial Truck Financing Interest Rates
Generally speaking, interest rates for commercial truck loans are very wide in range. This variation in the percentage of interest charged is because the amount of interest charged on a truck loan is based on various factors. These may include the condition of the truck. For example, used trucks have a different percentage of interest charged on them, while new ones have a comparatively higher interest rate.
Furthermore, the individual's credit score also plays a big part in determining the amount of interest they will have to pay on a truck loan. Other than that, the individual's financial health and the lender they approach also affect the amount of interest they will end up paying on loan.
All that said, we cannot clearly state what the interest rate for commercial truck financing at Tricon Leasing is. The reason behind it is the fact that nothing about interest rates has been mentioned on their official website.
However, assuming how truck loan interests vary from situation to situation and how the company provides so many financial plans to its clients, it is not hard to assume that the interest rates for commercial truck financing at the corporation also vary from one case to another.
If you want to know more about the interest rate policies for commercial truck financing at Tricon Leasing, then you can contact them on their toll-free number or email them with your queries at their official email address. You can also visit their official website to do your own research on the company and find the answers to any more questions that you might have.