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| Client 1 |
| Credit score: |
609 |
| Homeowner: |
Yes |
| Equipment: |
$30,000 for a 2004 Kenworth W900L |
| Security Deposit: |
$4,500 |
| Collateral: |
1996 Kenworth W900 |
| Value of Collateral: |
$26,000 - owned free and clear |
| Details: |
Client had an existing trucking business and saw an opportunity to add another truck into his business. However, due to the nature of the cash flow problems inherent in the trucking business, the client had a number of slow pays on his record. He was able to obtain financing by putting down a 15% security deposit and using their current truck as additional collateral. |
| Client 2 |
| Credit score: |
554 |
| Homeowner: |
Yes |
| Equipment: |
$22,000 for a 2005 Peterbilt 357 |
| Security Deposit: |
None |
| Collateral: |
Real property - family home in Indiana |
| Value of Collateral: |
$80,000 |
| Details: |
Client was a truck driver with over 25 years of trucking experience. After a few years as a company driver, the client was looking to become an owner-operator again. Client was able to obtain financing with nothing down in light of the fact that he put up his real property as additioanl collateral. The equity in the property was sufficient to obtain an approval even though they could not get a mortgage from their local bank. |
| Client 3 |
| Credit score: |
523 |
| Homeowner: |
Yes |
| Equipment: |
$12,000 for an engine overhaul |
| Security Deposit: |
none |
| Collateral: |
2012 Freightliner |
| Value of Collateral: |
25,000 |
| Details: |
Client purchased the Freightliner through a lease purchase program with a company he used to drive for. After noticing some recent problems with the truck, client was notified by a repair shop that he need an overhaul on the truck's Detroit engine. However, due to the nature of the cash flow problems inherent in the trucking business, the client was unable to fund the entirety of the repairs. Client was able to obtain funding towards the repair using their truck as collateral in addition to allocating from their maintenance fund. |
| Client 4 |
| Credit score: |
495 |
| Homeowner: |
Yes |
| Equipment: |
25,000 for a New Holland skidsteer |
| Security Deposit: |
$5,000 |
| Collateral: |
2004 Mack dump truck |
| Value of Collateral: |
$25,000 |
| Details: |
Due to a medical problem a few years ago involving his wife, client had a number of past medical due accounts and 1 judgment against him on his credit. However, he had been working in the construction and excavation business for a longer, lived in his home for more than 12 years and in the interview came across as a stable and responsible person. | |