Brahma Lending and Leasing comprises highly-skilled, experienced, and certified financial professionals. This team helps the customers find the best solution for their financial needs. The Brahma Lending and Leasing team works by the motto that if you can get the money, then the company will help you get it.
The team at Brahma Lending and Leasing finances all sorts of equipment as long as they relate to the applicant's business. The company is a great option for anyone seeking commercial truck financing as the company offers to finance all sorts of trucks, trailers, and other heavy equipment. Furthermore, the company even finances obscure equipment that other companies might hesitate from financing.
The company also offers to finance other industries and businesses such as construction mining, medical equipment, oil and gas equipment, church equipment, heavy industrial equipment, construction equipment, and other miscellaneous businesses interested in acquiring financing from Brahma Lending and Leasing.
Who Should Apply for Commercial Truck Financing with Brahma Lending and Leasing?
Brahma Lending and Leasing is a great option for anyone looking for commercial truck financing. The company caters to many customers having all sorts of financial statuses. Therefore, the company is a great financing option for anyone with a damaged credit score.
The company is also great for those who want to collaborate with a company that can provide them with affordable rates and terms and guides them on how to efficiently deal with processes like registrations, warranties, titling, and insurance.
The team at Brahma Lending and Leasing is a great option for most commercial truck business owners due to its financing range. The company's financing programs range from $10,000 to $250,000 for small ticket items. The company also provides middle market and large ticket financing of up to $500,000.
“At Brahma Lending and Leasing, the company also approves loans for applicants with a bad credit score”
How Do You Qualify for Brahma Lending and Leasing Commercial Truck Financing?
Different financing companies have different criteria when it comes to accepting loan applications. At Brahma Lending and leasing, the company prides itself on providing financing to almost all businesses that apply for it.
The loan qualification criteria at Brahma Lending and Leasing are relatively more lenient than most financing companies. For instance, almost all companies take the applicant's credit score in to account when approving them for a loan.
The better the credit score, the better the chances of getting your loan application accepted, while bad credit scores can also result in the application getting rejected. However, at Brahma Lending and Leasing, the company also approves loans for applicants with a bad credit score.
While the company is very generous with handing out loans, some factors can help your case and make your chances of getting a loan from Brahma Lending and Leasing unchallenged. All these factors have been mentioned below:
- Duration of Operation
The duration of operation refers to the amount of time your commercial truck business has been functional. If your business has been operating for at least one year, then you have a better chance of getting your financing application approved by the company.
- Cash Flow
The cash flow of your business is another useful factor. It's beneficial for you if your business has a monthly cash flow that can show up on a bank statement, as this can help your chances of getting financed by Brahma Lending and Leasing.
- Bank Balance
The status of your bank balance is another important factor in improving your chances of getting your loan approved. If you're able to keep a positive bank balance in your account, at least, for the most part, you're more likely to get your financing application approved by Brahma Lending and Leasing.
Brahma Lending and Leasing Loan Application Process
You can apply for commercial truck financing with Brahma Lending and Leasing by filling out their online application form. However, the application form is a bit extensive, and the entire process can take some time.
Below we have given you a complete breakdown of the entire application form available on the official website of Brahma Lending and Leasing.
If you think you're ready to apply for commercial truck financing with Brahma Leasing and Lending and want to start filling out the application form, you first have to click on the red start here button given on their Apply page.
Clicking this button will open a new page that will lead you to the online application form that you need to fill out. To proceed with the filling process, you have to click on the green start filling button. Then, the actual form you need to complete will be displayed to you so you can acquire your desired financing.
1. Finance Application
The first page of the online application form is labeled as Finance Application. This section consists of fields that are related to your commercial truck business. There are 13 fields, and all of them are given below.
- Legal Business Name
The first field in this subsection requires entering your business's legal name. Therefore, you have to fill this field using the name your business is registered as instead of any short forms or names that might have come around later.
- Business Address
The second field in this subsection is further divided into fields that need to be filled:
- The first of these fields is your business's mailing address. You can either fill this field using the address of your business's head office or of any other location it operates from.
- The second field in this category requires you to enter the city's name in which your business is located. Again, this must be in line with the mailing address you've given above.
- The third field asks you for the state or province where the city mentioned above is situated.
- Lastly, you have to enter the ZIP code of the area in which your business is located. Ensure that the ZIP code is of the same location you mentioned in the mailing address.
- Business Phone
Next, you have to enter your business's office phone number.
- Business Cell Phone
The form also asks you for your business cell phone number, which is presumably used to contact the owner of the commercial truck business.
- Business Fax
After this, you have to enter your business’s fax number if it has any.
- Type of Business
Next, you have to enter the type of business you own. In this case, you'll type in commercial trucking.
- Date Established Under Current Ownership
You have to mention the correct date on which the owners originally established your business. However, if there have been any ownership changes along the business's life, you have to select the date the latest owners got a hold of the company.
You can either feed in the date manually using the mm/dd/yyyy format or click on the small calendar icon given on the side to select a date. The icon will display a calendar on which you can scroll through the different months and years. You can then click on the accurate date from the month and year in which the ownership of the business was established.
- Federal Tax ID
You have to enter your business's federal tax ID.
- Tax Exempt
You also have to inform the Brahma Lending and Leasing team whether you are tax exempt. You must fill in this field by selecting one from the given yes and no options.
- Business Structure
The last field in this subsection requires you to mention the kind of business structure your commercial trucking business operates on. You have to fill this field by choosing one of the already given options. These options include DBA, LLC, Corp, and Other.
Of all the fields mentioned above, only two are not mandatory to fill. These two fields are your business's phone number and its fax number. All other fields have to be filled as accurately as possible.
2. Principal 1
This section requires information related to the applicant(s). This subsection has a total of 18 fields per applicant. However, the minimum number of principals needed to sufficiently fill the form is one. Below we have discussed all the details of this section.
- Principal 1 Name
The first field requires the name of the commercial truck business owner, who is presumably also the loan applicant.
The title means the position you currently enjoy at the business you're applying on behalf of. So, for instance, if you're the Chief Executive Officer, you'd fill this field with the CEO.
The applicant has to fill in their date of birth. While no particular format is mentioned to fill this field, it's advisable to use the mm/dd/yyyy format, as the company provided the same format to enter the date previously in the form.
- % Ownership
The applicant has to tell Brahma Lending and Leasing what percentage of the business they own and have authority over.
This section requires the applicant to feed in their home address. It's further divided into five sections:
- The first field asks the applicants to enter their street address.
- Next, they have to enter the city's name where the address is from.
- They also have to enter the state's name in which the city mentioned above is located.
- Then, they have to enter the ZIP code of the addressed area.
- Lastly, they have to choose the country where the address is from by selecting the country from a list revealed by the dropdown option.
- Own or Rent
The applicants have to clarify whether they own the business or rent it by feeding one of either options in the given space.
- How Long
Next, they have to mention how long they have owned or rented the respective business.
- Cell Phone Number
The applicants have to enter a personal phone number that they currently use.
- Social Security Number
The applicant has to enter their social security number.
- Email Address
The applicants have to enter their private email addresses.
- Prior Bankruptcy?
The applicants have to answer yes or no whether their business has ever faced bankruptcy.
- Prior Repossession?
You have to tell Brahma Lending and Leasing whether your business has been repossessed before by answering yes or no.
- Tax Liens?
Next, tell the company if you've faced any tax liens before by answering either yes or no.
- Unpaid Judgements?
Use yes or no to answer if you have any unpaid judgments. Every field in this subsection is mandatory and must be filled as accurately as possible.
If your commercial trucking business has more than one owner, then you can also fill out the form for Principal 2. However, this section is optional, and so are all the fields required to fill it.
Furthermore, commercial truck business owners must fill in the trucking information asked for in the Principal 1 subsection. The fields in this section are relatively simple.
- Apportioned Plates
You have to answer this field by selecting one from the given yes and no options.
- DOT #
You have to enter your commercial trucking business's DOT number.
You also have to feed in your company's MC number, previously known as the ICC number.
- How Many Years Have You Had a CDL?
You have to write the amount of time you've had your Commercial Driver's License for.
- Years as Owner/Operator
Tell the company the amount of time you spent as a commercial trucking business's owner or operator.
- Number of Trucks in Fleet
You have to give a figure for the number of trucks in your business's fleet.
- Number of Trailers in Fleet
Lastly, you have to tell the company the number of trailers in your business's fleet.
3. Trade References
This subsection requires you to mention any trade references you might have. You can mention up to 2 trade references. In addition, you have to provide the following information about the reference(s) in question.
- Company Name
- Contact Name
- Account #
All the fields need to be filled in as accurately as possible. The same fields and guidelines will be required to fill the Trade Reference 2 section given in the subsection. However, the entire trade reference subsection in the form is optional and can be skipped by the applicant.
4. Credit References
The fourth subsection of the online application form is credit reference. It requires you to enter the following information:
- Company Name
You have to enter the company's name whose credit reference you want to provide.
Next, you have to mention the city where the respective company is located.
Then, you have to enter the State name in which the city mentioned above is situated.
- Contact Name
You have to provide the name of a relevant person from the mentioned company.
You have to give Brahma Lending and Leasing the contact number of the person you mentioned above.
You have to fill in the respective company's fax number.
- Account Number
You also have to fill in the account number of the company in question. However, the last two fields are optional. The rest of the subsection is mandatory to fill as accurately as possible.
5. Finance Overview
The finance overview section is not mandatory to fill. However, it’s advisable that you fill it in because it will give the team Brahma Lending and Leasing an idea of the kind of vehicle or equipment you want financing for and on what terms. The subsection has the following fields:
- Make and Model
You have to tell the company what vehicle or equipment you want and specify the model of your desired product.
You have to fill these fields using the price of the product you want.
- Term Preference
Next, you have to tell the company your preferred financing term. For instance, do you want the term to be seasonal, quarterly, or annual?
- Down Payment Amount
Then, you have to tell the company the amount of money you'd be willing to use as a down payment.
- Desired Monthly Payment
You can also tell the financing company the amount of money you'd be willing to pay back every month.
6. Assets/Equipment Owned
The assets/equipment owned is another optional section of the application form that the applicants are recommended to fill out. This subsection gives the company a clearer idea about the kind of equipment and assets your business already owns.
Therefore, it can create a stronger case for you when getting your financing application approved for the new equipment or vehicles you want. You have to fill in the following fields in this subsection.
- Equipment Type
You have to tell the team at Brahma Lending and Leasing the type of equipment or vehicle you own.
You have to mention the year in which the equipment was manufactured.
Next, you have to enter the manufacturing company's name.
Then, you have to enter the specific name of the model of your equipment or vehicle.
- Vin Number
You also have to feed in the vehicle identification number of your respective truck.
The company also asks you for your truck's mileage.
- Title in Hand?
You have to tell the company if you have and own the vehicle's title in hand. You have to answer this field by using either yes or no.
You can fill in the information of up to 7 different assets in this subsection. They all require you to fill in the aforementioned fields for the equipment or vehicle in question.
7. Terms and Conditions
The last part of the online application form consists of the terms and conditions. By agreeing to these terms, the applicants directly consent to all the rights Brahma Lending and Leasing will have once the application is submitted.
These rights mostly pertain to the company doing research and background checks on the applicants, such as reviewing their credit score. Furthermore, the company will also have the right to send emails and faxes to the applicants.
Individuals agree to these terms by signing their names. This signature is done by tracing your mouse in a provided box. Principal 1 is supposed to sign their name. Furthermore, the print name and title of Principal 1 are also to be provided again in 2 separate fields.
The applicants also have to fill in the date of the day on which they're submitting the online application form. They can do this by using the popup calendar option or filling it manually using the mm/dd/yyyy format.
If two applicants filled out the online application form, then Principal 2 will also have to provide their signature, print name, title, and date.
Once you're completely done filling out the online application form for commercial truck financing with Brahma Lending and Leasing, you can preview the entire form in PDF format. The preview will allow you to go through your form and make any relevant changes if needed.
Once you're satisfied with all the information provided in the form, you can submit your form by clicking the green button at the bottom of the terms and conditions subsection.
Brahma Lending and Leasing team can process the loan application within one business day for trucks costing under $250,000. However, larger financing requirements may take up to 5-7 business days for processing.
Brahma Lending and Leasing Commercial Truck Financing Interest Rates
Brahma Lending and Leasing is great for commercial truck financing. However, financing comes with interest. The company charges interest rates ranging from 7% up to mid-20%. The amount of interest you're charged depends upon three factors:
- The term of the loan.
- The financial strength of the borrower or business.
- Credit score
You can learn more about Brahma Lending and Leasing's interest rates and policies by directly contacting the company on their official number or email address. Furthermore, you can also visit the company's official website to do any further research if you want.