Financing programs at Envision Capital Group are designed by integrating innovative finance tools and strategies, competitive rates, and quick turnaround. The mission is to create opportunities for the customers and vendor partners to seek continued growth. Envision capital Group aims to make commercial truck financing simple by creating tangible value and prospects for its customers to grow and flourish.
Envision Capital Group's goals, from 2007 till date, remain the same:
- To Offer a simple and quick application and financing procedure.
- To Ensure to be a service-oriented creditor
- To build strong communication with the customers by clarifying any queries the clients or vendors may have and explaining the processes thoroughly.
- To provide an extensive and comprehensive vendor financing and marketing program through Vendor 360.
- To provide fast approvals with careful documentation and quick turnaround.
- To be transparent about terms and conditions
- To ensure customer satisfaction and build long-term associations with the customers
By committing to the fulfillment of these goals, Envision Capital Group earned an A+ rating with the Better Business Bureau and is licensed with the California Department of Business Oversight. This was an important milestone, and in 2022, Envision Capital will continue to stick to its goals and expand its customer services.
What Are The Services Offered At Envision Capital Group?
Envision Capital Group has industry-specific finance programs and offers to finance a wide range of equipment, including commercial trucks and heavy vehicles, vans, and short-haul work vehicles.
Envision Capital Group provides affordable financing plans for both new and second-hand trucks. Their financing approval process is pretty straightforward. Plus, they offer terms up to 24 to 60 months, competitive interest rates, and a convenient and guaranteed purchase option.
Highly specialized business vehicles that are usually not financed through banks, are also covered for you at Envision Capital Group. It also caters to any extra needs of the business like commercial leases, private retailer transactions, definite purchase options, truck mileage freedom, etc.
In commercial truck financing with Envision Capital Group, the truck that is financed serves as the collateral as well. It means that you don't have to offer any other asset as collateral in order to secure the financing. Envision Capital provides you with a lump sum amount to pay for the truck, which you are supposed to pay back. In addition to the truck's cost, the interest must also be paid.
The financing plan has a fixed term length which means you will have to pay the same amount of installments each month. The loan period depends on the kind of truck you're seeking financing for, its model, market value and whether it is new or used. In equipment financing, you become the owner of the equipment after the loan has been paid off.
Hence, commercial truck financing is the more economical option for customers as it costs less in the long run and gives you ownership of the vehicle. At Envision Capital Group, a large down payment is not required, and monthly installments are tailored as per the customer's affordability.
In equipment leasing, you utilize the machinery, vehicles, software, or any other equipment for your business in return for a monthly rental fee. This is an alternative to completely investing the capital in the equipment and is a viable option for short-term projects. The lender or the financial institution reserves the ownership while the business makes use of the equipment.
In commercial truck leasing, you have the option of 'lease-purchase buyout' at the end of the contract, or you may extend the lease term if you wish to. Leasing has some advantages such as a lower monthly installment, no need for a down payment, lesser commitment and short-term contracts. It also frees up your bank's line of credit for other financing needs.
Vendor 360 is Envision Capital's proprietary vendor financing program. Envision Capital partners with businesses to provide financing options for various industries under the Vendor 360 program. The goals of Vendor 360 are:
- To help vendors sell their equipment faster.
- To help vendors build and maintain their customer database.
- To help derive profits.
Vendors who aspire to grow their business partner with Envision to provide the financing they need. Vendor 360 makes it easy for the customers to purchase what they need for their business development. Envision Capital Group combines innovative equipment, marketing support, and smart finance solutions at no cost to the vendor or their customers.
Whether you are an equipment reseller, manufacturer or distributor, Envision Capital promises to tailor a financing plan to fit your customers' needs. Some benefits of Vendor 360 include pre-Funding, wide credit windows, digital marketing support, technology-based business Solutions, preferential customer and vendor Support and customized payment options.
Working Capital Loans
Working capital is the money needed to run the business's day-to-day operations. Operating capital loans can be sought when pursuing a new project, investing in expanding, upscaling the logistics, or simply taking up a bigger contract. These are financing plans to meet the short-term financing needs of the business to continue its operations.
Usually, companies that have seasonal sales and cyclical utility see working capital loans as a good option to cope with periods of reduced business.
Some benefits of working capital loans are that there are no upfront costs, terms can be up to 3 to 18 months, no collateral requirement, all credit scores are considered, and there is freedom of expenditure. Loans obtained can be from $8,000 to $250,000.
“Envision Capital Group also offers financing for licensing fees and money needed for training and certification of the truckers”
Who Should Apply For Commercial Truck Financing With Envision Capital Group?
The commercial truck loans and financing options are suitable for people who want to start or expand their trucking business. Other than truck financing, Envision Capital Group also offers financing for licensing fees and money needed for training and certification of the truckers.
People who require funds for the working capital may avail of the Working Capital Loans. People who need funding for the repair and maintenance of their commercial trucks may also apply at Envision Capital.
People from the transport service industry also choose Envision Capital for Commercial Fleet Loans in order to increase their number of trucks. More trucks mean better efficiency of your transport services to the customers and widespread reach of the business.
Every type of local business, be it a grocery store or an appliance manufacturing company, require and benefit from trucks. It is more economical if the business has its own trucks to make deliveries and transport commodities.
Leasing out trucks from lenders not only costs you more in the long run, but the external transport services are very inconsistent and inconvenient too. Owning trucks can relieve the local businesses from relying on external transport agencies. Thus, local businesses should apply for commercial truck financing.
Professional truckers can make the most out of their ability to drive heavy vehicles if they own a truck. You can earn a better living and enjoy job satisfaction if you are the truck's owner. Leasing a truck or working as an employee for transport companies takes away a large fraction of what you can potentially earn if you own the truck.
Thus, truckers should consider commercial truck financing or the lease-purchase buyout options available at Envision Capital Group.
“At Envision Capital Group, all factors contributing to a customer's profile are considered equally”
How Do You Qualify For Envision Capital Group's Commercial Truck Financing?
To qualify for financing at Envision Capital Group, you must meet some requirements. The requirements must be met to ensure a practical and sustainable financing plan in the best interest of the lender and borrower.
At Envision Capital Group, all factors contributing to a customer's profile are considered equally. Lacking in any particular area does not reduce your overall chances of qualification. Some of the factors considered are:
FICO Score: The Fair Isaac Corporation formed the credit score scale, known as FICO for short. It is a tool widely used by banks and other financial institutions during the qualification process. A FICO score is determined by taking into account credit history, which contains; the number and status of open bank accounts, total amount of dues, payment clearance history, and other factors.
Lenders use credit scores to evaluate the capability of the client to repay the loans or make timely payments for the financing program. Generally, the higher the FICO score, the greater your chance of qualifying for the financing. However, a poor FICO score isn't very uncommon in the trucking industry. Envision Capital accommodates everyone and has financing plans specifically designed for customers with low FICO scores.
The Ability to Make a Down Payment: Envision Capital Group requires you to put down some fraction of the total cost as a down payment. It is a form of security before handing over the vehicle to you.
In addition, you should also be able to bear the insurance costs. The amount of down payment varies from case to case and also depends on the type of loan you are seeking. Usually, there is little to no requirement for a down payment for established and stable businesses.
However, up to 20% of the cost may be required as a down payment for startups and first-timer owner-operators.
Business History: Experience of at least two years or more in the trucking industry is preferred. Typically, a history of successful and profitable business increases your chances of qualifying for financing as it reflects the business's stability in its field. With startups, there is uncertainty involved as to whether or not the startup will progress and be able to repay.
But, Envision Capital Group offers separate financing plans to support startups and first-timer owner-operators. Envision Capital Group believes in giving startups a chance they deserve.
Personal and Business Reputation: Envision Capital Group reserves the right to investigate any legal allegations against the owner-operator or the company. Loans taken previously and whether they were repaid on time may also be evaluated. The reason for seeking commercial truck financing may be inquired and cross-checked to assess the authenticity.
Experience as a Licensed Commercial Truck Driver: An experience of at least three years as a Licensed Commercial Truck Driver gives you an edge during the qualification process. But Envision Capital Group caters to drivers with limited experience as well. However, you may be required to put down some amount as a down payment as security, depending on your particular case.
Availability of Collateral: In any unfortunate circumstances faced by the borrower, there can be a failure to abide by the contract and repay the loan. There can also be damage to the truck by any means during the course of the contract. To maintain security in such unforeseen situations, Envision Capital Group requires collateral.
Collateral is an asset that the client may offer to the lender as a security until the complete cost of the truck is paid off. The truck itself serves as the collateral in commercial truck financing should you fail to repay its cost in installments.
What Is The Loan Application Process?
The application process is slightly different based on how much loan you seek. Financial statements are not required for loans less than $150,000, whereas, for loans more than $150,000, full financial disclosure is required.
For a loan less than $150,000: App-only Program
Step 1: Choose the truck you need from the vendor you wish to purchase from. Envision Capital Group has trusted contacts in the vendor community of the trucking industry and can help you choose a suitable vehicle.
Step 2: Fill out the quick online application form provided on the official website. The application form includes details such as the business's registered name, license number, equipment description, required financing amount, time in business, FICO score, etc.
Step 3: An equipment finance specialist at Envision Capital Group will review your application and perform the qualification process. The specialist will evaluate the factors included in the qualifying criteria, including the credit history. The evaluation is carried out according to standard criteria to make sure that the decision is fair and no bias is practiced. The finance officer will get back to you with an answer in less than 24 hours.
Step 4: After approval of your application, you are supposed to read the terms and conditions and then sign the contract with Envision Capital Group.
Step 5: A term sheet which is an official document is drafted in which the concerned parties agree to abide by the terms and conditions of the contract. The term sheet also includes the decided amount of loan or financing, the monthly installments are to be paid, and their deadlines. It also states the terms and conditions on the collateral and mentions the decided interest rate of the financing plan.
Step 6: Closing documentation which is a legal requirement is performed by a closing agent. The closing agent takes care of settlements of all the transactions, ensuring no loopholes such as concealed liens or missing documents. It is the closing agent's responsibility to carry out all the formal and final paperwork as per legislative guidelines.
Step 7: After officially entering the contract, Envision Capital Group makes the payment to the vendor, and the vendor, in turn, will hand over the truck to you. Thereafter, your monthly installments to repay the truck's cost will commence.
For a loan more than $150,000: Mid-ticket Program
Step1: Choose the truck you need from the vendor you wish to purchase from. Envision Capital Group has trusted contacts in the vendor community of the trucking industry and can help you choose a suitable vehicle.
Step 2: Fill out the application form provided on the official website. A finance officer will get back to you in a few hours and guide you regarding the documents you will be required to submit.
Step 3: Finance analysts at Envision Capital Group will start working on your application. They will check your documents and investigate any previous loans and existing debts, credit history, and current revenue of the business. After the finance committee decides to qualify you, they reach out to you in about 24-hours.
Step 4: Following approval, a contract is signed.
Step 5: A term sheet is drafted.
Step 6: Closing documentation is performed.
Step 7: Payment is made to the vendor, and the truck is handed over to you. Thereby, the loan term begins.
What Are The Interest Rates At Envision Capital Group?
The interest rates at Envision Capital Group are subject to frequent changes according to the fluctuations in the market value of the trucks and their demand. It varies from truck to truck, depending on its model, age, and condition.
The interest rates depend upon your principal amount and differ for every type of financing program and according to your customization.
Frequently Asked Questions (FAQs)
How much time does it take for the approval process?
Envision Capital takes 24 hours to thoroughly work through your financing plan. It does not promise you an answer within minutes because it believes in systematically taking the time to take things forward.
What is other equipment financed at Envision Capital Group?
Envision Capital Group offers to fund a wide range of equipment such as:
- logging equipment
- Mining equipment
- Technology and software
- Medical and Dental equipment
- Agricultural equipment
- Restaurant and retail etc.
Are the financing programs legal?
Financing Programs and Envision Capital Group are Section 179 friendly.
Why choose Envision Capital Group for Commercial Truck Financing?
At Envision Capital Group, the application process is rather quick and easy. It has flexible terms, with loan periods of 12 to 84 months. You have complete autonomy to choose the loan period convenient for you. It has predictable monthly payments, no hidden charges, and allows you to bundle the transactions. Not only this, but it also has seasonal payment options.
Envision Capital Group offers competitive interest rates on both new and second-hand equipment. There is no age restriction for the used trucks, and trucks from private sellers are also acceptable.
Moreover, Envision Capital Group caters to everyone and offers A to D credit programs. Most importantly, all financing plans at Envision Capital Group are legally backed.
Should I buy a new or a used truck?
It is imperative to know that the model and condition of the truck will impact the terms of the financing plan. Envision Capital Group finances used trucks, though takes no responsibility for its condition. You must bear in mind that old trucks require some repair and more maintenance, ultimately costing you more over time.
However, it is possible to find an old truck in remarkable condition and with lesser miles run. Selecting a used truck also reduces the need for the down payment and lessens the monthly installment.
How is commercial truck financing better than loans and leasing?
The security of the plan for both the lender and the client is what gives commercial truck financing an edge over loans. In a loan plan, the risk involved is greater because the transaction is one-time and whole. This results in the qualifying process being generally tougher and stricter for loans than commercial financing programs.
As for leasing, it is a temporary solution and may cost more in the longer run. Whereas, in commercial truck financing, the truck documents are handed over to you upon completion of payments. Each monthly installment moves you towards equity in the ownership of the truck.
Is it necessary to have a Commercial Driver's License to apply for commercial truck financing?
No, the license is not required at Envision Capital Group. In fact, the amount can be used to pay for your training and licensing.
Does a low FICO score make me ineligible to apply for commercial truck financing?
A low FICO score does not disqualify you from applying at Envision Capital Group.
Will applying for a loan or financing affect my FICO score?
No, applying for a loan generally does not affect the FICO score. Only after you choose to take the loan may an inquiry be carried out.