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General Credit Guidelines
- All payments shown above have been calculated with 2 payments collected with contract.
- Payments do not include applicable sales tax. Due to variance in Credit profiles, rates sometimes have to be blended.
- The above rates apply to application only. Lower rates may be available with submission of financial statements starting at $20,000.
General Credit Factors That Cover All Categories
Revolving personal debt less than $30,000
50% of revolving debt must still be available
Prompt payments of major trade debt
No NSF or overdrawn checks
At least 50% of owners need to sign personal guarantee
A reasonable explanation on any of the above may be acceptable towards approval.
Trucks & Vans are financed in all categories
Vendor pre-funding programs available with AA and standard credits
CREDIT GUIDELINES
Please Note: Many factors are used to analyze credit requests. The following guidelines are presented to give you an overview of the requirements, and to assist you in providing your customer with the most accurate quote possible.
AA CREDIT:
AA credit will only apply to the very best credits. These are our lowest application rates. Some restricted industries can still apply.
| Equipment Cost: | $10,000 - $34,999 | $35,000 - $75,000 |
| Time in Business: | 3 years | 5 years |
| Minimum CRS: | 665 | 690 |
| Average Bank Balance: | $10,000 | $30,000 |
A CREDIT:
A credit is also a bank rate that focuses on excellent credit and good payment history. A credit has no equipment restrictions and is open to almost all financial requests - Application only limited to $50,000.
| Equipment Cost: | $5,000 - $24,999 | $25,000 - $50,000 |
| Time in Business: | 3 years preferred | 3+ years preferred |
| Minimum CRS: | 650 | 675 |
| Average Bank Balance: | $3,000 | $5,000 |
STANDARD CREDIT:
Standard credit will consider credit reports that have had previous liens if they are currently paid off. Very few equipment and industry restrictions.
| Equipment Cost: | $1,000 – $24,999 | $25,000 - $34,999 | $35,000 - $49,999 | $50,000 - $75,000 |
| Time in Business: | 2 years | 3 years | 4 years | 5 years |
| Minimum CRS: | 650+ | 650+ | 650+ | 650+ |
| Bank Balance: | $1,500 | $4,000 | $8,500 | $10,000 |
B CREDIT:
B Credit factors include: prior bankruptcy, some past credit problems OK if credit has been re-established. Will consider almost every industry and aged equipment here. Personal guarantees of all owners with 15% or greater ownership. 100% of ownership must be disclosed. Additional guarantors will help when the deal is weak in some areas, however, it will not overcome poor business credit.
| Equipment Cost: | $5,000 - $24,999 | $25,000 - $50,000 |
| Time in Business: | 2-5 years | 5 years + |
| Minimum CRS: | 600+ | 600+ |
| Average Bank Balance: | $1,500 | $3,500 |
| Terms | End of Lease Options |
| 24-36-48-60 months | Fair Market Value (FMV) |
| 72-84 month terms available on a case by case basis subject to credit review | FMV/10% Buy-Out |
| | $1.00 purchase option |
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