To my understanding, Lending Network, LLC has an enticing structure for food truck aspirants looking to acquire equipment leasing. Given this information, let’s compare the salient characteristics of your funding program with those of equipment leasing, which you had previously referred to.
Salient Features of the Lending Network Equipment Financing
Loan to Value (LTV) of 100 Percent Financing:
This covers the total cost of the equipment; therefore, a cash payment upfront is not required.
Zero Cash Investment:
No cash investment is required to save business owners time and money to procure such equipment.
Closing on the Same Day:
With this feature, funds and equipment are processed in less than 24 hours, allowing the business to acquire funds and start operations or upgrades as fast as possible without delay.
No income proof document requirement:
This may include tax documents, income returns, or a bank statement. Omitting all these requirements streamlines the process, making it easier for a business owner to fit in.
Credit Score Requirement:
This program, which is aimed at borrowers with a good credit history., requires a minimum credit score of 700
Business Existence:
Business Issues: A minimum of 2 years in business would be a requirement. This instills confidence in the lender and borrower, as evidence of stability is provided.
Equipment Financing Versus Leasing: Understanding the Difference
Rights:
Regarding equipment financing, the borrower usually keeps the equipment when paying off the loan. At the same time, leasing means the equipment must be returned to the lessor when the lease is terminated.
Style of Payment:
Financing allows the borrower to enter the payment agreement without making the first and last payments, but leasing requires making those two payments initially.
Say for Example:
While leasing may be adopted for short periods, financing permits a business to branch out to long-term assets that generate revenue or appreciate over time.
To sum it up…
With the help of Lending Network, LLC, food truck operators and other budding entrepreneurs can easily benefit from the equipment financing program. The growing network encourages and assists food truck and business owners by giving them proper equipment through the capital.
Please contact us for details if you have any concerns or require clarification.