FAQ Categories

Do I need collateral for an equipment finance loan?

For most of our truckers, the answer is no.

With an equipment finance loan, the equipment you’re purchasing is the collateral. This means that if for some reason you’re unable to continue making payments on the loan, the lender has the right to take possession of the equipment as a form of repayment for the outstanding debt.

One instance where additional collateral might be needed would be if you are adding multiple pieces of equipment at the same time. Say for example, you were expanding your fleet from 5 trucks to 15 all in one shot. Additional collateral could be other business assets (like your existing truckers/trailers) or personal assets in some cases. But again, this is a very rare occurrence.

Let BLF help you with your Equipment Financing needs.

BLF is here to assist you

Our goal is to provide you with expert help and guidance for you needs. Whether you need funding or business services for your trucking company, you are in reliable hands.

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