We're thrilled to announce our new partners for financing your OMG concession trailer. We have five featured companies who offer different loan types: business loans, personal loans, and equipment loans. Some offer programs for bad credit, bankruptcy, and startups without business history. They all have different qualification requirements.
Before we go any further, we need to mention that this isn't financial advice, but general info on different options. We're not financial planners and you should always consult qualified counsel before making major purchases.
Now let's get started making your dream a reality.
Do these options mean our rent-to-own program is going away?!
Absolutely not! Anyone can utilize our in-house rent-to-own program with no credit check and only 10% down. Have no fear, that program isn't going anywhere.
However, there are two key differences between financing and our rent-to-own program:
- Amount of time before you get your food trailer
- Length of the loan
With our in-house lease-to-own program, you get your trailer when 50% of the balance is paid. After putting 10% down, your monthly payment is paid in equal payments for the next 12 months.
If you need your trailer immediately (say for a specific event you're already booked for) and can't or don't wish to pay in full, working with one of our financing partners provides a solution. Because the loan duration can be longer, your monthly payment may be lower (as the remaining balance is spread out over more months).
We feel it's important to offer these various financing solutions as your situation is unique to your life and so it's up to you to decide what's best for you.
Let's take a look at the financing partners.
Concession Trailer Financers
New: Archer Capital
Great for startups and established companies looking for low down-payments
Our newest financing partner, Archer Capital provides financing options with flexible programs, including 100% financing with only first-and-last month payments.
From their Leasing page:
Financing with Archer Capital allows you to purchase the commercial equipment you need today while spreading your payments over a set time frame. In addition, because a lease is not considered a long-term debt or liability, it does not appear as debt on your balance sheets or credit report.
It's a commercial equipment lease and therefore a business transaction, but they accept startups and promise to work with you on credit, as well as consider creative financing arrangements like income statement financing.
Since it's an equipment lease, they pay us directly for the trailer. For more information, a loan calculator, and to apply, visit the Archer Capital website.
Great for startups or those with less-than-ideal credit
A newer player in the small businesses financing space, Quickspark facilitates equipment loans, of which your OMG food trailer is.
As the Quickspark about page states:
We work with multiple funding sources which help us find the most competitive rates. Not everyone has the same circumstance, we get it. Bankruptcy? Startup? Derogatory credit? We can help! By working together, we will find the perfect plan for each individual need. We promise.
This is a business loan, but they accept startups and more mature businesses with a variety of credit situations: good credit, derogatory credit, bankruptcies, and in-between. They usually have small payments, and the interest rates vary depending on credit.
Since it's an equipment loan, they pay us directly for the trailer. For more information and to apply, visit the Quickspark website.
Innovative Lease Services
Great for established businesses or those with less-than-ideal credit
This is an equipment business loan targeting more mature businesses, preferring 2+ years of business credit history, in which case they will primarily offer business credit.
If you're a newer business, they will use your personal credit, with a minimum requirement of only 625+. The loan terms vary from 12 to 60 months and the interest is based on credit history.
As it's an equipment loan, they will pay us directly for your trailer. For more information and to apply, visit the Innovative Lease Services website.
Great for: OMGs for non-commercial purposes
If a business loan isn't for you, you could alternatively use a personal loan. Others have had success with this lender in the past.
Lightstream is a personal loan provider and a division of SunTrust bank. They allow bad credit, and the interest rate will vary based on your past credit history.
Since it's a personal loan, they pay you and then you'll order the trailer from us and pay with the funding. One benefit is they provide loans for up to 144 months, which could result in a lower payment, depending on the interest rate.
Lightstream has a convenient calculator on its homepage for personal loans, and you'll need to apply directly.
Great for established companies with 2+ years business credit history
This is a business loan for more mature companies, preferring 2+ years in business credit history with a minimum score of only 625+.
They only provide business loans, and since it's an equipment loan, they'll pay us directly for your trailer.
On the financing page of their website, they state they provide:
- 100% Financing
- "Application Only" credit decisions up to $150,000 (without financial statement disclosure)
- Competitive Pricing
- Tax Write-offs and Deductions
- Obsolescence Protection
- Save time and money from not having to wait for an answer from a bank
Interest rates and loan terms vary by credit history. For more information and to apply, visit the American Capital website.
Great for established companies or startups with better personal credit
This is a business equipment loan provider who works with start-ups if they have a 700+ credit score and put 20% down. For established companies, only a 680+ credit score is needed.
On their business loan page, they state:
Navitas helps business owners protect their capital, overcome limited budgets, and procure the equipment their company needs to keep growing at the same time. Our equipment lease and loan financing programs provide you with the ability to acquire state of the art equipment, software and services with affordable financing programs that can be customized to meet almost any budgeting need. Equipment leases or loans…our Navitas Financing Specialists will build a solution that is the perfect financing fit for your business.
This is a business loan for equipment, so they'll pay us directly. They provide loan terms from 36 to 60 months. Interest rates vary depending on credit history.
For more information and to apply, visit the Navitas website.
(If you're looking for Rock Solid Funding from prior promotions, we're sad to say we no longer are partners. Consider one of our other options on this page or use our rent-to-own program as an alternative.)
Moving forward with financing
We recommend reviewing the above options, talking with their loan officers, and seriously considering this financial decision.
When you're ready, use the applications linked above as these financing companies already have our Erwin Manufacturing information and are familiar with our OMGs.
And if you decide conventional financing isn't for you, there's always our rent-to-own program. The monthly payment may be higher, but it'll be paid off sooner and there's no credit check or qualification process -- everyone is approved!
And remember to consult a qualified professional for financial advice. After all, we're food trailer experts, not financial planners. But we'd love to chat with you about your menu and goals!
Leave a Reply