Financing Information

Financing is available through a third-party financing company; please see their contact information and criteria below. You can also work with local credit unions or anyone of your choice.

Jeff Bob
Apex Financial PDX

Things you will need to do:

  1. Fill out the application: Click Here
  2. Have your last three months of business bank statements available and share them with Jeff
    • If you are a startup, send your last three months of personal bank statements to Jeff
  3. Get an estimate for a custom food trailer from
  4. If you are a startup, you will need a very good credit (680 credit score or higher), sufficient money in the bank ($8,000 or more), and experience in the industry. Homeownership is preferred but not always necessary

Additional Information:

  • There is no fee to apply
  • The credit pull is a soft pull and won’t affect your score or show up on your credit report
  • You typically only have to come up with 10% down, but it might be more for a lower credit score

Financing FAQ's

Q: What do I need to qualify for financing?

A: If you are an existing business over two years old, we just need a completed
application and three months of business bank statements.

If you are a startup business, you’ll need excellent personal credit 680+ credit score
with at least five years of credit history on file, home ownership is preferred but not necessary, comparable installment borrowing (car loan or similar equal to 75% of the cost of the trailer), and more than 70% revolving available. You’ll also need to have prior industry experience and decent cash reserves.

Q: Do I need a down payment?

A: If you are an existing business, the lenders typically only need one payment upfront and a document fee that’s around $300. If you are a startup business, you’ll likely need 20% down and the document fee

Q: Is this a hard pull or a soft pull?

A: Soft pull, which means it won’t affect your credit score.

Q: What’s the interest rate?

A: Rates right now vary from 9% to 22% and are based on your time in business, credit score/depth, cost of equipment, and several other factors. Apex Financial is an equipment finance broker with a network of about 80 lenders they do business with. Our sole function is to match your transaction to the correct lender and find the best program for your application.

Q: How long is the financing?

A: The longest the lenders will go is five years.

Q: Can I pay the loan off early?

A: Business equipment financing is typically done as an EFA or Equipment Finance Agreement. It’s a simple interest-type contract where the ‘interest’ is calculated upfront
and divided over the term. This means that although financing can be paid off early without penalty, you still owe the lender the remaining payments. Also, keep in mind that
if you pay it off early, you’re using your operating capital (which you could be using to make money on) to purchase a depreciating asset. The cost of that depreciation is the
same as paying interest, so you’re not really saving any money

Q: Will this loan appear on my personal credit?

A: This is commercial financing, not consumer, so even though the lender used your personal credit in their decision-making process, this financing won’t appear on your personal credit.