How long do I have to be in business?
Universal Finance Corp. will finance commercial equipment for customers with solid industry experience. Universal understands every deal is different and uses the “3 C’s” to determine our decisions; Credit, Collateral & Character.
Can I purchase the equipment from a private seller?
Yes, Universal Finance Corp. is your “One-Stop Shop” for financing heavy equipment. Whether it is from an Individual, Company or Dealer, Universal can help.
Do you require a down payment?
Universal Finance Corp. does not offer 100% financing. We are a collateral based lender meaning we need some equity in the loan. However, every deal is different and we understand cash is not always available. We can take interest in your currently owned equipment in lieu of a monetary down payment.
Do you charge an application fee?
Universal Finance Corp. offers each customer a free consultation, along with a finance proposal allowing you to make an informed decision.
Will you pull my credit?
Yes, as part of our pre-approval process we will run your credit. However, all decisions are based on the “3 C’s – Credit, Collateral & Character.” Therefore, your credit score is just one piece of the puzzle.
What is the minimum loan amount? What is the minimum term?
Our minimum loan amount is $10,000. Our minimum term is 12 months.
What will my interest rate be?
Universal Finance Corp. has flexible interest rates that are based on the “3 C’s – Credit, Collateral & Character.” Universal Finance Corp. makes decisions not only by what is on paper but who the customer is whether they have A or D Credit.
Can I borrow additional money to fix the equipment I’m purchasing?
Yes, in some cases we are able to lend more money to our customers than the purchase price based on the collateral in the loan.
What happens if I am late to pay or cannot pay one month?
Universal Finance Corp. is a Relationship Based Lender. When discussing your loan, we ensure you can afford the monthly payment and understand the terms of the loan. Having many years of experience, we understand that our customers have receivables out there and need to collect them. We will work with you as much as we can. Universal Finance Corp. prides itself on the relationships we build with all of our customers. As with any relationship, communication is key.
What documentation do you need from me?
To start the approval process, Universal Finance Corp. requires a completed Application Form with a copy of your license.
What is the maximum age of equipment you finance?
As long as the collateral supports the loan, we understand equipment and its value.
How long does the finance process take?
In most cases, Universal Finance Corp. offers same-day pre-approval. We will work as fast & hard as you do!