Will you review my credit score?
Yes, as part of our pre-approval process Universal Finance will run your credit. However, all decisions are based on the “Three C’s – Credit, Collateral, and Character.” Therefore, your credit score is just one part of the criteria that will be used to determine your eligibility.
How long do I have to be in business to obtain equipment financing?
Universal Finance will provide equipment financing for commercial customers with solid industry experience but can provide programs for start-up businesses as well. We understand that every deal is different, so we utilize flexible rates to meet the needs of each individual customer.
Can I purchase the equipment from a private seller?
Yes, Universal Finance is your dedicated, single point of contact for financing. Whether you are receiving equipment from an individual, a company, or a dealer, we 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 offers each customer a free consultation, along with a finance proposal allowing you to make an informed decision.
What is the minimum loan amount and minimum term you offer?
Our minimum loan amount is $1,000, and our minimum term is 12 months.
What are the loan rates that you offer?
Universal Finance has flexible interest rates and we make decisions based on not only what is on paper, but who the customer is and whether they have great credit or poor credit.
Do your equipment loans include additional fundingfor equipment repair or startup costs?
Yes, in some cases we are able to lend more money to our customers than the purchase price, based on the assets in the loan.
What is the maximum age of equipment you finance?
As long as the asset supports the loan, we understand the equipment and its value.
What happens if I am late to pay or cannot make a payment in a given month?
Universal Finance 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 and need to collect them. Our team will work with you on a solution as much as possible, based on the relationship that we build with you and with all of our customers.
How long does the finance process take?
In most cases, Universal Finance offers same-day pre-approvals. We will work as quickly as possible to move the process forward.
To apply, what documentation do you need from me?
To start the approval process, Universal Finance requires a completed Application Form with a copy of your driver’s license.