The Condition Of A Food Truck Could Affect Financing

Financing

Editor’s Note: Today we’re excited to present a guest post from JSL Financial. JSL Financial specializes in providing hassle-free financing for small and medium sized businesses. You can find out more about JSL Financial by checking out their website.

It’s a new year, which means new opportunities are right around the corner. One of the biggest opportunities could come in the form of food truck financing. After all, you want to enter the food truck industry, right?

Well, if you are thinking about entering this industry and you don’t have the money to make it work, then you are in luck because food truck financing is here to help. The best part? You don’t have to have perfect credit to finance the mobile kitchen of your dreams. With that said, if your credit score isn’t off the charts, then you are going to need some help. Still, even if you have bad credit, and although it will be an uphill battle, you can get food truck financing.

Okay, so let’s say you don’t have good credit. In that scenario, you will need a cosigner who does have good credit. You might also need a decent chunk of cash for a downpayment. Good credit or not, collateral could come into play as well.

Sign up to receive the FoodTruckr Newsletter and we’ll throw in our free guide: 6 Free Social Media Tools to Get People Talking About Your Food Truck.

Nonetheless, here’s one thing many people probably don’t take into account: The condition of the food truck could affect financing. Therefore, if you are looking into buying a piece of junk, then don’t be surprised when you don’t get approved for a loan.

You May Also Like...  How To Maximize Your Food Truck Revenue In The Mobile Kitchen Industry

Financing

You see, lenders don’t want to lend money for a mobile kitchen that is going to break down. Not to mention, with mobile kitchens, there are many things that could go wrong if you purchase an unreliable truck — you know, if you get the money for it in the first place. For example, the engine (or any part of the actual truck) could break down. The food truck equipment might not be reliable either, and that type of stuff could cost a pretty penny depending on what you purchase and what you have to have to operate your lunch truck business.

That is why looking into a nice food truck might be a good option — because it could affect financing in a positive way, and it will also be more reliable.

Nonetheless, food truck financing can help you break into the industry. Gone are the days of having to pay $50,000 out of pocket (in some cases, it’s much greater than that) to enter the food truck industry. Food truck financing can help you get the money you need.

But always remember, the condition of your truck is very, very important, whether we are talking about you relying on it for business or a bank helping you out in the financing department.

RELATED: How You Know You Need More Financing For Your Food Truck Business. If you can relate to this article and happen to own your own mobile catering business, then you might need more financing.

Financing

Looking for financing to start or grow an existing food truck? JSL Financial has you covered.

To dig your teeth into what FoodTruckr has to offer, make sure to like us on Facebook and follow us on Twitter, and also make sure to check out more content that we bring to the table.

Recently on FoodTruckr

How Food Truck Owners Can Prepare Their Business For The Fall Depending on where you operate a food truck business, fall could be a busy time of the year for you or the opposite. Nonetheless, mobile kitchen owners have to be prepared. In the spirit of fall ap...
How to Start a Food Truck 11: Calculate Profit Margins In last week’s “How to Start a Food Truck” post, we talked about setting goals for your food truck business. Goals are an important component of every entrepreneur’s journey. They dictate where you’re...
Flashback Friday: Looking Back At FoodTruckr’s Top Party Food Ideas For The 4th Of July In the spirit of it being Flashback Friday, and the 4th of July being right around the corner, we are about to look back at FoodTruckr's top party food ideas for the -- you guessed it -- 4th of July! ...
The 12 Days of FoodTruckr: 9 Things to Put On Your Website On the ninth day of Christmas, FoodTruckr’s giving you… 9 Things to Put On Your Website! Though most of your food truck's business is definitely taking place offline, it's still incredibly important...
The Top 3 Reasons Why Prospective Chefs Should Join The Food Truck Industry If your dream is to cook food for a living, and finally be able to attach the title "Chef" to your business cards, then look no further than the food truck industry to make this dream come true. Th...
The Ins And Outs Of Getting Food Truck Financing Editor’s Note: Today we’re excited to present a guest post from JSL Financial. JSL Financial specializes in providing hassle-free financing for small and medium sized businesses. You can find out more...
Helpful Business Tips For Aspiring Food Truck Owners Editor’s Note: Today we’re excited to present a post from Jeremy Adams. Jeremy is the President/CEO of Prestige Food Trucks, which is the world's leading custom food truck manufacturer. In his current...
50 Food Truck Owners Speak Out: “What I Wish I’d Known Before Starting My Food Truck” Do you remember the enthusiasm you felt upon that initial spark: “Hey! I should open a food truck!” What would you say to yourself now, these many moons later? Would you warn yourself off, or encourag...
If You Are New To The Food Truck Industry, Then This Advice Will Do You Wonders Editor’s Note: Today we’re excited to present a post from Jeremy Adams. Jeremy is the President/CEO of Prestige Food Trucks, which is the world's leading custom food truck manufacturer. In his current...
How To Crush A Catering Gig For Your Food Truck Business Food truck owners, are you looking for another way to make more money at your mobile kitchen business? In other words, are you looking for another stream of income? Have you ever thought about doing s...
The Only 15 Quotes Food Truck Owners Need For Inspiration Every now and then, we, as people, need to seek inspiration and motivation, and we follow through with this search by looking up videos and quotes. Now, we know how busy food truck owners can get, ...
3 Reasons Why Your Food Truck Business Should Hire A Social Media Expert Is it finally that time? Is it finally time to hire a social media expert at your food truck business? If so, just know this: You are not alone. So many business owners in the food truck industry (...
How to Start a Food Truck 15B: Choose the Right Truck for Your Business We know how serious you are about starting a food truck—but are you ready to show the rest of the world? If so, there’s one decisive action you can take that makes your commitment to this dream eviden...
7 More Business Lessons Food Truck Owners Can Learn from Smart Online Entrepreneurs “What do my customers really want?” “How do I attract new customers and convert them into loyal fans?” “Where do I need to focus my time and energy to grow the business?” Entrepreneurs from all wal...
FoodTruckr Heroes: Maximus/Minimus Today’s FoodTruckr Hero earns major points for serving up tasty pulled pork sandwiches and delicious mac and cheese to their most loyal fans—but the real reason they’ve earned a spot in our Hall of Fo...

About the Author

FoodTruckr

FoodTruckr is the #1 online destination for current and aspiring food truck owners looking to succeed in the mobile food industry. Self described “food truck devotees,” the FoodTruckr team enjoys reading about successful entrepreneurs, salivating over photos of burritos on Twitter, and long walks through food truck parks. Chat with FoodTruckr on Facebook or check out the FoodTruckr School podcast for more awesome tips to level up your business.

Love it? Share it: Share on Facebook Share on Twitter