The First Step In Securing Food Truck Financing Is Trying

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 about JSL Financial by checking out their website.

Is your dream to enter the food truck industry? Is the only thing holding you back the initial cost of a food truck? If so, you are not alone, but you can still enter the food truck industry.

One might be wondering how? After all, you need money to buy a food truck and the inventory, and that is just the beginning. Simple. By getting a loan via food truck financing.

You see, the first step to getting approved for some financing is trying. Like all things in life, if you don’t put your name in the ring, then you will never know if something is possible.

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.

If you don’t try to get a loan for your mobile kitchen, then how do you know if it’s possible or not?Food Truck Financing

A prospective owner might be saying that he/she has bad credit. Sure, that will certainly make getting a loan for a mobile catering truck an uphill battle, but that doesn’t mean you should eliminate the option altogether. It just means you should prepare.

Prepare? What do we mean by that? Simple. Find a cosigner who does have good credit and save up some money for a downpayment. If you have any form of collateral (such as a home), then that will certainly help you during your food truck financing journey.

You May Also Like...  How to Run a Food Truck 26: Consider an Expansion

Okay, that sounds like it could work, but how am I supposed to come up with cash for a downpayment when I am trying to get money in the first place? That’s a valuable question, but we will counter with this: The downpayment might not be that much in the grand scheme of things.

Looking to build a new custom food truck? Check out this link for more details!

Not to mention, your downpayment is only being used to secure the loan. Once you get the financing that you desire, you will ideally have enough money to get your food truck business started, which is the main goal. Depending on how much you are trying to get from the bank, your downpayment might not be that much money at all, and it also might not take that long for you to come up with it.

Not to mention, many people use their financing money as startup cash, which can be used to, well, get your business started. It can be used for office space (your food truck), inventory, hiring employees, keeping your company afloat until you start making steady cash via your food truck business, etc.

Food Truck Financing

The key takeaway? The first step in securing food truck financing is trying. If you want to join the food truck industry bad enough, then you will find a way to make it happen. Not everyone has $50,000 to $100,000 saved up to join this industry, and that’s okay, because that’s where food truck financing comes into play.

RELATED: The Ins And Outs Of Getting Food Truck Financing. Where there’s a will, there’s a way.

You May Also Like...  How to Start a Food Truck 15B: Choose the Right Truck for Your Business

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 To Conquer Burnout In The Food Truck Industry Burnout exists in every industry ... even if you love what you do. Therefore, you better believe burnout exists in the food truck industry, an industry in which owners tend to work double-digit hou...
The Best Foods To Eat At Food Trucks This Summer The summer is calling your name. After all, it is officially summer, so foodies, people who love food trucks and everyone in general can rejoice. To get ready for the summer heat, it is important t...
How to Start a Food Truck 02: Decide What You’ll Sell Last week on “How to Start a Food Truck,” we explored the business model differences between food trucks and brick and mortar restaurants to help you decide which one best fits your vision for life an...
How to Run a Food Truck 04: Use Apps to Simplify Your Business Today’s lesson is the last part of our unit on your first few weeks on the streets—and if you’ve been following along with our “How to Run a Food Truck” series, you’re already one month into your food...
A Look Back At FoodTruckr Last Fall Fall will be here before we know it. As a result, we wanted to provide as much helpful information as possible from last fall, and that information can be found in the form of 10 fall articles from 20...
10 Quotes About Entrepreneurship That FoodTruckrs Can Probably Relate To 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...
Flashback Friday: The First Article Ever Published At FoodTruckr We have a special treat for this week's edition of Flashback Friday. For this week's edition, we are flashing all the way back to the first article ever published at FoodTruckr. The title: The G...
Six Food Truck Resolutions for 2014 Happy New Year, FoodTruckrs! The start of a new year is a magnificent time to reflect on the joys you experienced in the last 365 days as well as everything you hope to achieve in the future. Entre...
3 Things That Will Make Or Break Your Food Truck Business As a food truck business owner, you have a lot on your plate (metaphorically and literally). You are not only a chef, but you are likely managing an employee or two on top of that. Plus, you have t...
How to Run a Food Truck 21: Be Active in Your Local Community One of the greatest parts of being a FoodTruckr is all the opportunities you’ll get to interact with and meet new people. From the employees at your local commissary to long lines of customers to othe...
#FoodTruckFan: How to Sell the Cost of Better Ingredients On Wednesday in the "How to Start a Food Truck" series, we wrote about the importance of quality ingredients. As a customer, I wholeheartedly second that. I’m sure that as a business owner, you con...
Throwback Thursday: Timeless Business Lessons For Food Truck Owners If cooking food -- and serving customers -- was a food truck owner's only job, then everyone would become a mobile kitchen owner (well, at least the people who desire to be one, that is). Unfortunatel...
3 Mindsets Food Truck Owners Should Adopt To Reach Their Fall Goals 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...
2 Unique Ways To Stay Motivated When You Want To Quit As A Food Truck Owner No matter what profession/job/career/industry it might be, everyone feels like quitting at some point. Spoiler alert: The food truck industry is no exception. Food truck owners not only have to ...
3 Ways Food Truck Owners Can Continue Their Learning 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...

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