Business

3 Keys To 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.

If you are wanting to break into the food truck industry but are lacking in the cash department, then food truck financing might be your best option.

If you are heading down that route, then we are about to unleash three tips that will be very beneficial during this journey. Use them to your advantage, future food truck owners.

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.

3 Keys To Food Truck Financing

  • Build Up That Business Plan
  • Work On That Credit
  • Save Up Some Cash For A Downpayment

Build Up That Business Plan

While you, of course, do not need an established business plan to secure some food truck financing, you would be doing yourself a huge favor by working on said business plan.

This business plan is going to be the key to your business, and it could be the key to you getting some financing. After all, the bank (or whoever is incorporating the financing) wants to know you are good for the money, and until you have the numbers to back it up, all you can do is show them your plan.

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

Work On That Credit

While you don’t necessarily have to have a perfect credit score to get a loan for your food truck, it would certainly make your journey that much easier.

Here are two reasons why: (1) If you have bad credit, then you are going to have to find a cosigner who has good credit — well, if you plan on getting a loan, that is — and that process alone could be very painful. (2) You will likely need money for a downpayment, and possibly quite a bit.

RELATED: 3 Ways To Raise Money For A Food Truck Business. Need money for a food truck? Let this article be your guide.

Save Up Some Cash For A Downpayment

Speaking of a downpayment, you would really be doing yourself a huge favor by saving up as soon as possible for one. Yes, your credit might be all-star worthy, and you might have a good business plan, but you still might need a downpayment in the form of cash. Now, if you have some collateral to bring into the mix, such as a home or car, then that could help you out with your interest rate, how much money you receive and lowering that downpayment.

Nonetheless, save up some money now. In a best-case scenario, you might not need as much for a downpayment as you thought you did, and then you can just use that money toward your mobile kitchen business, or put it away in the bank.

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.


There is no ads to display, Please add some

About the Author

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.

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.

Recent Posts

Food Truck Owners Expo 2024

The eagerly awaited Food Truck Owners Expo makes its way to Orlando, FL from November 12 to 13, 2024 at…

October 21, 2024

San Diego Food Truck Rentals—The Ultimate Guide

Hello San Diego! If you're looking to add a dash of SD's beachy and fun street food scene to your…

June 18, 2024

NYC Food Truck Rentals—The Ultimate Guide

Hello New York City! If you're looking to add a dash of NYC's vibrant street food scene to your next…

May 29, 2024

LA Food Truck Rentals—The Ultimate Guide

Hello Los Angeles! If you're looking to add a dash of LA's vibrant street food scene to your next corporate…

May 29, 2024

Austin Food Truck Rentals—The Ultimate Guide

Hello Austin! If you're looking to add a dash of Austin's vibrant street food scene to your next corporate event…

May 29, 2024

OC Food Truck Rentals—The Ultimate Guide

Hello Orange County! If you're looking to add a dash of OC's bespoke street food scene to your next corporate…

May 29, 2024