{"id":236,"date":"2023-03-16T00:34:03","date_gmt":"2023-03-16T00:34:03","guid":{"rendered":"https:\/\/yourfinancepartners.com\/?page_id=236"},"modified":"2023-03-16T00:54:01","modified_gmt":"2023-03-16T00:54:01","slug":"food-truck-financing","status":"publish","type":"page","link":"https:\/\/yourfinancepartners.com\/loan-services\/commercial-truck-loans\/food-truck-financing\/","title":{"rendered":"Food Truck Financing"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"236\" class=\"elementor elementor-236\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3357fbe2 e-flex e-con-boxed e-con e-parent\" data-id=\"3357fbe2\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-2145d262 e-con-full e-flex e-con e-child\" data-id=\"2145d262\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-11952732 elementor-widget elementor-widget-image\" data-id=\"11952732\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"400\" src=\"https:\/\/yourfinancepartners.com\/wp-content\/uploads\/2023\/03\/arturo-rey-m6fYkq_P2Cc-unsplash-scaled-e1634832819134-1.jpg\" class=\"attachment-large size-large wp-image-238\" alt=\"\" srcset=\"https:\/\/yourfinancepartners.com\/wp-content\/uploads\/2023\/03\/arturo-rey-m6fYkq_P2Cc-unsplash-scaled-e1634832819134-1.jpg 800w, https:\/\/yourfinancepartners.com\/wp-content\/uploads\/2023\/03\/arturo-rey-m6fYkq_P2Cc-unsplash-scaled-e1634832819134-1-300x150.jpg 300w, https:\/\/yourfinancepartners.com\/wp-content\/uploads\/2023\/03\/arturo-rey-m6fYkq_P2Cc-unsplash-scaled-e1634832819134-1-768x384.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4d71b710 e-con-full e-flex e-con e-child\" data-id=\"4d71b710\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-21dc6be0 elementor-widget elementor-widget-heading\" data-id=\"21dc6be0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Food Truck Financing<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-728534ed elementor-widget elementor-widget-text-editor\" data-id=\"728534ed\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Food trucks are a hot new culinary trend, allowing small business owners to operate without the overhead of a traditional restaurant. Their limited menu means lower product costs, and the smaller space means that a small, efficient team can quickly expedite orders.<\/p><p>Whether you\u2019re just starting your food truck dream or you\u2019re a culinary professional who wants to try something new, finding the right food truck financing can mean the difference between success and failure. At Your Finance Partners, we offer specialized financing options for food truck owners.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5f563bad e-flex e-con-boxed e-con e-parent\" data-id=\"5f563bad\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3b92c2ad e-con-full e-flex e-con e-child\" data-id=\"3b92c2ad\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9e4e07e elementor-widget elementor-widget-heading\" data-id=\"9e4e07e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Types of Food Truck Loans<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c266d96 elementor-widget elementor-widget-text-editor\" data-id=\"c266d96\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Your food truck loan can cover just about anything, from the initial outlay to upgrades or products and supplies. Loans typically cover:<\/p><ul><li aria-level=\"1\">The truck itself<\/li><li aria-level=\"1\">Cooking equipment such as fryers, ovens, and grills<\/li><li aria-level=\"1\">Raw product<\/li><li aria-level=\"1\">Paper and cleaning supplies<\/li><li aria-level=\"1\">Paying for fees and permits<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-764e683 elementor-widget elementor-widget-text-editor\" data-id=\"764e683\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Food truck operators have several options for financing, and often, a combination of several kinds of funding makes the most sense.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45848f2 elementor-widget elementor-widget-text-editor\" data-id=\"45848f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><b>Small Business Loans<\/b><\/h3><p>The Small Business Association (SBA) administers a Microloan Program, loans of up to $50,000 for operators to purchase supplies and inventory, business equipment, or for use as working capital. Working capital can include payroll expenses or the fees needed for different operating permits.<\/p><p>Borrowers won\u2019t apply for a loan directly from the SBA. Instead, you\u2019ll apply through a microloan intermediary, like Your Loan Partners. The average loan amount is $13,000, which means that this loan may not be best for initial start-up costs.<\/p><p>When applying for this loan, you\u2019ll need to provide a personal guarantee and collateral to secure the loan.<\/p><h3><b>Equipment Financing<\/b><\/h3><p>This type of financing offers low-interest rates and a faster approval rate. The equipment you purchase is the collateral for the funding, meaning that you don\u2019t have to guarantee the loan personally. Should you default, the equipment you purchased with the loan will be taken by the lender, who sells it to recover the outstanding balance.<\/p><p>For the food truck itself, consider a commercial vehicle loan. Since the equipment and vehicle are the collateral for the loan, the interest rates for these loans tend to be lower than other types of financing.<\/p><p>Some food truck operators may opt to lease the equipment. While your monthly payments will be lower, you won\u2019t have the equipment as a business asset.<\/p><h3><b>Business Line of Credit<\/b><\/h3><p>A line of credit provides financing when you need it, instead of a lump sum loan. Instead of a structured loan payment, you borrow what you need and simply repay the portion of the line of credit you used. Lines of credit may be better for already established businesses and simply need a little extra capital from time to time.<\/p><p>Line of credit terms are different for each lender, and the monthly payment will depend on the amount you\u2019ve borrowed. The amount you\u2019re approved for can vary widely; lines of credit can range from $10,000 to $1 million.<\/p><h3><b>Business Credit Card<\/b><\/h3><p>A business credit card isn\u2019t the best choice for initial start-up costs, as the amount of equipment needed to start a food truck business can cost much more than you\u2019ll bring in in revenue for the first few months. This means that you\u2019ll be unlikely to pay off the credit card quickly. Meanwhile, the interest on your credit card purchases accumulates.<\/p><p>Your business credit card should be reserved for expenses you can quickly pay off or for emergencies. For example, a credit card can cover the repair and get you back in business if the truck breaks down.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e932945 elementor-widget elementor-widget-heading\" data-id=\"1e932945\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How To Secure Food Truck Financing<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-268f48c4 elementor-widget elementor-widget-text-editor\" data-id=\"268f48c4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Each lender has different terms for food truck financing, but there are a few commonalities. Borrowers should be in business for at least six months and have annual revenues of at least $100,000. You\u2019ll also be asked to provide collateral or a cash down payment if your credit is less than stellar or have a co-signer with good credit apply with you.<\/p><p>Lenders may also require a UCC filing, which may affect your business credit report or your ability to qualify for other financing.<\/p><p>The minimum credit score for food truck loans varies, too, and your interest rates and fees will be less the higher your personal credit score is. You may also be able to have a smaller downpayment if you have a better credit score. A score between 550 and 640 is the minimum for most lenders.<\/p><p>Bad credit won\u2019t necessarily keep you from getting financing, especially if you have something of value for collateral. For example, loans for equipment and the vehicle may be easier to qualify for since the truck and the equipment are valuable collateral.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f6db343 elementor-widget elementor-widget-heading\" data-id=\"4f6db343\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Your Finance Partners \u2013 Food Truck Financing Specialists<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d2a0856 elementor-widget elementor-widget-text-editor\" data-id=\"2d2a0856\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Your Finance Partners is your trusted food truck financing partner. We\u2019re financial experts with a deep knowledge of the options available for small business owners and food truck operators just like you. We can guide you towards the best loan options for your food truck, helping evaluate the terms and conditions for each financial institution. Your client care representative can help find food truck financing with the least amount of risk for you personally. Give us a call today or use our <a href=\"https:\/\/www.yourfinancepartners.com\/contact\/\">online contact form<\/a> to schedule your personal consultation today!<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30edc6de elementor-widget elementor-widget-heading\" data-id=\"30edc6de\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Apply?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63d0fb3e elementor-widget elementor-widget-text-editor\" data-id=\"63d0fb3e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Applying for food truck loan is a simple 3-step process:<\/p><ol><li>Simply fill out a form to contact our consultants.<\/li><li>They will contact you to retrieve essential business information.<\/li><li>We connect you to suitable lenders with the lowest premiums and guide you through the process.<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-149207a4 e-con-full e-flex e-con e-child\" data-id=\"149207a4\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-1d7fcaa2 e-con-full e-flex e-con e-child\" data-id=\"1d7fcaa2\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-47007842 elementor-widget elementor-widget-global elementor-global-160 elementor-widget-html\" data-id=\"47007842\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"full-width-cta\">\n  <i class=\"fas fa-hand-holding-usd\"><\/i>\n  <h3>Ready to Grow Your Business?<\/h3>\n  <p>Take the first step towards securing the financing you need with Your Finance Partners.<\/p>\n  <a href=\"\/apply\" class=\"cta-button\" style=\"color:white !important;\">Apply Now<\/a>\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-64eaeea6 elementor-widget elementor-widget-global elementor-global-163 elementor-widget-html\" data-id=\"64eaeea6\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"contact-info-cta\">\n  <i class=\"fas fa-phone\"><\/i>\n  <h3>Have Questions?<\/h3>\n  <p>Our team is here to help you with any inquiries.<\/p>\n  <p> <strong>1-702-468-9729<\/strong><\/p>\n  <p><strong>info@yourfinancepartners.com<\/strong> <\/p>\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36a81418 elementor-align-justify e-transform elementor-widget elementor-widget-global elementor-global-47 elementor-widget-button\" data-id=\"36a81418\" data-element_type=\"widget\" data-settings=\"{&quot;_transform_scale_effect_hover&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:1.03,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;_transform_scale_effect_hover_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/yourfinancepartners.com\/apply\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply Now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Food Truck Financing Food trucks are a hot new culinary trend, allowing small business owners to operate without the overhead of a traditional restaurant. Their limited menu means lower product costs, and the smaller space means that a small, efficient team can quickly expedite orders. Whether you\u2019re just starting your food truck dream or you\u2019re [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":224,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/yourfinancepartners.com\/wp-json\/wp\/v2\/pages\/236"}],"collection":[{"href":"https:\/\/yourfinancepartners.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/yourfinancepartners.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/yourfinancepartners.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yourfinancepartners.com\/wp-json\/wp\/v2\/comments?post=236"}],"version-history":[{"count":0,"href":"https:\/\/yourfinancepartners.com\/wp-json\/wp\/v2\/pages\/236\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/yourfinancepartners.com\/wp-json\/wp\/v2\/pages\/224"}],"wp:attachment":[{"href":"https:\/\/yourfinancepartners.com\/wp-json\/wp\/v2\/media?parent=236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}