Frequently Asked Questions

Intek understands that financing can seem overwhelming. Below are answers to some of the most common questions we receive. If you don’t find the information you’re looking for, feel free to contact us directly.

Industry-Specific FAQs

We finance a variety of trucks, including dump trucks, tri-axle trucks, heavy wreckers, rotators, and carriers. Some of the specific models we finance include Peterbilt 389, Kenworth T800, and Volvo VNL, among others.

Yes, we offer financing for various types of commercial equipment. Whether it’s for tree services, waste management, or other industries, we tailor our financing programs to your specific needs.

Pre-Approval FAQs

To get pre-approved, simply submit a one-page credit application along with basic financial documents, including three months of bank statements and a recent tax return. This helps us assess your business’s financial health and determine the best financing options for you.

The approval process is quick. You can receive pre-approval in as little as 24 hours after submitting your documents.

No, you do not need to have a specific truck picked out to get approved. You can secure financing first, and then select the truck that fits your business needs.

Pre-approval typically lasts for 30 days, but it can be extended if needed, depending on your situation and the equipment you plan to purchase.

Unlike brokers or dealerships, we don’t submit your credit to multiple lenders. We’ll perform a one-time credit inquiry to finalize the deal when necessary.

Down Payment FAQs

The required down payment generally ranges from 10-20% for established businesses. For start-ups, the down payment is typically higher, ranging from 20-30% depending on the strength of the business and the equipment being financed.

Cost of Borrowing FAQs

Our financing programs are designed to fit your budget and goals. The cost of borrowing is consistent with SBA 7a and SBA 7a Express loans, but with a much faster approval time. At Intek, we create competitive payment terms that are based on your specific goals, not ours.

Equipment Age and Financing FAQs

Yes, Intek finances used trucks. While we don’t have a strict age cut-off for trucks over 7 years old, we typically require a strong down payment. For trucks over 10 years old, we generally don’t finance them unless there is an existing relationship with the customer.

Yes, you can finance trucks purchased through Facebook Marketplace or other private sellers. However, the truck must meet our standards, and we’ll need to review the specific details before finalizing financing.

Start-Up Financing FAQs

Yes, we provide start-up financing for new businesses, even those less than two years old. Our program is designed to help you establish a business credit history and get the equipment you need to grow. Approval depends on the personal borrowing of the applicant and any co-signer, down payment, and the type of collateral.

While most of the start-ups we finance are located near New Jersey, we do work with businesses outside of the area. As a relationship-based lender, we prefer meeting in person and establishing a strong, personal connection.

Equipment Financing FAQs

Yes, we offer financing for a wide range of commercial industry-specific equipment, including towing, construction, waste management, and tree service equipment. We work with businesses across various sectors to get them the equipment they need to succeed.