You need an approval that actually funds—not a paper quote. Below is the tight, BC-ready checklist we use as credit analysts (and as a seller of trucks/equipment) to move private-lender leases from “maybe” to “approved.”
Are you looking for a truck? Look at our used inventory.
1) Pre-Underwrite Your Deal (5-Minute sanity check)
- Payment comfort: Run scenarios in the Calculator.
- Capacity: Last 3–6 months bank statements show deposits that cover payment + fuel/repairs/insurance with room to spare.
- Security: Aim for 10–20% down or a refundable security deposit. No cash? Consider a sale-leaseback.
- Story: One paragraph—what happened, what’s changed, what revenue the asset will produce (contracts, POs, lanes).
2) Asset Readiness (what lenders want to see in BC)
- Marketable unit: Mainstream brand/model, reasonable km/hours, clean inspection.
- Service history & title: Serial/VIN verified, lien-free (or clear payout), no salvage.
- Use-case fit: Axle/ratio, capacity, attachments match the job; mismatches hurt resale and price.
- Insurance timing: Quote now, bind at funding.
3) Submission Package (send in one shot)
- Application, government ID, void cheque.
- 3–6 months business bank statements (personal if new).
- Quote/bill of sale, VIN/serials, lien search, inspection/condition report.
- Insurance quote; binder when instructed.
- Strength add-ons: contract letters, broker confirmations, service records.
If admin slows you down, we’ll package it. Start here: Financing & Leasing.
4) BC-Friendly Structures that Fund
- Lease-to-Own ($1 or 10% buyout): 36–60 months; predictable path to title.
- FMV + Step-Ups: Lower early payments while the asset ramps; plan for residual.
- Lease + Working Capital: Pair with a small LOC to keep statements clean: Line of Credit & Working Capital.
- Top-Up via Sale-Leaseback: Unlock equity for the down payment without parking the unit: Refinancing & Sale-Leaseback.
- Lease + Factoring: Stabilize weekly deposits with Invoice Factoring.
5) Speed Levers (48-hour approvals need these)
- One broker-seller coordinating asset + finance (that’s us).
- Clean, recent statements (minimize NSFs for 60–90 days).
- Inspection booked early; insurance ready to bind.
- Realistic valuation (no inflated prices).
- Decide on structure before submission to avoid re-papering.
6) Cost Reality (keep pricing sharp)
- Deposits drive risk tier: steadier inflows → better rate.
- Asset quality lowers cost: late-model, serviceable, strong resale.
- Term/residual are levers: shorter term or meaningful residual reduces lender exposure.
- Soft costs: Ask what can be included (transport, minor recon) to protect day-one cash.
7) Common BC Pitfalls (avoid delays)
- Shopping multiple brokers (duplicate submissions kill momentum).
- Over-spec’d equipment for the work (harder to remarket).
- Last-minute insurance or lien surprises.
- Chasing a headline rate that never funds—certainty beats paper quotes.
8) If You’re Aiming for $0-Down
- Bring compensating strength: refundable security deposit, co-signer, or combine FMV + step-ups.
- Use a leaseback to create the “effective down” while keeping cash intact: Refinancing & Sale-Leaseback.
- Protect statements with a light LOC or factoring overlay:
Fast-Track Timeline (what the week looks like)
Day 1: Discovery & pre-underwrite, asset short-list, document pull.
Day 2: Structure agreed (term/buyout/down or deposit), inspection + insurance scheduled.
Day 3–5: Conditions cleared (PPSA, payout if any), funds release, unit delivered.
Why BC Operators Choose Mehmi
- Seller + Financier: We stock used Class 8 trucks, trailers, and equipment and can finance them directly.
- Speed & certainty: Access to 30+ Canadian lenders; deal-ready files often fund in 24–48 hours.
- Flexible even with past credit issues: We design to your reality, not a template.
Browse inventory, model payments, or talk to us:
Inventory • Calculator • Financing & Leasing • Contact Us
Frequently Asked Questions
Can I be approved in BC with sub-650 credit?
Yes—if the file shows capacity, real security (down or deposit), and a marketable asset. We place B/C/D files routinely.
Is leasing faster than a loan with private lenders?
Usually. Asset-first underwriting and flexible structures help leases move quickly.
No cash for down—any options?
Consider a sale-leaseback on an owned asset or FMV with step-ups plus a refundable security deposit.
What documents matter most?
Bank statements, asset details (VIN/serials + inspection), and insurance readiness—those move the needle on speed.
Can you supply the equipment and the financing?
Yes. We sell the asset and arrange the funding—one accountable partner from quote to keys.
Want a quick read on approval odds and monthly payments? Use the Calculator and feel free to contact our credit analysts for a tailored, no-pressure review: Contact Us.
You may also like: Understanding the Basics of Truck Loans.
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