Transportation
Division
Our company
strives to provide financing/leasing opportunities for the transportation
industry. NBF Capital primarily serves customers located in the 11 western
states.
We have specially tailored rates for excellent, average, and sub-prime
customers,
and go the extra mile to find solutions to credit challenges.
NBF
Capital, LLC Credit Application
Credit Authorization
Form (Required when using other applications)
Scroll
Down to learn all about NBF Capital's Transportation practices documentation
requirements and other critical information.
Click
for printable brochure.
Frequently
Asked Questions
Testimonials
WHO IS NBF CAPITAL LLC?
NBF Capital is a financial institution that provides
financing and leasing opportunities to the transportation industry.
NBF Capital primarily serves customers located throughout the Mid-West
and Western United States. We have specialty rates for both average
and sub-prime customers, and will go the extra mile to find solutions
to credit challenges.
1. Overview:
a. Principles- E. Grant Finch, Brett Eliason
b. In business since - March 2002
c. Corporate Offices located in Salt Lake City, UT
d. Funding Source is internal - Not a broker
2. Market: Sub-Prime Lender
Our primary areas of service are in the Mid-Western and Western United
States (see darkened states below). However, on approved credit, we
also have the ability to transact throughout the United States.
3. Business Philosophy:
The cornerstone of NBF’s business philosophy is good communication.
It is extremely important to establish the roles of the F & I manager
and the territory sales manger. The customer contact and communication
channels must be agreed upon in advance before NBF will begin approving
transactions.
WHO IS OUR TYPICAL CUSTOMER?
While this is not exclusive, out target customer
profile is typically as follows:
• Understands what it means to be an owner operator
• Usually has 10+ years of driving experience
• Has proven to be a satisfactory owner operator for at least
1-2 years, leased onto a reputable organization with multiple power
units. New ventures will also be considered OAC
• We prefer late model equipment - ’98 or newer Tractors
and Trailers (older models will be reviewed on a case by case basis)
• Has a minimum 20% down payment. Down payment minimum can be
achieved with additional collateral. Sales tax and Licensing not allowed.
Engine warranties, Gap OK. No Credit life
• Has a working spouse and is often times a homeowner
• May have experienced some credit problems in the past. Minimum
FICO Score of 550; Bankruptcy okay with 2 year proof of Re-established
credit
• Requires a manageable monthly payment. Typical deal amount is
$25k to $50k
• Proof of insurability and insurance required
• Terms ranging from 24 to 60 months depending on year, make,
& model
• TRAC Lease (Terminal Rental Adjustment Clause) & Retail
Finance Installment Contracts
HOW DO WE MAKE OUR CREDIT DECISIONS?
NBF Capital uses a point-based scoring model
to make its credit decisions. A point value is awarded based upon the
customer’s ability to meet pre-determined criteria. Decisions
are not made on a customer’s credit history alone. The more points
a customer scores above and beyond the approval threshold, the lower
the rate will be. Remember, we are not merely just a “sub-prime”
lender.
WHAT IS OUR CREDIT PROCESS?
In a word, quick. At NBF Capital we want to help
you sell your equipment. Bottom line, we understand that a quick credit
decision can be critical to closing a deal, and that is why we strive
to provide a credit decision within 2-4 hours.
The credit process is as follows:
1. Application – Once you have a committed
buyer, have your customer complete a copy of our Credit Application
or a copy of our “Sniff Test.” NBF Capital requires the
customer’s signature in order to request any credit report. The
more complete the application we receive, the quicker a decision can
be made.
2. Fax us the Info – Upon completion of
the application, fax it to 801-453-8031 along with a copy of the sales
order and a copy of the equipment specifications.
3. Sit back and Relax – When our Credit
Department has received the application, a typical credit decision will
be given within 2 - 4 hours. The credit process includes: applicant
interview, collateral valuation, credit reference check, credit bureau
analysis and verification of work/haul references. Remember, the better
the info we receive the quicker the process.
4. Approval – depending on a customers
qualifications, an approval including terms and conditions will be communicated
to the dealer via phone or in writing. With your approval, we would
also be happy to sell the financing deal to your customer.
REQUIREMENTS TO COMPLETE THE TRANSACTION
Once a deal is approved and agreed upon by both
the customer and the lender the following items will be needed before
the documentation process begins. Be aware, the process varies according
to the transaction type (lease vs. loan). Also, please be sure to provide
us with a copy of the wire instructions for your location so that we
will be able to fund the transaction.
TRAC Lease
Invoicing
a. NBF Capital LLC is listed as buyer and owner,
customer “ship to” is okay
b. Full description of equipment including full VIN
c. Depending on customers proven tax status – include sales tax
d. Dealer Documentation Fee OK- Not to exceed $200
Title
a. Legible Copy of the Front and Back of the title showing NBF Capital
as owner/buyer
b. Copy of completed Title Application showing NBF Capital as Lessor/Owner
Insurance
a. Physical Damage / Casualty Loss Insurance
b. Show NBF Capital LLC as “Loss Payee”
c. Insurance amount must be either ACV or Stated Value
d . Effective date same as Contract Date
e. No more than $1000 Deductible
f. Primary Liability Auto Insurance
g. $1,000,000.00 CSL
h. NBF Capital LLC listed as “Additional Insured”
i. Minimum policy period is 60 Days - Preference is annual
j. No “Credit Life”
k. Additional Collateral must also meet the same requirements
Loan/Promissory Note
Invoicing
a. Customer is listed as buyer and owner
b. Full description of equipment including full VIN
c. Depending on customers proven tax status – include sales tax
d. Dealer Documentation Fee OK- Not to exceed $200
Title
a. Legible Copy of the Front and Back
• Customer listed as owner / buyer
• NBF Capital LLC listed as lien holder
b. Copy of completed Title Application with the same specifications
Insurance:
a. Physical Damage Insurance
b. Show NBF Capital LLC as “Loss Payee”
c. Show either ACV or Stated Value
d. Effective date same as Contract Date
e. No more than $1000 Deductible
f. Minimum policy period is 60 Days - preference is annual
g. No “Credit Life”
h. Additional Collateral must also meet the same requirements
THE DOCUMENTATION PROCESS
Once all of the above items are received, the
documentation process can begin. This process generally takes 2 to 4
hours to complete.
