Frequently Asked Questions
What is Mile Hi Funding?
Mile Hi Funding is a nationwide equipment financing broker that connects business owners with lenders who specialize in commercial trucks and heavy equipment. The company helps owner operators, contractors, and small businesses secure financing quickly so they can purchase equipment and start generating revenue.
How does equipment financing work?
The process typically begins with a short application and soft credit review. Mile Hi Funding then matches the borrower with lenders that fit their credit profile and equipment type. Once approved, the lender funds the purchase so the borrower can acquire the equipment.
What types of trucks and equipment can I finance?
Mile Hi Funding can help finance a wide range of commercial equipment including semi trucks, dump trucks, box trucks, skid steers, excavators, loaders, trailers, and other construction machinery. Both transportation and construction equipment are commonly financed.
Can I finance a used semi truck or used construction equipment?
Yes. Many lenders finance used equipment as long as the asset meets age, condition, and value requirements. Used equipment financing is common for both trucks and construction machinery.
How fast can I get approved for truck financing?
Many applications receive a financing decision within a few hours. In many cases approvals are issued the same day, allowing borrowers to move forward with purchasing equipment quickly.
Does applying for financing affect my credit score?
Most applications begin with a soft credit inquiry that does not affect your credit score. A hard inquiry may only occur later in the process if a lender proceeds with final underwriting.
What credit score is required for equipment financing?
Credit requirements vary by lender. Stronger credit typically qualifies for lower rates and smaller down payments, but many programs are available for borrowers with moderate credit as well.
Can I qualify for financing with bad credit?
In most cases, yes. Some lenders offer programs for borrowers with lower credit scores. Approval may require a larger down payment or additional documentation depending on the situation.
How much down payment is required for truck financing?
Down payments depend on credit profile, time in business, and the type of equipment being financed. Some well-qualified borrowers may qualify for little or no down payment, while others may need to contribute a percentage of the purchase price.
Can startups or new owner operators qualify for financing?
Yes. Many lenders offer startup programs designed for new owner operators and first-time equipment buyers. These programs may require a down payment or proof of income potential.
Do I need a CDL to finance a truck?
A CDL is not always required to finance a truck. Some borrowers finance trucks for fleet expansion or to hire drivers, depending on the lender’s underwriting criteria.
Can I finance equipment through my business or LLC?
Yes. Equipment financing is often structured through a business entity such as an LLC or corporation. Some lenders also allow financing in a personal name if the business is newly formed.
What documents are required to apply for financing?
Basic applications often require identification, contact information, and details about the equipment being purchased for pre-approval. Once you are matched with a lender, additional documents such as bank statements, certificate of insurance, and other business information may be requested to finalize.
How long does the funding process take after approval?
Once approved, funding can often be completed within a few days depending on how quickly documents are signed and the equipment seller provides the required paperwork.
Can I finance equipment from a private seller or auction?
Yes. Many lenders allow financing for equipment purchased from dealers, auctions, and private sellers, provided the equipment meets underwriting guidelines.
What interest rates are typical for equipment financing?
Rates vary depending on credit score, equipment type, loan amount, and term length. Borrowers with stronger credit generally qualify for lower rates.
Can I refinance an existing truck or equipment loan?
In some cases refinancing may be possible. Borrowers may refinance to lower payments, change loan terms, or access equity in equipment that has been partially paid off.
Can Mile Hi Funding help me find equipment to purchase?
Mile Hi Funding primarily focuses on financing, but may be able to connect borrowers with equipment dealers or marketplaces where trucks and machinery are available for purchase.
Is there a penalty for paying off my loan early?
Some equipment financing agreements include early payoff provisions while others do not. The specific terms depend on the lender and financing program.
How do I start the application process with Mile Hi Funding?
You can begin by completing the online application or contacting Mile Hi Funding directly. After submitting your information, a financing specialist reviews your application and works to match you with the most suitable lender.