Applying for Credit

Eastern Credit Application

Financing for your Jerr-Dan or Landoll purchase, new or used, is easy with one of our first-rate national or regional lenders.

Just fill out our Credit Application — we’ve got two easy ways to do it. The first version will let you do it all online by way of DocuSign. Click the link below, and it will open in a new DocuSign window, then just enter your name and email address and follow the onscreen instructions.

The second version is more old-fashioned — click the second link and a copy of the application will open in another window. You can just print it, fill it out and bring it in, fax it in, or email it to us. Just remember to complete both pages, the Application and the Financial Privacy Notice, and fax both pages to us at (919) 553-2468 or email them to your salesperson.

Please Click Here to Open a DocuSign Version You Can Fill Out Securely On-Line

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Please Click Here to Open a Version You Can Print and Fax or Email Back to Us

We want to work with you to make your purchase as easy as possible. Once we get your application, we’ll match it up to the best lender for you to get your very best approval, and we’ll stay in touch so that you know what’s going on.

Still have questions? Please give us a call at (919) 553-4038.

Frequently Asked Questions About Commercial Credit, Financing and Leasing for Tow Trucks, Rollbacks and Trailers

Do I need a down payment? Probably, though maybe not. If you have excellent credit, if you have financed other similar commercial equipment before, and if you have been in business for several years, a commercial lender may offer you a loan or lease with little or nothing down. In most cases, commercial lenders do want some down payment—how much will depend on the particular lender and your credit history.

How about a lease? I’ve heard of leases with zero downis that available on this kind of equipment? Again, as with the first question above, only if you have the years in business, very good credit, and existing comparable commercial credit that the lenders want to see. We’ll work with you to find your best deal, based on your individual credit.

I can walk in a car dealership and get approved right away on a new Honda or Chevrolet or Ford with no down payment. Can I do that on a Commercial Vehicle like a tow truck? This is one of the most often asked questions, and one of the most frustrating for us and for our customers. As we have said in answer to the previous questions, maybe you can get a Commercial loan or lease with little or nothing down, IF you already have a good relationship with a Commercial lender, or IF you have the time in business and comparable Commercial credit they want to see. Here’s the thing that is so aggravating: Commercial equipment actually helps you make money, but it is easier to get a loan or lease on consumer items like a Ford Explorer.  The automobile industry is huge, and consumer lenders have both the volume of deals and the tools to make it easy for them to finance and, if necessary, re-market items like a Honda Accord, Toyota Camry, or even a BMW or a Mercedes. The volume of Commercial loans for work trucks is much smaller, there are fewer tools available to Commercial lenders, and the guidelines are different. Bottom line? Most of us can walk into a Lexus store and drive away with a fancy new car—that will earn NO money for us at all—far more easily and quickly than we can walk in here and get approved for a loan or lease to buy a new Jerr-Dan carrier. No, it doesn’t make any sense, but that is the truth of how Commercial lending is different. That being said, we are here to make the process as easy, painless, and profitable for you as possible.

Which is better, a loan or a lease? That really depends on a wide range of things, and you should talk to your tax advisor about leases vs. loans—there are different advantages to each. Even if you are more inclined to traditional loans, keep an open mind to both. If your credit is challenged, you may find that some lenders are a little more inclined to offer you a lease (since that may give the lender an easier way to repossess the equipment if things go badly — well, it isn’t pretty, but it is the truth.)

So what’s the difference between financing and leasing anyway? Practically speaking, in our world of commercial equipment, not a lot. This is not like a lease on a Honda or a BMW. With commercial equipment, your approval terms would probably be about the same whether you lease or finance — same kind of out of pocket up front, same kind of payment, same term, and unlike with Hondas or BMWs, the bank wants to make sure you end up owning the truck or trailer at the end of the lease. There are some differences in how your accountant will treat the purchase on your tax returns — usually lease payments are treated as a monthly expense while equipment you finance may be depreciated, but we don’t even play accountants on television, so please talk to your accountant or tax advisor. You may also want to do some calculations on the interest rate, since most lease agreements (and a surprising number of commercial loan agreements) are not required to disclose the interest rate you pay — and yes, there are lenders out there who will tell you one thing and charge you something else.

Do I have to fill out a credit application? Yes, we have to get a written application—that is part of the better consumer protection laws in place today. A lot of times we can get a lender to consider your loan based on just the application. Depending on how long you’ve been in business, etc, it is possible that a lender will request additional information. For example, if you’ve been in business less than 3 years, you will probably need to submit your 3 most recent business checking bank statements.

What kind of rates are available? This is almost impossible to answer, since it depends on your credit, what you are buying, the amount of money involved, and what the current bank rates are. Our lenders offer the best commercial rates available today, and we work very hard to connect you with trustworthy lenders, banks that we ourselves would borrow from. As mentioned above, the rules about commercial lending and leasing do not always require that the interest rate be disclosed on the agreement, so be careful of some of the pre-approval offers and promises you see in your mailbox and email. Don’t let somebody quote you one thing and charge you something else.

I arranged my own credit. Is my lender lying to me about the interest rate? Maybe. It happens a lot in commercial lending, where the actual interest rate is not easy to find in the documents, if it is disclosed at all. Easiest way to know is to figure it out yourself — just use the Easy Payment Calculator on this page. Put in only the actual amount you are borrowing (not the whole purchase price,) and play with the interest rate button until you see the payment they’ve quoted you. The answer may surprise you, and not always in a good way.

How long can I finance my truck? Again, the answer depends on many factors. We often see 60 month terms on new trucks, sometimes 66 or 72 months. Used equipment might qualify for anything from 24 to 60 months, depending on the lender. If you are buying something really big, like a new Rotator, special terms apply — maybe longer terms, maybe a balloon payment at the end — but those terms aren’t on the table for regular trucks. And you don’t want them anyway — financing a truck for 72 months but needing to trade it for another one in 36 months can give you heartburn when you need to come up with more cash to pay down or try to finance “negative equity” (what you owe that is above and beyond what the truck is now worth.) Best plan? Try to go with a payment low enough to let you get through the slow times, but big enough that you are able to get your NEXT truck when you need it.

Do you have financing available for new or start-up businesses? Yes, we have some lenders willing to consider applications from businesses with less than 3 years in business. Generally, the newer the business, the larger the down payment the lender will require—if you are just starting a business or have just gone into business in the last year or two, the lenders will probably want to see at least a 25% down payment. They’ll probably want to see some bank statements, maybe a simple written business plan so they know you’ve put some thought into it, and they may request tax returns if there is little else to help them establish your financial condition.

Can I get a short term lease? Can I just turn in the equipment at the end of the lease? The financing and leases we see advertised for new cars and light pickup trucks are very different from the financing and leases offered for commercial and heavy duty equipment. There are no short-term, temporary leases for towing and transport equipment. At the end of the lease term there is usually a simple purchase agreement for a determined price—such as $1.00 or $101.00, depending on the state you live in—and the equipment is yours to keep. Always read and understand the terms of the loan or lease that you accept.

Do you send my credit information all over the world? No, we do not. Our approach is simple—we are going to treat your information like we would treat our own. First, we’ll take a look at your credit background so that we can determine which of our lenders will be the best match, then we start with that one. Generally, we approach lenders one at the time for you, not sending your information to several sources at once. We want to get you the best deal possible while limiting the number of lenders who access your information. If we see that we cannot help you, we’ll let you know quickly.

How long does it take to get an approval? These days, it varies a little. If you have a good credit history and time in business, it may even be the same day.  More often, it can take a day or two. If there are some credit issues, a lender may come back and request additional information to support the application, such as copies of business bank statements, etc. If your business is new or your personal credit history is limited, they will almost certainly want to see recent business bank statements at the very least.

Where do I find more information about starting my new business? How do I form a corporation or LLC?  One great source of information in North Carolina is here at the North Carolina Department of Commerce website. Another good source of information is the corporations division of the North Carolina Secretary of State website, where you can find information about starting your North Carolina corporation or LLC—it is much easier than you think. If you are in a different U.S. state, check the website of your Secretary of State office. Canadian citizens may find helpful information at the Industry Canada website.

Remember—always read and understand the terms and conditions of your particular lease or loan. Beware! There are some unscrupulous lenders and equipment dealers out there in the world!