Equipment Financing Checklist: What You Need for Commercial Vehicles, Non-Titled Equipment & Working Capital

Equipment Financing shouldn’t feel complicated – especially when you know exactly what lenders look for. Whether you’re buying a commercial vehicle, upgrading yellow iron or agricultural equipment, or securing working capital to smooth out cash flow, having the right documents ready can significantly speed up your approval and funding process.

According to the Equipment Leasing & Finance Association (ELFA), nearly 82% of U.S. companies use some form of equipment financing each year – meaning smoother paperwork and faster funding can give businesses a real advantage in their competitive industries.

Below is a quick, easy-to-follow checklist to help you gather everything needed before you apply with Truecore Capital.

🚚 1. Commercial Vehicle Financing (Titled Vehicles)

Examples: sleeper trucks, day cabs, box trucks, dump trucks, tow trucks, sprinter/cargo vans, pickup trucks, water trucks

• ✅ Basic Requirements
• – Completed Application (business info + ownership details)
• – Driver’s License copies for all owners (CDL if applicable)
• – Voided Business Check
• – Vendor Quote / Bill of Sale with VIN, mileage, year, and specs

• 📄 Depending on Deal Strength / Credit Profile
• – Last 3 Months of Business Bank Statements
• – Commercial Auto Insurance Binder (needed prior to funding, not to get approved)
• – CDL (if GVWR is over 26,001 lbs)
• – Proof of Business Ownership (Schedule C, K-1, Operating Agreement, etc)

• 🔍 Optional but Helpful
• – Fleet history
• – Proof of previous Commercial Borrowing History
• – Business website or online presence

You can also reference our equipment financing checklist for a deeper breakdown of what lenders verify before issuing an approval.

🏗️ 2. Non-Titled Equipment Financing (Yellow Iron, Ag Equipment, Machinery)

Examples: skid steers, excavators, tractors, forklifts, backhoes, telehandlers, balers, CNC machines, attachments, implements, cranes, bulldozers

• ✅ Basic Requirements
• – Completed Application
• – Driver’s License copies for all owners
• – Voided Business Check
• – Equipment Quote / Invoice detailing: make, model, serial #, hours/condition (if used), and attachments included

• 📄 Depending on Deal Strength / Dollar Amount
• – Last 3 Months of Business Bank Statements
• – If Ag equipment, Proof of Farm Income (Schedule F)
• – Photos of the equipment (especially for private-party deals)

• 🔍 Optional but Helpful
• – Equipment list of current assets
• – Proof of previous Commercial Borrowing History
• – Short project description (for contractors)

💵 3. Working Capital Loans

Examples: payroll, fuel, materials, repairs, vendor payments, slow-season support

• ✅ Basic Requirements
• – Completed Application
• – Driver’s License
• – Last 3 Months of Business Bank Statements
• – Voided Business Check

• 📄 Depending on Credit / Loan Size
• – Proof of Business Ownership (K-1, Schedule C, Operating Agreement)
• – Prior funding payoff or history

• 🔍 Optional but Helpful
• – Brief explanation of the use of funds
• – Notes explaining any NSF/overdraft activity

You can also read our full breakdown on working capital loans to better understand how these short-term funds help businesses manage cash flow.

📌 Final Tips for a Smooth Equipment Financing Process

• – Ensure bank statements include all pages (even blank ones)
• – Ask your vendor for a clear, itemized quote – lenders prefer specificity
• – Keep your insurance agent ready (especially for titled vehicles)
• – Be prepared to verify revenue or time-in-business if the underwriter requests it

And remember: listed equipment often qualifies for tax incentives. According to the IRS Section 179 guidelines, businesses can typically deduct the full purchase price of qualifying equipment placed in service during the tax year – even when it’s financed, not paid in cash. This can dramatically improve year-end tax strategy when structured correctly.

In today’s lending environment, clean documentation and organized financials can be a game-changer. Most lenders now use automated underwriting systems that incentivize businesses with clear and consistent bank statements and strong cash-flow trends. The moment all your paperwork is complete, the underwriter is able to push your file through much faster, reducing delays and back-and-forth requests while often securing better rates or lower down payments. Whether you’re financing a commercial truck, upgrading heavy equipment, or securing working capital, a well-prepared application sets the stage for a smoother, faster approval.

You don’t have to navigate equipment financing alone.

Whether you’re buying a truck, upgrading machinery, or strengthening cash flow, Truecore Capital is here to make the process smoother, faster, and stress-free. Give us a call at (805) 422-7342 or use the form below – and we’ll help you get approved with clarity and confidence.

• Source:
• – Equipment Leasing & Finance Association (ELFA), “Size of the Industry,” [https://www.elfaonline.org/knowledge-hub/size-of-the-industry].