LeaseQ announced it launched TruckQ, an automated equipment leasing and finance platform for the commercial truck industry. TruckQ is designed to automate the financing and insurance (F&I) desk at commercial truck dealerships, and ease the borrower experience with multiple lenders and instant quotes, according to the company.
“When you buy a car as a consumer, you work with the sales manager and then the finance manager, who has a suite of automated tools at his disposal to close the deal. No one is taking that automation approach in the commercial truck space,” said Cory Damm, vice president of client services at LeaseQ. “With TruckQ, we have not only automated the equipment leasing and finance experience, but also on-boarded 30 new lenders to serve all truck classifications.”
The company said Truck Q provides instant quotes for truck industry borrowers with A++ to D credit, using a single application and soft credit pull. Specialized lenders on the TruckQ platform include Webster Bank, Navitas Credit Corp. and East Harbor Financial, among others. LeaseQ noted it has also partnered with truck industry associations, including the Used Truck Association (UTA), Owner-Operator Independent Driver’s Association (OOIDA) and the Truckload Carriers Association (TCA).
“Every business has risk, but by understanding what a trucking company does and how it does it, it’s possible to get owner-operators the financing they need,” said LeaseQ borrower Kenny Mahase, owner of Star Trucking & Construction Services. “Financing my trucks with LeaseQ has helped me expand my business to a different area of the state, create more jobs, hire more people, grow my presence in the industry and keep more money for working capital, rather than having it go to hefty down payments.”