Our Story…
One of the partners has been in the food truck industry since 1995. He knows, firsthand, the difficulties food truck buyers face when getting their food truck, especially when it is the first one.
Very few buyers are able to pay cash so most need financing. Food truck financing can bring a lot of frustration due to the qualifying criteria, the process, meeting all the requirements, and especially when the loans are denied.
Unfortunately, the frustration is felt by both, the manufacturing company and also the buyers. The manufacturing company because often they start the initial paperwork and process of the food truck order then put things on pause until the loan is approved and when the loans are denied all the work put into the initial part of the order turns into a big loss of time.
The buyers are even more frustrated as they are excited about their future business and future livelihood. They start planning for their new business and are excited to get the loan approved and often after lots of time and effort the loan is still denied.
We decided there must be a better option for both… the buyers and also for the food truck sales/manufacturing companies so we came up with the Lease-to-Own option.
The Problem…
In general, financing for food trucks is not a common financing option at banks nor at financial institutions so most people looking to buy a food truck are required to pay cash or get expensive financing that is not always easy to qualify for.
Due to this lack of buying options, many people that would have purchased a food truck are unable to.
The Solution… “Lease-to-Own”
If a food truck buyer cannot pay cash nor qualify for financing but does have an acceptable amount of funds to apply towards the food truck, and they meet some other basic qualifications, they will be able to get a food truck in one of our Lease-to-Own plans. Once the term is over the customer can buy it for $1.00.
“Who said only people with perfect credit and on paper qualifications should get a food truck? We believe there are many others that are very deserving”
Due to a number of reasons, some minorities struggle to qualify for financing or pay cash. ERC is 100% minority owned and we are hoping that our Lease-to-Own programs will be of much help to minorities as well.