How to Apply
Requirements
Bobtail was founded in 2013 with a mission to make it easy and affordable for drivers to get the loan they need. Pay attention Bobtail does not offer a free trial plan.
Bobtail has a few major requirements for its customers:
Customers must be 18 years or older;
A valid ID;
An active bank account;
A regular source of income.
Borrowers can apply for a loan by filling out an online application with your document package. You can get the money you need in as little as 24 hours. Pay attention that the document package may differ for drivers.
Application details
When you are bobtailing a company, you will need to provide a certain document package to your bank or lender. These may include:
Business plan;
Financial projections for your company;
Personal financial statements for yourself and any other owners;
Collateral documentation, such as letters of guarantee or property deed.
Bobtail loans are typically short-term, so you will need to have a plan in place to repay the loan within a few years. Be sure to include this information in your business plan. Also, Bobtail would like to see that you have the personal financial resources to back up your company.
Also, you will need to provide financial statements for the past few years. This will help your lender understand the financial history of your company and make a decision about whether to approve your loan.
Finally, you will need to provide collateral package documentation. This may include letters of guarantee from third parties or property deeds. This documentation will help your lender feel confident that they will be able to recoup their investment if your company defaults on the loan.
Providing all of these documents will increase your chances of getting approved for a bobtail founding loan. Service decides within 1-2 business days. The company analyzed data from over 1,000 bobtail loan applications and found that the most common reason for rejection was insufficient collateral. Other reasons included poor credit history, high debt-to-income ratio, and insufficient income.
If you're a driver looking for financial assistance, there are a few things you need to do in order to apply for a bobtail funding loan. First, you'll need to fill out an application which can be found on the website of most bobtail truck dealers.
Fill in your name, email, phone and MC number. Register for the service and start inputting your invoices.
Once you've submitted your application, you'll need to provide the dealer with financial documentation, such as your tax returns and proof of income. The dealer will then review your application and determine whether you qualify for the loan.