In today’s message:

  • How getting equipment is connected to your personal credit report
  • Need drivers? We have them for you!
  • Some humour…
  • Helping you buy or sell equipment

How getting equipment is connected to your personal credit report

If a carrier is incorporated, the owners usually think it’s the business that borrows the money to acquire new or used equipment. But, in a way, the owners are borrowing, too. And this can have an effect on their credit report.

Virtually all institutions that offer loans or leases to small and medium-sized trucking companies require the company owners to co-sign all borrowing documents. So even though the carrier’s name is at the top of the page, the owner’s name still shows up at the bottom.

This is, in part, because experience shows that most individuals who co-sign are motivated to make sure their company makes every monthly payment. But there are some individuals who are not always so motivated. These folks sometimes have a bad credit history already. That’s why one of the first things we look at before offering credit to a carrier is the personal credit history of the owner.

Why this can be a problem for the owner with good credit is that whenever lenders request a credit report, their requests are listed on subsequent credit reports. Multiple requests may give the appearance either that the owner is shopping for credit and may therefore be in financial difficulty, or that the other lenders have refused to give credit to him or her for reasons unknown. This may not affect the credit score, but it will appear on the credit report that includes the score.

An easy solution includes two preventive steps:

  1. With any credit application always provide a recent copy of your credit report, because if you request your own credit report, that request does not affect subsequent reports.  Reputable lenders – like Aquilian – will be happy to accept your copy of the report and abstain from making their own requests. This method avoids multiple lender requests. Your own personal credit report can be obtained through the mail for free from Equifax or TransUnion. If you need immediate access, a small fee is charged.
  2. When buying equipment from a dealer, do not use their in-house financing, unless their brand manufacturer is advertising a fixed, low rate for everyone. Equipment dealers often compensate for slim profit margins on the sale of equipment by earning large fees on financing the same pieces. They do this by shopping your credit around to the highest bidder. Aquilian can often beat the dealers’ rates without beating up your credit.

Need drivers? We have them for you!

We get you temporary-to-permanent staff: Hire them only after you like them.

We put them on our payroll first until you decide whether you want to hire them directly. In any case, it never costs you more than 15%.

Call or write us today and tell us who you need to get your trucks rolling anywhere in Canada except Quebec.

Some humour

Here are a few gems from the master of one-liners, Canadian comic Stewart Francis:

My dad has a weird hobby: he collects empty bottles… which sounds so much better than “alcoholic.”

In school I wanted to join the debating team.. but someone talked me out of it.

There’s a man in my neighbourhood who is in the Guiness Book of World Records for having forty-three concussions; he lives very close, actually, just a stone’s throw away…

And even though I’m proud that my father invented the rear-view mirror, we’re not as close as we appear.

My doctor thinks I’m taking hallucinogenic drugs… how do I know?… let’s just say a little bird told me.

I was wondering why a Frisbee appears larger, the closer it gets… and then it hit me.

My girlfriend thinks I’m very mature. She also thinks I’m incapable of being faithful. My wife, on the other hand…

I’m a very proud Canadian who is very proud of the educational system in Canadia …

Did I already tell you my Alzheimer’s joke?

Helping you buy or sell equipment

  • Do you have equipment you’d like to sell, but buyers don’t have enough cash?
  • Do you want to buy from a private seller who wants only cash?
  • Do you have an employee who could be an owner-operator, if only they could get financing?
  • Do you want your owner-operator to replace equipment or get an additional unit?
  • Does your bank or leasing company say, “No”?

We can help, at little or no cost to you.

Thanks for taking the time to read this, and have a great weekend.

Contact: Email (

or Phone 647.479.8764 or Toll-free: 1.844.252.0524

or download our credit application.

Eric Grossman, CPA, CGA  –  Aquilian Financial

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