Shipping & Storage Container Financing

What is shipping container financing?

Shipping container financing can provide the funds you need to purchase shipping containers while allowing you to make affordable monthly payments. Personal loans may be one of the best financing options available for shipping containers. In addition, if you are creating a shipping container home you can use a personal loan for more purposes than just the purchase of the shipping container. Personal loans can provide a lump sum of cash can borrowers repay over an agreed upon term. Most personal loans do not have spending restrictions meaning you can use the funds for just about anything you need. There are two types of personal loans, unsecured and secured. Secured personal loans may require collateral while unsecured personal loans do not require collateral. In addition, personal loans can be offered with fixed or variable interest rates. We recommend using a fixed interest rate personal loan. If you are using an unsecured and fixed personal loan, the monthly payment and interest rate should not change during the loan term. For example, if you borrow $10,000 at 4.99% with a 5 year term your monthly payment should be about $189. The good news is that most lenders offer fixed interest rate unsecured personal loans and all credit types can qualify for them.PrimeRates can connect you with reliable lenders that offer shipping container financing up to $100,000 with terms up to 12 years and interest rates starting at 4.99%.

How does shipping container financing work?

Shipping container financing is rather easy to understand. While the terms can vary depending on the lender, the overall concept and structure should be similar. If you are using a personal loan the funds are issued as a lump sum that you repay monthly with interest. Most loans that issue a lump sum charge interest on the full amount of the loan and it starts accruing as soon as the loan funds. For this reason, borrowers should do some research to decide exactly how much they need to borrow. Only borrowing the amount you actually need can help you save money on interest. In addition, determining the appropriate loan amount prior can help you accurately estimate what your monthly payment will be. When you estimate monthly payments you should take into consideration interest charges and origination fees. Most personal loans have origination fees which can vary between 1% to 8% of the total loan amount. Origination fees can include costs such as credit check fees, closing fees, application fees, and more. There are a variety of personal loan payment calculators available online that you can use to estimate monthly payments. If you are trying to achieve a certain monthly payment you should use a payment calculator and calculate different scenarios. For example, you may be offered a lower interest rate for a shorter term vs. a higher rate for a longer term. You can compare the monthly payment and interest charges to help you choose the shipping container financing offer that is best for you. If the lender you choose does not have an early pay off penalty you can pay the loan off early and save money. Paying as little as 10% extra each month can save you hundreds of dollars on interest. 

What are the reasons to apply for shipping container financing?

There are many reasons to apply for shipping container financing. One of the most common reasons is to provide a lump sum of cash that you may not have on hand. Alternatively, many applicants have the funds available but prefer to save their cash for emergencies. If you are a business owner, it may make more financial sense to make payments on shipping containers than to pay cash for them. Shipping containers are very durable and can last a very long time. In addition, there is demand for second hand storage containers. If you are using the shipping container for storage, it may make more sense to make a monthly payment for something you’ll eventually own as opposed to renting a storage unit. 

Shipping Container Financing Options for Homeowners & Contractors

Contractors that offer shipping container financing can increase revenue and sales significantly. PrimeRates offers homeowners and contractors a completely free service. Homeowners can visit PrimeRates directly and get connected to multiple lenders that offer shipping container financing. In addition, PrimeRates partners with contractors that want to offer shipping container financing for customers. 

What types of shipping containers are available for financing?

Pretty much any kind of shipping container or containers can be financed. Before applying for a loan you should get an accurate estimate of what the cost will be for the shipping container(s) you need. Most shipping containers cost between $1,400 to $5,000+. Different types of shipping containers include. . .

• Flat rack container
• Tunnel container
• Open top container
• Double door container
• Insulated and thermal container
• Dry storage container

What are the requirements to qualify for shipping container financing?

Qualifying for shipping container financing may be easier than you think. PrimeRates partners with lenders that can help all credit types. Whether you are confident that you qualify or not, you can apply through PrimeRates without affecting your credit score. To increase your chance of approval you can add a co-signer to your application. Ideally, the co-signer should have good credit and consistent income. If you do not have a co-singer you may want to consider using a secured personal loan. Secured personal loans require collateral making them less risky for the lender. Some of the minimum requirements for shipping container financing offered through PrimeRates includes. . .

• Credit score of 620 or higher
• Consistent income
• Reasonable debt-to-income ratio

How to Find Best Shipping Container Financing Deals

For most of us, getting the best deal is important. However, most of us are aware that finding the best deals can be time consuming. This is why PrimeRates was created. PrimeRates can provide individuals the information they need to be confident that they got the best shipping container financing deal. PrimeRates can connect you to lenders based on your credit score and borrowing needs. Individuals can submit one application that does not affect their credit score and discover the best financing deal or deals that they qualify for. This makes comparing multiple shipping container financing offers and lenders easy. Most PrimeRates lending partners determine the interest rate you qualify for based on credit score, loan term, and purpose of the loan. Once you have found the best shipping container financing offer you can proceed with receiving your funds directly with the lender. 

How to apply for a shipping container loan

Applying for a shipping container loan is easy, quick, and safe with PrimeRates. PrimeRates offers a free platform that is designed to help individuals secure the best shipping container financing. Comparing loan offers is not as easy as comparing prices of everyday items. Most lenders customize offers based on the borrower’s credit score, income, debt-to-income ratio, and request. PrimeRates allows individuals to submit one application that does not affect credit and receive multiple personalized loan offers within minutes. PrimeRates has dozens of reliable lending partners competing for your business. This means they are motivated to send more competitive loan offers when you apply through PrimeRates. Here are 3 easy steps to apply for shipping container financing loans through PrimeRates. . .

#1. Submit easy online application

#2. Select the best shipping container financing loan offer

#3. Receive funds quickly

Conclusion

In conclusion, personal loans are one of the best ways to finance shipping or storage containers. While it may be convenient to use a credit card you already have, it’ll likely cost you more than using a personal loan. Most credit cards have much higher interest rates than personal loans. In addition, they usually have lower spending limits. Individuals should avoid occupying more than 30% of their maximum credit card spending limit. Having credit cards with high balances can result in a credit score decrease. Personal loans can provide a smart financial solution for financing new and used shipping containers. Whether you buy the shipping container from a retailer or a private party you can use the funds from your personal loan. In addition to offering competitive shipping container financing for individuals, PrimeRates can also help contractors and shipping container retailers that want to offer financing. PrimeRates can provide contractors and retailers with user-friendly online applications and resources. Retailers and contractors that use PrimeRates will not be charged any dealer fees or any other kind of fees. It’s proven that offering financing for customers can increase sales significantly. If you are an individual that wants to go directly to the source you can visit PrimeRates online and submit an application.

Discover the best shipping container financing now!