Get the Best Trucking Business Loans
There are many challenges that can impact owner operators of trucking, logistic and transportation companies that create a need for working capital. The most critical issues facing the commercial trucking industry include but not limited to truck driver shortages, changing transportation regulations, safety issues, fuel costs, maintenance/repairs, tolls, lodging or cover unexpected expenses. Getting trucking business loans to help run the trucking business is essential to cover the business long term for any working capital issues and provide stability for the business.
AdvancePoint Capital helps small trucking businesses by providing trucking financing so you can focus on running your business. Whether you’re looking for flexible trucking financing, short term loans, or trucking equipment financing, for a less than stellar credit score — we’ve got you covered. Your commercial truck enterprise deserves loan options that work for you, not against. Discover what we have to offer.
Reasons Commercial Trucking Businesses Need Financing
Like any business, the trucking industry have financial needs and unexpected expenses that they need commercial trucking business loans to cover. Commercial trucking businesses with large fleets will need routine repairs, drivers need fuel, toll, and lodging costs covered, and new employees have to be trained. Thankfully, getting a commercial trucking business loan is possible.
Here are some of the most common reasons why transportation businesses need funding:
- Business Expenses
- Routine maintenance
- Lease equipment
- Purchase new commercial trucks
- Purchase Equipment
- Additional working capital needed
- Cost of fuel, tolls, and lodging
- Specific business needs
- Training new employees
Anyone in the transportation business knows that the financial needs of trucking companies are significant. With a trucking business loan, trucking companies can receive the operating capital they need to be successful. Thanks to online lenders, those in the transportation business can receive fast access to the funds they need with a short application process for numerous trucking business loans.
Qualifying for a Trucking Business Loans
Before you start the loan application process, it’s crucial to know what lenders will need from you for transportation loans. When you consider the different forms of financing, it’s important to note how much monthly payments will cost, how existing debt will factor in your ability to get approved, and your business growth projections. To receive a truck loan, owner-operators should be aware of the following items:
- Type of financing needed (Trucking business loan vs. Line of Credit Vs. Equipment Financing)
- Credit scores (sometimes a minimum credit score is required)
- Amount of working capital needed
- Business plans and projected growth
- Repayment plan (low monthly payments aren’t always a given)
- Cost and additional fees
- Estimated annual gross sales
6 Best Business Loans for the Trucking Industry (May 2023)
Short-Term Trucking Business Loans
A popular unsecured business loan for those businesses that cannot get traditional financing options. Short-term business loans have higher approval rates and are a great option for working capital needs.
Trucking Business Line of Credit
A business line of credit is a revolving line of credit that business owners can draw funds as needed offering flexibility and only having to pay interest on the outstanding balance. Good for purchases or supporting the current cash flow of the business.
Equipment financing is a common product used by businesses heavily dependent on equipment to operate the business. Terms range from 2 to 7 years to repay with affordable monthly payments.
Commercial Truck Loans
Truck vehicle financing is a great option when purchasing a vehicle and you want to use the vehicle as collateral to get better terms that range from 2 to 7 years to repay.
(Small Business Administration) SBA
SBA loans are administered by the Small Business Administration but issued by approved lenders. Rates and terms are the best, but the approval process requires significant documentation and qualifications.
Invoice factoring allows trucking companies to get an advance from approved outstanding invoices once generated, accelerating payment before net terms are due. Great cash flow solution with minimal fees without incurring debt.
Trucking Business Loans
Operating a trucking company can be a challenge, as delays in getting paid on invoices, maintenance and repairs, complying with state and federal guidelines, and constant costs all can eat into cash flow unexpectedly. That’s why having options for your commercial truck company is essential. Having cash on hand is the best defense for unexpected issues, so having a wide range of small business finance options is a must. Your trucking business needs flexible truck loans that reflect the nature of the job; AdvancePoint Capital can help.
Maintenance and Repair, and Equipment Purchases
Equipment financing is an alternative to repairing and maintaining equipment without depleting cash flow. Keeping vehicles themselves up to compliance and safety standards means finding flexible financing for commercial trucks. The commercial trucking business never has an offseason, so it’s vital to keep equipment in tip-top shape at all times to reach your goals.
Transportation and trucking’s lifeblood is the drivers. Very few businesses rely more on their employees than trucking and transportation, as they operate most of the work and processes. Ensuring that there is always working capital available to make payroll for your trucking company is critical, and financing options must be in place to compensate for unexpected issues that negatively impact the business bank account. Your funding and loan options should reflect the vast array of operations you need to upkeep your commercial truck company.
Types of Trucking Companies We Serve
We work with a wide range of trucking and transportation enterprises to give them the financing options they need to reach their goals. Over the years, we’ve worked with countless companies nationwide, offering unmatched expertise and loan variety for trucking businesses. Below is a list of some of our most popular industries:
- Medical and air transport
- Shipping and freight
- Commercial trucking
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.
Frequently Asked Questions
Why AdvancePoint Capital?
Experience – We have the necessary experience with the trucking and transportation industry to help you find the right funding.
Trust – We have excellent reviews and feedback from transportation businesses.
Transparent-We offer a free credit report
Loan Specialists – Our team is made up of experienced business funding specialists who know the trucking industry.
Products – We offer a variety of loan products through our online lender network so you can find the right solution for your business.
Access – With AdvancePoint Capital, you’ll receive access to third-party lenders, online lenders, and government-backed loan choices.
Fast – We offer a quick approval process.
Free – Our online quotes are always no cost and no commitment.