Commercial Trucking Business Loans for Truckers
Fuel your trucking business with loans tailored for truck companies
Ready To Move Your Business Forward?
Types of Trucking Loans
How to Use Loans for Commercial Trucking Businesses
The commercial trucking industry is thriving. This creates a need for your business to have reliable drivers and continuous capital flow to compete with other trucking companies. Positioning your business to meet the current demand for trucking services requires financial resources. Trucking business loans can provide the necessary capital to maintain a fleet of trucks, hire drivers, and update logistics. Trucking loans offer solutions to not only keep businesses running smoothly but also help propel them to the next level. Getting funds can be challenging, but with National Funding, you can easily obtain efficient trucking financing to drive your business forward.
Whether you're a trucking business owner or an owner-operator, strengthen your business or scale your trucking initiatives with small business financing from National Funding.
Keep Trucks on the Road
- Commercial trucking loans can be used to pay for maintenance costs to keep your fleet functional
- Repair the trucks in your fleet using loan funds for common fixes and vehicle maintenance
Cover Administrative Costs
- Commercial trucking loans can be used to pay registration and certification fees related to mandatory trucking laws
- A truck loan can cover the cost of business insurance as well as insurance for your physical trucks
Hire and Train Competent Drivers
- Commercial truck loans allow you to hire more CDL drivers when demand goes up
- Use the trucking financing to cover important truck driver training courses and safety seminars for drivers
Add Trucks to Expand Your Business
- Commercial truck loans give you the chance to finance or lease new or used trucks for your fleet
- Expanding the trucks in your fleet allows you to take on more business and make more efficient deliveries
Benefits of Commercial Trucking Business LoansA truck loan can provide you with funds to help you improve your business. There are many benefits to using a trucking business loan to propel your business forward, including:
Preserves Working Capital
Maintain daily business operations without depleting your cash flow with business loans for truckers. This type of commercial trucking financing provides capital to use on maintaining day-to-day operations such as vehicle maintenance, purchasing truckers’ equipment, gas costs, and other critical business expenses. It can help you save working capital that can be used by business owners to cover unforeseen costs related to accidents or changes in demand. Extra working capital can keep your business on the road no matter your circumstances.
Improves Competitive Edge
By providing your trucking business with funds to help you purchase, maintain, or improve your trucks, a commercial truck loan allows you to take your business to the next level. Grow your business by acquiring more trucks and drivers and fulfill a greater demand with additional capital. Commercial trucking business loans can provide your company a realistic edge over competitors and help meet rising demands so your business can become more profitable.
Flexible Business Financing Options
Going with a commercial trucking business loan instead of a traditional loan may allow you to have more financing options and flexibility with your financial arrangements to best meet your business needs. Working with a lender that specializes in loans for trucking business owners and owner-operators provides better, more customized financing solutions to best help your business thrive.
How to Get a Loan for Your Trucking Business
The process of getting a trucking loan if fairly simple:
- Figure out the financial needs of your business: Does your trucking company need financing for leasing trucks or requires capital to manage everyday business operations? Knowing what your business needs helps you figure out the loan amount and type of loan that might be right for you.
- Reach out to lenders who specialize in business loans for truckers: Working with lenders that customize loan options for truckers will help you with flexibility of loan use along with repayment terms that are favorable for your business.
- Understand the lender’s loan qualification criteria: Every lender has their own loan qualification requirements. Some might need you to put down your leased truck as collateral while some might be stringent about credit score or age of your trucking business. Assess these lender criteria to choose the best loan option for you.
- Get financial documents of your trucking business in order: Gather income statement, income tax returns, and other critical financial documents that a lender might need for trucking loan approval.
- Submit the loan application: Depending on the lender, you might have to fill out a simple or extensive loan application and submit it online or mail it to the lender's office.
- Be patient through the approval process: Once the application is submitted, the lender evaluates your personal and business credit score while analyzing your risk profile. In this stage, a trucking business owner has to wait for the lender to get back to them.
- Negotiate the terms and conditions of your trucking loan: If your loan application is approved, you will receive the terms of the loan such as loan amount offered, interest rate, repayment period, etc. As a trucker, you may have the option to negotiate these terms depending on the lender’s flexibility.
- Receive the loan and make payments as per the signed agreement: Once you accept the loan terms and sign an agreement, the loan would be disbursed to your bank account. Utilize the trucking business loan wisely while keeping up with regular payments towards the loan as per the legal agreement.
Best Commercial Trucking Loans for Your Trucking Company
With so many lenders and trucking financing options available, it can be confusing for owners and owner-operators to select the best trucking loan for their business needs. Here are some questions that will help you determine the right financing option for your trucking business:
What is your personal and business credit score?
If your credit score is poor, you might need a lender who specializes in bad credit loans for truckers
What is the age of your trucking business?
Most lenders work with trucking companies that have been in operation for at least 6 months. If you are just starting your business, you might need to look for lenders that offer loans for start-up trucking businesses.
Can your business afford to put down collateral?
If the lender requires collateral to secure the trucking loan and you can’t offer one, unsecured business loans are your best bet.
How will you use the commercial trucking loan amount?
Having a plan for loan usage helps you figure out what type of loan is right for your needs. Depending on your loan usage requirements, you can choose from working capital loans, payroll loans, equipment financing loans, or customized trucking loans tailored for your business.
How much and how often can you afford to make payments towards the trucking loan?
This will help you determine the interest rate, loan duration, loan amount as well as repayment process that are best suited for your business.
Where to Get Trucking Business Loans
As an owner or owner-operator, you should be aware of different types of lenders in the market to get the trucking business loan for your trucking company. Most common ones include:
SBA Loans: Offered by Small Business Administration, SBA 7(a) loans are government funded loans that provide financial help to trucking small businesses.
Traditional Lenders: Large national banks as well as small regional banks fall under the category of traditional lenders offering loans for trucking businesses.
Alternative Lenders: Compared to traditional lenders, alternative lenders like National Funding are more flexible with commercial trucking loan options. Check out our range of trucking financing solutions that can be customized to your business needs.
How to Apply
Why National Funding?
As a trucking business owner, you know that securing commercial truck financing for purchases for purchases or logistics software isn’t always easy. Many traditional lenders tend to shy away from providing funds to the trucking industry. At National Funding, we’re committed to helping truckers and fleet managers get the most out of their business. We won’t make you wait weeks to learn if you’ve been approved or not. In fact, we make getting started simple with an online application.
We Know Trucking Businesses
Experience supporting trucking business owners
Trusted by Businesses Like Yours
Over $4.5 billion in funding to more than 75,000 businesses nationwide
Lending solutions and payment options tailored to your specific needs
Fast & Easy Application Process
No-cost, no-obligation application with funding in as few as 24 hours1
Funding Specialists Who Care
Experienced Funding Specialists help you make the right decision
No collateral requirements, plus simple, automatic payments3
Trucking Business Resources
Adding another truck to your fleet may sound like an unnecessary expense. After all, new commercial trucks are expensive. You’ll need to hire a new driver as well, which just adds to the expense. However, increasing the number of trucks in your fleet has its upsides. Read this article to learn how adding more trucks can actually lead to business growth.
It’s important to have the right insurance for your business to cover contract disputes, employee injury, weather damage, and product liabilities. Check out these 10 top insurance companies for trucking businesses and find one that’s right for you.
If your trucking business has an older truck that it doesn’t need, or heavy equipment it’s no longer using, it may make sense to sell it. You might have upgraded your fleet for newer commercial trucks and now need to get rid of the old ones. This post will walk you through the tax implications of selling used commercial trucks and equipment.