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Trucking Business Loan

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Trucking Business Loan

A commercial truck loan (Trucking Business Financing) can provide you with funds to help you improve your business. The benefits of commercial truck loans are:

Preserves Working Capital

A commercial truck loan can help you preserve your working capital by providing cash flow to use towards maintaining your vehicles, purchasing truckers’ equipment, fueling up, and other essential trucking expenses. Extra capital also goes a long way for peace of mind in the event of an unforeseen accident.

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.

These truck loans allow you to worry less about finances and focus more on the important aspects of your business to help you become more profitable and competitive in every industry.

A Variety of Financing Options

Going with a commercial trucking business financing instead of a traditional loan will allow you to have more financing options and flexibility with your financial arrangements to best meet your business needs.

Working with trucking financing companies to obtain the right loan will provide better, more customized options to best help your business thrive.

How to Start a Trucking Business?

You need working capital to start any business. The trucking business is not exceptional. you need to build your fleet by purchasing or leasing trucks.

Buy or lease a truck and trailer

As is the case with vehicles, you have the option to either purchase or lease equipment. Either way, you must first decide what type of freight you plan to carry. Do you plan on only running day trips, or will you need a sleeper cabin? Will your first trailer be a van, a refrigerated trailer, or a flatbed trailer? Below are some common types of leases:

  • Operating (Full-Service) Lease: With this lease, you take care of maintenance, taxes, and permits, and at the end of the lease term you walk away.
  • Terminal Rental Adjustment Clause (TRAC) Lease: With this lease, you make a small down payment and at the end of the lease you purchase the truck for its residual value.  You can opt for the leasing company to sell the truck.
  • If the leasing company makes money on the sale, you receive the profit, if it loses money, you pay the difference.
  • Lease / Purchase Plans: Lease-purchase plans are primarily for truckers who don’t have enough for a down payment or have bad credit.
    Experts say you typically pay more in such arrangements versus traditional financing.

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There are different types of loans,  short-term loan or equipment loan with a low-interest rate can help you to empower your fleet in the trucking industry. You may even get business credit cards.

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Keep Trucks on the Road

  • Commercial truck 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 truck loans can be used to pay registration and certification fees related to mandatory trucking laws
  • A truck loan can cover the cost of insurance for your physical trucks and business with trucking business loans

Hire and Train Competent Drivers

  • Commercial truck loans allow you to hire more CDL drivers when demand goes up
  • Use the loan funds to cover important employee truck driver training courses and safety seminars

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

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