Running a commercial trucking company can be challenging, before you even get your wheels on the road.\u00a0 Before you can first open your doors, you must invest in at least one truck. Depending on your business plan, you may want more than one. So, who has to pay for that eighteen-wheeler?<\/p>\n
You do, unfortunately. You may not have the capital on-hand to invest in a long-haul truck or two. With commercial truck loans or even a small business loan<\/a>, you may find yourself on the road sooner rather than later.<\/p>\n Buying a new truck is not your only option. Let’s say you want to upgrade your vehicle or repair an existing long-haul truck for your company; the best commercial truck loans can help you upgrade, while commercial truck repair loans assist with the former.<\/p>\n Securing funding for commercial or semi-truck financing is vastly different from a personal vehicle loan. For starters, the standard interest rate for commercial used truck loans can range from 5% to 30%, unlike the sub 5% rates for personal auto loans.<\/p>\n Most commercial truck drivers, while business savvy, may not have the funds readily available to outright purchase a truck, upgrade their existing vehicle, or pay for extensive repairs. In these cases, financing is the only route. It’s not a bad option, either.<\/p>\n With a commercial truck loans calculator, you’ll quickly discover how much you’re eligible to borrow, your monthly payments, and commercial truck loans interest rates to get you started.<\/p>\n When it comes to commercial truck loans, a bank may not be your best option. Whether you require a bad credit commercial truck loan or a commercial truck equity loan, chances are you’re better off with a private lender over a credit union or hometown bank.<\/p>\n Commercial truck financing is available for:<\/p>\n With equipment financing<\/a> options, the commercial truck you purchase acts as collateral against the loan. Say, for example, you miss a payment. The lending company would seize the truck.<\/p>\n This has both positives and negatives. You do not have to put up any other assets as collateral besides the truck, which is good. If the truck is your only source of income, this may not be so good for your business. If anything were to happen that would prevent you from driving, you may not be able to make payments on time and the lender may\u00a0 seize your truck.<\/p>\n Technically speaking, as a commercial truck driver, you are a small business-at least, to start. As such, you likely qualify for a business line of credit<\/a>. A small business line of credit is an unsecured loan solely for businesses without a lump-sum disbursement, in which the loan itself acts like a credit card.<\/p>\n You pay for supplies, equipment, gas, etc. Then you repay the amount spent over time, gradually paying down the balance.<\/p>\n If you can prove to the bank or a lending company that your business is a sound investment, with a business plan, resources, and experience, then chances are you will be approved for a small business loan. Although, alternative financing companies do not typically require a business plan to be approved.<\/p>\n The thing about a small business loan is the amount you can borrow varies. In some cases, you may not receive enough to purchase a new truck or jumpstart your trucking company. You may need to pursue other options alongside a small business loan.<\/p>\n It’s important to note that not all lending companies are equal, some enact lending requirements that significantly vary from their competitors.<\/p>\n The general qualifications for commercial truck loans include:<\/p>\n You will find that many lending companies flat out refuse to finance a used commercial truck. If your goal is to buy second hand – saving some money in the process – spend a little more time researching lending companies that specifically cover used vehicles.<\/p>\n With these above qualifications in place, most of which are easy enough to achieve, you’ll soon have a commercial truck to start your long-haul or delivery business with little hassle. Even if you don’t have stellar credit, securing a commercial truck loan is possible!<\/p>\n Kickstart your commercial trucking career, and apply now<\/a> for a commercial truck loan! You’ll get matched with a Business Financing Advisor at ROK to help you find the best option.<\/p>\nHow Funding Can Help?<\/h2>\n
What Are My Best Options?<\/h2>\n
\n
Equipment Financing<\/h3>\n
Business Line of Credit<\/h3>\n
Small Business Loans<\/h3>\n
How Can I Qualify?<\/h2>\n
\n