In today’s world people are used to having everything done fast. Instant gratification is the name of the game, faster internet speeds, emailing instead of snail mail, you name it, it has to be done yesterday. The same holds true for trucking business commercial loans. When a business owner needs capital he needs it now and in the trucking industry it is even more prevalent.
Small Business Funding specializes in providing trucking business commercial loans. We understand the high risk nature of this industry and all the associated nuances. Timing is essential as the upkeep of a trucking fleet is extremely costly. Hiring new drivers, purchasing new trucks, breakdowns, loss or damage of property being hauled are all reasons fast financing is needed. It is a time sensitive need for capital to head these scenarios off. Due to the general high risk environment of this sector to begin with, trucking business commercial loans are impossible to get if you have bad credit. Traditional lenders will not even accept an application from a commercial trucking business owner if their FICO is low. Where does that leave them?
The underwriting utilized by alternative lenders is such that it focuses less on personal credit and more on business performance. The process from applying to getting funded can occur in as little as 5 days. Unsecured business loans, Asset Based Financing or even Factor Financing is available for all commercial trucking businesses. Each type has its advantages and disadvantages. Some are more intrusive and some more costly. Unsecured business type loan will cost the most and be of the shortest term. Regardless, trucking business commercial loans are available for trucking business owners with bad credit. 3-4 months of bank statements and merchant statements (if they accept credit cards) and a one page application is all that is needed to get an approval in just 24 hours.
If you’re a trucking business owner and searching for trucking business commercial loans kindly click here and see what you’re approved for.