How difficult is it for an owner of a trucking company to find financing? Most if not all banks will not provide cash or trucking company financing. Their industry is considered too much of a risk due to how transient it is. It is not like a retail store that has a brick and mortar presence. The actual retail location is always on the move from city to city. Credit unions and banks are hard pressed to provide a capital infusion to a small business because if they default there is a chance they could never find the business.
Trucking company financing through alternative lending alleviates this problem for trucking owners. They can receive up to $250,000 in a weeks time to pay for another truck, expand its hauling options, new hires, general maintenance, etc… Alternative lenders know how to underwrite for this high risk industry and look beyond the inherent risks to fund capital. The performance and overall credit of the owner play a role in this process.
The cost of this type of trucking company financing is more than that of a traditional business loan. You are paying for a cost of credit. You are paying for the speed of funding. You are paying for the risk that the lender takes in providing such a loan. Expect a “rate” between 20-45%. Expect a payback to be within 4 to 12 months. The repayments are via daily ACH transactions directly from your bank account. They are fixed payments so there are no surprises. Usually, when a loan like this is paid down by 50% you can re-borrow (if it makes sense to) for more money at a better rate. Small Business Funding works with dozens of alternative lenders throughout the country that deal with high risk loans. Lenders that deliver what they say they can…quickly. Often you can get a soft approval within 24 hours and funding in less than 7 days. The only documentation needed for an approval are bank statements covering a 6 month time frame. Let Small Business Funding provide the trucking company financing you need fast. Apply here.