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Types of Trucking Loans
What are the Benefits of a Commercial Truck Loan?
What Customers Are Saying
Ron Beatty, Owner
Beatty Lawn & Tree ServiceKnowing how hard it had been trying to secure small business loans in the past, this family-owned business sought out National Funding thanks to its reputation for accessible, hassle-free loans. Being able to purchase new, reliable equipment was a critical component for this growth business, and National Funding helped them make it happen.
Why National Funding?
As a trucking business owner, you know that securing financing for commercial truck 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.
Trucking Business Resources
Running your trucking business requires you to stay organized and be ready to make decisions at any time. You never know what’s going to happen when your drivers set off to make a delivery. Foul weather or unexpected delays can cause a lot of stress. Luckily, commercial truck loans and other financial management practices can help you keep the financial side of your business
under control. We’ve provided you with a few tips and resources to help you keep your trucking business moving.
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, there are upsides to increasing the number of trucks in your fleet. Read this article to learn how adding more trucks can actually lead to business growth.
Trucking business loans offer owner operators and fleet managers the chance to put cash towards business needs. If you’re thinking about a trucking business loan for your company, consider how you want to invest it. Check out these three tips on different ways you can improve your business.
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.
Frequently Asked Questions
Deciding what is best for your business can be tricky, but it doesn’t have to be intimidating. Here are some frequently asked questions to consider before making the decision to apply for a commercial truck loan. If you have additional questions, our Loan Specialists are here to help.
A commercial truck business loan provides funding for trucking companies or companies that use trucks for their business. This loan can be used towards purchasing new trucks, maintaining trucking equipment, or hiring new truck drivers.
The term, or length of time to repay, for a commercial truck loan varies depending on the loan type, loan amount and business. Our Loan Specialists will work with you to determine what loan term is best for you and your business needs.
Since National Funding looks at more than just your credit score, no specific credit score is required to qualify for a commercial truck loan. Even those with bad credit scores are considered because we look at your business financing and business potential to determine if you qualify for a loan. Apply today to see what our Loan Specialists determine is best for you and your business.
Ratings & Reviews
We are very proud of what our customers are saying on TrustPilot.
True to our mission, we encourage you to read the following policies and learn how they affect you as a client.
(1) 24 hours:
Fast approvals and 24 hour funding subject to receipt of required documentation, underwriting guidelines, and processing time by your bank. Funds are deposited into your business checking account as soon as the next business day after approval and acceptance of terms.
(2) Early payoff discounts:
National Funding offers special opportunities for its customers to terminate contracts early and receive a discount in the process. Equipment Finance customers who pay off the total remaining balance early, at any point during the contract, will automatically receive a 6% discount off the total remaining balance. Working Capital customers who pay off the total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. We do not currently offer a discount on our lease contracts. Customers must pay off the balance in full, be current, and in good standing to take advantage of the discount within the time parameters.
(3) Automatic payments:
Loan payments are withdrawn via Automatic Clearing House (ACH) Monday through Friday excluding bank holidays.
(4) Wide variety of payment options:
- Equipment Financing: payments are remitted monthly with terms of 2-5 years
- Working Capital Loan: payments can be remitted daily or weekly with terms of 4 months up to 24 months
(5) Potential Tax Savings:
The Section 179 Tax Deduction allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Meaning, if you buy (or lease) a piece of qualifying equipment, you can deduct 100% of the purchase price from your gross income. You can secure the equipment, tools, and technology you need, while also taking advantage of significant tax deductions - up to $1,000,000. Consult your tax professional for more details.
(6) Guaranteed lowest payment:
Pursuant to the terms and conditions specified in these Rules and Restrictions of the Guaranteed Lowest Payment, National Funding guarantees to provide the lowest payment on equipment leased through National Funding, for lease terms from 24 to 60 months, or to pay $1000 towards qualifying executed leases. Lease payment comparisons must be based on a lease in excess of $10,000, for approved equipment, and with the same terms and conditions as those offered by National Funding within seven days that the National Funding terms are issued. To be eligible, customers must provide a competitive lease quote without contingencies, and vendor invoice, and in the name of the lessee within seven calendar days of the date National Funding issues its terms. Guarantee only valid on competitive equipment leases. Equipment finance agreements do not qualify.
In the event that the monthly lease payment amount from the competing lease company or bank is lower than the monthly payment that is being offered by National Funding for the same equipment and pursuant to the same terms, National Funding will verify the validity and accuracy of the competing leasing company’s or bank’s payment options, terms and the vendor quote. National Funding has the option, in its sole discretion, to either beat the competing leasing company’s or bank’s monthly payment rate, or pay $1000 to the lessee. The lessee must provide National Funding with the competing company’s or bank’s signed lease agreement with payment terms/options, and take delivery of the equipment. Payments will be made within 30 days, and lessee is responsible for any taxes.
The Guaranteed Lowest Payment is available to both new and established customers of National Funding. This offer is valid for new lease applications only. The Guaranteed Lowest Payment is not retroactive — a previously funded equipment lease with National Funding is not eligible for the Guaranteed Lowest Payment. Only non-contingent offers of lease terms and payment are eligible. Offers made to lessee that include subsidization by manufacturers and/or vendors will not be considered in comparing competing offers.
The Guaranteed Lowest Payment may be discontinued at any time without notice.
To participate in the Guaranteed Lowest Payment program, if you have a lease agreement and vendor quote which you believe will qualify for the program, contact your National Funding Lease Manager.
(7) Terms and Conditions apply:
This is not a guaranteed offer of credit. Loans subject to lender approval. Approval amount is based on eligibility determined by information obtained from Dun & Bradstreet. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average bank balances, personal credit and other variables deemed relevant by the lender.