Top 3 Commercial Truck Financing Options

Commercial truck financing has been on the forefront of every transportation business owner’s mind recently. With the transportation industry growing faster than anticipated – about 3.5% each year – preparing for the increasing boom in business has never been more urgent.

Use Business Trucking Loans for Any Purpose, for Any Industry

With new commercial trucking business loans from NBC, transportation companies are quickly and easily financing new commercial vehicles for their fleets (including the option to pay off damage and insurance costs), hiring staff, managing payroll, expanding their business, and funding virtually any other business goal.

To help you choose the best funding solution for your business, the Business Financing Advisors at NBC created a list of the top 3 new commercial trucking small business financing options. Explore them below to learn how to get the funds you need in as little as 24 hours – regardless of credit score and financial history.

Top 3 Commercial Truck Financing Options

  1. Small Transportation Business Loans:  They’re only called small, because they’re exclusively available for trucking businesses that aren’t large corporations.The truth is, transportation business loans from NBC come with some of the largest amounts offered, as well as some of the most flexible financing options available in the global marketplace. Whether your business model would benefit best from a loan with set terms and set payments, or a loan with terms that offers more flexible payment cycles, NBC has the perfect transportation business loan for you.

    Loan Amount: $10K – $5 Mil
    : Whether you need a small business loan for quick fixes such as hiring staff, bridging gaps in working capital, paying off insurance costs or hiring staff, NBC can secure you with exactly the amount of capital you need. You never need to worry about borrowing more than you need.

    Term Length: 6 Months – 10 Years: 
    Many transportation companies require immediate capital (for instance, to finance a new or upgraded truck, or pay off insurance costs) but don’t want a loan with terms that keep them paying off borrowed capital for years. Others seek long-term solutions to pay off huge loan offers without breaking the bank. Whatever your need may be, NBC can find loan terms that protect your interests.

    Time to Funds: 1 – 3 days
     Transportation businesses know the importance of speed in taking advantage of an opportunity, and getting the job done on time. That’s why NBC works hard to secure transportation companies with funds in as little as 24 hours.
  2. Trucking Hybridge SBA Loans: These are some of the most useful and effective funding solutions for trucking businesses around, offering both short term and long term funding solutions to help cover virtually any business need.Trucking companies have been contacting NBC on a regular basis to take advantage of our new SBA product that offers easier approval, and a funding process that secures access to SBA terms and funds as soon as 45 days – that’s up to 4X faster than banks.Different than a normal SBA loan, Hybridge SBA Loans come with a capital injection as soon as 24 hours after applying, which bridges the ~45 day gap in funding.You can use this initial capital injection for uses including hiring staff, purchasing tools and inventory, covering insurance expenses, or virtually any other need.Then, once you gain access to the prime rates, long terms, and large amounts amounts of your expedited SBA loan, you can use your SBA funds to pay off any unused capital from your initial capital injection, and pay for any bigger expenses including upgrading or purchasing new vehicles, expanding your building, or any other long-term funding need.(See: How Does the Hybridge SBA Loan Work?) This is by far the most popular source of financing for commercial truck financing, as it has the lowest cost of capital, fastest processing speeds, and the ability to accomplish any funding goal quickly and easily.

    Loan Amount: $50K  $5Mil
    Term Lengths: 10 – 25 Years
    Time to Fund: 24 Hours to Capital, ~45 Days to SBA Loan

  3. Transportation Business Lines of Credit: One of the fastest, most flexible funding solutions for small trucking businesses. Get a line of credit, which you can draw from instantly whenever you need it, and replenish however much you want, whenever you want to.Business credit lines are like the swiss army knives of the commercial truck financing world.They’re a multifaceted tool that can be used for any business purchase or expense – no matter the cost or urgency – exactly when you need it.These are most commonly used for trucking businesses that are in a constant need of capital for spontaneous projects and expenses without warning, as well as for those that need to use cash to cover a wide variety of expenses at once.With a trucking business line of credit, you only pay for exactly what you use, with NO worry about holding on to any overhead. These lines of credit come with the same terms offered by small business loans from NBC:Loan Amount: $10k – $5 Mil
    Term Length: 6 Months – 10 Years
    Time to Funds: 1 – 3 days

Commercial Truck Financing Requirements

Banks and traditional lenders make commercial truck financing a slow and painful process. Between mountains of paperwork, and approval systems that require spotless credit and financial histories, the financing options listed above can be borderline impossible to obtain how and when you need them.

Fortunately, NBC has a uniquely simplified and expedited process that makes it a whole lot easier, accounting for our approval rate of over 90% for all transportation business owners. Through NBC for trucking small business loans and business lines of credit, you don’t need much to get approved. All you need are:

  • 6+ Months in Business
  • Make $100k in Annual Gross Sales
  • and NO Minimum Credit Score Requirements!

And together with services that speed up the process further by preparing all necessary documents for you, trucking business owners can spend less time waiting and filling out paperwork, and more time getting back to growing their business.

Qualifications for our Hybridge SBA Loans are a bit different. Although they do have a minimum FICO requirement, approval through NBC for SBA terms and rates is still significantly easier than any other bank or other lender. If you have:

  • 2+ Years in Business
  • Make $10K in Monthly Gross Sales
  • And 685+ FICO,

Then you have a 90% chance of approval for a transportation SBA loan through NBC.

It’s Simple: Get What You Need, When You Need It.

Getting the funds you need to grow and improve your trucking business doesn’t have to be an awful process. In fact, it can be extremely easy and simple. Contact us today at (877) 482-3008 to speak with a live representative, or apply below by filling out our simple 1-minute online application to get the capital you need in as little as 24 hours.

About the Author, David Surrusco
David Surrusco is the Head Content Writer at National Business Capital, is best known for his work in creating what has become the best business financing blog known to mankind: The NBC Advisor.