Transportation Business Loans

Whether you are a long-distance trucker who relies on his rig or a business owner who manages a fleet of school buses, you know that fast access to working capital keeps your most valuable resource rolling.

Repairs, routine maintenance, replacement, insurance, leasing or owning an overnight storage facility or yard, temporary warehousing, and the costs to run/maintain a trucking or transportation-based company can easily climb into the hundreds of thousands of dollars per year.

Transportation business loans offer a lump sum of capital for trucking companies to cover these expenses, preserve cash flow, and invest in their growth. Continue reading for everything you need to know about transportation business financing, including how it works, how to qualify, and how to leverage your funding to outpace your competition.

How Do Transportation Business Loans Work?

Transportation business loans work much like most other types of financing. You receive a set amount of capital, invest it into your business, and repay the borrowed amount through regular installments to your lender. Once you’ve paid off the entire amount, plus interest, your business has no debt attached to it.

Consistent, timely payments can build business credit if the lender you’re working with reports to a business credit bureau. Borrowers that miss payments regularly put themselves in danger of defaulting on the loan, which comes with numerous financial consequences that can make it harder to access capital in the future.

Fair warning: You may have to offer collateral to “secure” your financing, although this will depend on the financial background of your business and the lender you’re working with.

Benefits of Transportation Business Loans

Transportation business financing provides the capital needed to cover expenses and take advantage of opportunities. You can cover the cost of fuel, purchase/update your equipment, and bridge cash flow gaps whenever they arise, amongst many other business purposes.

Here are a few of the most noteworthy benefits of trucking business loans.

• Avoid Project Delays: Unexpected expenses and challenges can slow down your schedule and make it difficult to honor your agreements. With a business loan, you can solve challenges quickly before they affect your bottom line.
• Fast Funding: Banks and credit unions take an average of 90 days from application to funding, whereas non-bank lenders can have the funds in your bank account within 24 hours in some cases. They streamline the process as much as possible, so you don’t have to wait to take advantage of an opportunity.
• Preserve Cash Flow: Sizeable investments, like purchasing a new vehicle, can drain your cash flow and leave your business without liquidity for what’s around the corner. Instead of operating below full capacity, you can leverage a business loan to cover these costs and preserve cash flow.
• Flexibility: With various types of business loans and flexible repayment terms, transportation businesses can tailor their financing to their unique needs and maximize the profitability of each opportunity.
• Variety of Use Cases: There are no restrictions on how you use your funds. As long as it’s a relevant business purpose, you can invest and grow your business as you please.

Transportation Loans: How to Utilize Your Funds

The supply chain is more important now than ever before, especially with the emergence and popularity of eCommerce and online shopping. Transportation businesses form the backbone of the economy, which is why there are so many financing options available to entrepreneurs in this space.

National Business Capital’s transportation business lending options can help you:

• Add Vehicles to Your Fleet
• Purchase Inventory
• Hire Workers
• Cover Damages and Insurance Costs
• Manage Payroll
• Purchase Inventory
• And much more!

When you apply through the National Business Capital, transportation businesses get what they need in as little as 24 hours, so you can take advantage of any opportunity that comes your way ASAP!

How to Apply for Transportation Business Loans?

Small business loans for transportation companies open up a new world of possibilities. Once you’ve identified a need for capital, follow these steps:

• Determine how much you need
• Research lenders and their programs
• Apply with multiple bank and non-bank lenders
• Review your approvals
• Select the option that best fits your business goals

It’s important to apply with multiple lenders to give yourself options to choose from. This way, you’ll never have to wonder whether the offer you selected was the right one – you’ll already know it was the most competitive option.

National Business Capital’s 75+ lender marketplace makes this easy. Instead of filling out numerous applications and waiting for decisions on each, you only need our digital application to receive multiple personalized offers. Our Business Finance Advisors leverage their experience to match your business with lenders that can offer the most competitive options, all while offering ROI guidance to ensure you’re able to use your financing to the fullest extent.

Is It Hard to Get Approved for a Transportation Business Loan?

No, as long as you meet the lender’s minimum eligibility requirements. In 2023, there are lenders for every industry, business goal, and stage in business, so it all depends on you finding the right one for your unique circumstances.

At National Business Capital, we have transportation business financing options for any business. Even if you can’t meet our minimum requirements, we have a vast network of lending partners that we can refer you to. We only work with the best, so you never have to worry about your business being in the wrong hands if you reach out to our expert team.

Can I Get a Transportation Business Loan With Bad Credit?

Yes! It’s not all about credit scores. At National, we focus on where your business is headed, rather than where it is today, to maximize your terms and ensure you’re able to grow on your schedule.

For example, there are considerable expenses when starting, running, or expanding a transportation business that may have impacted a business owner’s credit at the beginning. We understand where a business stands today, and its future plans are more important than where it has been.

Trucking Business Loans as Soon as 24 Hours

National Business Capital’s expert Business Finance Advisors listen to our client’s current financing needs and assist them when planning for their firm’s financial future. We take an educational approach to each client, offering guidance and advice to maximize the benefits of your financing and cultivate sustainable growth in their businesses.

Our applications can be filled out and submitted in under 1 minute, and you’ll receive our decision within 24 hours. An open tax lien and even a bad credit score will not immediately disqualify an applicant. In making our financing decisions, National Business Capital considers the big picture.

The entire process is quick, simple, and designed to best suit the needs of an on-the-go entrepreneur. Apply now to learn the options available to you!