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Commercial Transportation Loans

Commercial Transportation Loans

The transportation industry in the United States plays a crucial role in the nation’s economy. Trucks are used to move raw materials and finished goods across the country. Specially modified trucks are also extensively deployed in the construction industry and in the mining sector. As buying a truck involves a high capital outlay, most trucking companies utilize commercial transportation loans to finance their purchases. There are a number of specialized financiers who provide loans to specific segments of the transportation sector. Many lenders in the commercial transportation sector restrict the amount of finance that they offer based on a number of factors. Owner-operators form a significant part of the commercial transportation loan market. To get a loan for a new or used truck, you need a respectable FICO score and a down payment of between 10% and 20%. In case you have a higher credit score in the region of 675+, you may even be able to obtain 100% financing. Lenders also consider the number of years that the operator has been in business and the references that can be provided at the time of taking a credit decision in a commercial transportation loan. Usually, a lender will be more willing to provide finance if your transport company already has three or more trucks. This is because in case the truck that is financed breaks down or is off the road for some other reason, the business will still have an income stream from the remaining vehicles. When shopping for a commercial transportation loan, there are a wide variety of issues to consider. The company that has made the truck that you are planning to buy can also arrange finance as all truck manufacturers have their in-house lenders. As a general rule, it is easier to get finance from these companies. The rate of interest that you will pay will be influenced by whether you are buying a new truck or a used vehicle. As a truck owner, you can also get a commercial transportation loan to finance your day-to-day requirements. An online lender can set up a line of credit for an amount ranging from $ 2,000 to $ 100,000 or even more. You can use this money to pay for insurance, the repair of your trucks or for normal running expenses. It is a useful facility, especially as it helps you meet your financial commitments when you are waiting for your customers to pay the amounts due to you. Lenders who provide commercial transportation loans look for a good repayment record for financing taken earlier. If you have a prompt payment record you can probably get a low interest rate in addition to a higher quantum of finance.

With over 500 business lenders, you are sure to find one that can help your small business get the money it needs to succeed. Most of the lenders work with all types of business lending options and are flexible with the amount you may be asking for. Most times you just need to fill out a quick and simple loan application and you could get your money in as little as 24-48 hours. It’s time to see what your business can do!

Accountable Capital Corp.

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(41 reviews)

ABC Finance Co., Inc.

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(0 review)

Acceptance Loan, Inc.

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(0 review)

Action Loan Company

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(0 review)

AdvancePoint Capital, LLC

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(0 review)

American Leasing & Financial

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(0 review)

AT Financial

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Auto Approved

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Auto Credit Financial Services

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Bad Credit Diva

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