One of the major impediments that obstruct your momentum in launching a commercial trucking business is managing its financing. But what is even scarier than applying for a loan? Yes, you are right! It's the interest rates.
If you are not familiar with the term mentioned in the title, it's Annual Percentage Rate (APR). Financial bodies impose this percentage on the loan that you will secure to fund your trucking business. But as this rate moves north, your heart sinks even further. Who would want to book a decent amount of loan and payback a hefty additional amount back on it? No one.
This is why you must do your homework and choose the correct funding source that will financially sponsor your trucking business and will grant you a loan as capital at an interest rate that you can afford to pay back.
So, here are some best loans available for you with low APR so that the worry of paying back doesn't hover over your head and keep you stressed out. These financial bodies shall be on the top of your must-contact-and-apply-for-loan companies. I have attached their link too if you want to dig a little deeper:
You cannot go wrong with choosing this option. The best source to secure auto loans at a surprisingly low APR and other convenient compensation for the individual, Bank of America, is our first pick.
You might have heard some of your colleagues brag about how easily they secured loans from this bank at low APR, manageable payment plans, and a hefty loan amount. Doesn't it sound too good to be true? Then see it for yourself.
APR as low as 2.69%, and term length ranging from 12 to 75 months is exactly what a loanee like yourself must be looking for to finance his commercial truck business. You can secure a minimum loan of $8000 here.
If you are looking for a financial body that can provide you an overall remarkable experience, then you mustn't need to look anywhere else. We might even credit this financier as the best pick of mine. Though the minimum credit score is not disclosed and you would have to contact them personally and share your venture's prospects, this financier's facilities are unparalleled.
The APR is established at a shockingly low 1.39%, and the term length extends from 36 to 84 months. And you can secure a minimum of $500 and a maximum of $100,000 loan. The low APR of this financial body promotes young business and takes determined entrepreneurs like yourself and helps them launch in new exciting vistas.
As the name suggests, this company provides loans to individuals who want to purchase vehicles. So, if you're going to buy equipment or new trucks for your commercial trucking business, this company is an ideal pick for you.
If you have a bad credit score, this company will overlook it and will help you to commence with your business without any financial obstructions hindering the business. They offer loans at 3.49% APR which is relatively low for individuals with a poor credit profile. The time span over which you have to pay back the loan ranges from 0 to 84 months.
If you are searching for an online platform to acquire a loan due to your business's remote nature, we may have found the perfect financial source for you. You can apply for a loan at Lightstream and proceed with all the formalities and complexities of the application process from the comfort of your home.
The best part is that the APR offered by this company is as low as 2.49%. Now you wouldn't have to worry about paying huge sums of money back. This company also provides a time period of 24-84 months, based on your income schedule, to pay the loan back. You can apply for a minimum of $5000 loan here.
Are you looking for an affordable way out? Don't worry! We have got you covered. With a low APR of 1.99%, this company is perfect for borrowers looking to refinance their loans. This means that these individuals have some outstanding loans and pay them by acquiring a new loan. It lowers interest rates and even reduces payback payments.
Don't get worried; you wouldn't need to be a financial expert to grasp this concept. Just understand that this is a reliable option that can easily fund your commercial truck business at a low APT and term length stretching from 24-84 months.
Why is APR important?
You may be thinking that why are we discussing APR when you know what interest rates are. What you may not know is that these two terms are entirely different concepts. And a more accurate measure of what percentage of the cost of the loan.
The interest rate considers the principal amount and the additional sum of money, reckoned as a percentage. But the APR measures the effect of any additional fee you would need to pay to acquire the loan and then incorporate it as the total percentage you would have to pay.
It is imperative to have a sound understanding of what APR is because it defines how much price you will be paying for borrowing money to fund your commercial trucking business at the end of the day.
Commercial Truck Financing via loans is a significant financial decision that you will be implementing. To make sure that you are making a wise and correct choice, you must be familiar with the APR. This way, you can compare different loan options that will be put in front of you, and so you will be able to make an informed and educated decision.
For such a big purchase (you most definitely will borrow money in five- figures), you must be aware of the rudimentary complexities that constitute the crucial option, such as a loan. And to make a fair comparison, you cannot find a better numerical measure (APR) of total interest imposed on payback payments.