Over the years, the trucking industry has prospered due to the high demand in other sectors. Various industries look up to them to transport goods and other purposes. Therefore, starting a business in this field seems like a good investment to many owner-operators.
It is a good business plan with potential growth, but it requires more than a steady business idea. Starting a venture in the trucking sector requires effort, time, and a hefty investment. An average commercial truck costs approximately $60,000, and not everyone has the amount to invest at an initial stage.
In such situations, many believe that they cannot move further with their plan; this is where commercial truck financing comes in to help you follow your dream of running your business.
Commercial truck financing is an opportunity that allows owner-operators to loan or lease their vehicle and distribute their expenses over monthly terms. It makes it easy and convenient for various startups to begin their journey with limited cash. Multiple banks and online lenders provide this facility to their customers at low rates and flexible terms and conditions.
About Truck Lenders USA
Truck Lenders USA is an online financing lender that has been in business since 1977, and ever since then, the company has worked on serving the financial needs of various businesses. They are the leading commercial truck financing company in the United States.
The company offers various financing options, including loans and leases, along with a detailed website with extensive services well-explained. They have years of experience in the industry, which makes them excel at their services and offers.
Truck Lenders USA works tirelessly to provide its customers with exceptional services. Therefore, they offer customized loaning and leasing options that would sit well with your business plan. The company is operational across 48 states in the United States.
Truck Lenders USA is a direct lender specializing in commercial trucks, trailers, and various construction equipment. As compared to other lenders, Truck Lenders USA does have certain terms and conditions in place. However, they claim that the eligible applicant can expect to market competitive rates through their platform.
As per customer satisfaction, Truck Lenders USA has made sure to never compromise on this factor. The company has received satisfactory reviews with a 5-star rating. Customers mention that the customer service provided by this platform is excellent, and the employee has a good grasp of their services, making the customer's financing process easier.
“Truck Lenders USA have years of experience in the industry, which makes them excel at their services and offers”
Services Offered By Truck Lenders USA
Truck Lenders USA claims that they are the leading financing company in terms of commercial trucks. Their website offers financing for all the commercial trucks you could think of. Some trucks that they finance through their forum are mentioned below:
- Box Truck
- Class 8 Truck
- Car Haul
- Delivery Truck
- Heavy-duty truck
- Medium-Duty Truck
- Water Truck
- Tesla Business Lease
- Oil and Gas Industry
and much more.
Truck Lenders USA offers insights into the trucking industry and its demand in the country through its platform. They have various blog posts and articles that discuss the shortage of trucks and job availability at different locations for the companies to benefit.
The company covers all your concerns in regards to commercial truck financing. For instance, here are the services offered by Truck Lenders USA:
- Customized loans and lease plans are available
- Updated and latest vehicles
- New and used vehicle
Overall, Truck Lenders USA is one of the best commercial truck financing companies due to its experience and extensive knowledge in the trucking industry. They have been a direct lender who provides custom leasing and financing options to many companies at small-scale, medium-scale, or large-scale.
“The company covers all your concerns in regards to commercial truck financing”
Who Should Apply For Commercial Truck Financing?
Truck Lenders USA with its years of experience has a reputation for advocating for our customer's bottom line. They provide customized financing plans to the companies they work with in order to ensure that the terms and conditions are in accordance with your business type, size, and budget.
The company claims to offer competitive market rates to all its customers, which may vary depending on the financing type. Truck Lenders USA offers an extensive website that would provide the customers a quote on the vehicle they are looking to finance.
The website has the required forms and procedures to help the customer with their process. The company offers exceptional support with their lending specialists in case of further queries.
Compared to other online lenders, Truck Lenders USA does have strict eligibility criteria that the applicants must follow. The company finances all sorts of commercial trucks available through its platform.
However, the applied-for vehicle must be seven years or newer in order to be financed. Truck Lenders offer minimum financing of $15,000, which exceeds to no mentioned extent. Therefore, it is not an optimal option for businesses looking for something on a small scale.
If you need quick approval and your company holds a minimum of 675 credit score with two years in business, you are eligible for commercial truck financing through Truck Lenders USA. It is preferred and prioritized if you have valid references to bank up your business and a current bank account in a financial institution.
Even though Truck Lenders USA has strict rules in place, it is a good option for businesses looking to make their investment through a legit business. As the company has been in business for years, they have marked a reputable position in the market with a number of recurring customers. They have a large number of positive reviews, with customers praising their easy application process and top-notch customer service.
Commercial Truck Financing through Truck Lenders USA is ideal for businesses that do not want to get scammed or be charged with additional fees at the end of their term. The agreement forwarded by the company mentions all the charges during the term.
The company does not mean to surprise its customers with any additional charge to their account at any point. Moreover, the company employees are knowledgeable and take an interest in the success of your business. Each financing plan is curated while keeping your business benefits aligned with the company's policies.
Who Is Eligible To Apply For Commercial Truck Financing?
As compared to traditional banks, online lenders do not follow certain, cutter-shaped criteria for all their customers. Instead, as they invest their own money with your business, they look into certain factors, evaluate the risk, and provide you with all the financing options.
Truck Lenders USA is an online lender that focuses on financing businesses that are well-established. Unlike many online lenders, they have certain policies and conditions for the applicant to be eligible for commercial truck financing:
- Credit Score: Many organizations look into the credit score of the business in order to check their standing in the market. Where many online lenders would take a risk with challenged credit holders, Truck Lenders USA requires an applicant to have a credit score of 650 or higher for truck financing. A business with bad credit or bankruptcy might not get the benefit of financing through this platform.
- Time in Business: Having a business that has been in the market for a while ensures credibility and reliability. The brand reputation can state a lot about the business that these online lenders look forward to investing in. Truck Lenders USA requires its customers to have a business of 2 years or more in order to apply for commercial truck financing.
- Annual Revenue: Business with a steady cash flow ensures that they would be able to pay off the loan from the lender easily. Therefore, many online lenders prioritize business that has a steady annual income. Truck Lenders USA does not state the certain annual income they prefer, which means that their policies can be flexible with this factor.
Various other factors add to your profile and easily get you commercial truck financing. For instance, commercial truck references, industry experience, and a current bank account can play a huge role during your approval process.
“Unlike many online lenders, they have certain policies and conditions for the applicant to be eligible for commercial truck financing”
How To Apply?
Truck Lenders USA has an easy-to-use, detailed website that can help you submit your application right away. In order to apply, the company requires the applicant to register to their website; if you are an existing customer, you may log in to continue.
Once you register your account and log in, your application is available to be filled and proceeded. The application would require you to fill out some details, such as:
- Company Details (name, contact, address)
- Personal information (name, email, contact)
- Business start date
Now that you have filled out the application, you would be required to keep submitting some bank statements for the last three months for a soft pull on your account. In case of a loan of over $125,000, you will be required to provide additional financial information.
Once that's done, the next step is to pick up your vehicle. After selecting your commercial truck, you will have to send a copy of the invoice or the bill of sale to Truck Lenders USA in order to receive your credit. A good thing about financing your commercial truck with Truck Lenders USA is that they accommodate a private party transaction as well.
Truck Lenders USA has an application-only program that provides financial stability of $15,000 to $75,000. In this case, a financial advisor looks into your credit history to determine the financial plan that would work best with your business needs. Once your request gets approved, the company will provide you with the assigned credit for a term of 24 to 60 months on commercial trucks.
Further, the company also provides a commercial financing process which provides equipment financing and a customer financial solution to the business' needs. The financial assistance provided through this program ranges between $75,000 and $250,000, depending on your needs.
The term plans are available for 24 to 60 months, similar to the application-only process. The documents and other requirements depend on the truck financed and the amount utilized.
Terms And Interest Rates Offered By Truck Lenders USA
Truck Lenders USA is the #1 financing company in the states due to their fast application and approval process. Ever since 1977, the company has been providing low rates and term periods on various commercial trucks or trailers that are less than seven years.
A financing plan starting from $15,000 to a jumbo lease of up to $1,000,000 is provided with low down payments and 10-15% residuals, resulting in low monthly payments.
Even though most of the customers of Truck Lenders USA opt for a commercial truck leasing with a $1 buy-out, the company also offers balloon rates leases with low monthly repayments. In order to get a financing plan that fits with your business plan, you can contact a representative at Truck Lenders USA for further queries. The company's main motive is to help established businesses route towards success through their platform.
Truck Lenders USA has a history of positive reviews over the 30 years that it has been in business. With their easy application, quick approval process, low rates, custom plans, and industry insights on their website, the company has received great popularity as a financing company.
It is an ideal company for businesses that require a push to get their businesses running. Many customers are happy with the platform's services and support, as it has made it easier for them to get commercial truck financing in such a saturated market without a scam.
Frequently Asked Questions (FAQs)
What is commercial truck financing?
Commercial Truck Financing is basically businesses acquiring trucks or trailers through financial loans or leases in order to run their businesses. The lender holds the title to your commercial truck until you are under a lease or pay off your loan.
It is a good option for owner-operators who wish to get started with limited investments or work capital in their hands. Businesses who have the means to buy a commercial truck prefer this option as it reserves work capital for future investments.
Is Truck Lenders USA a legit financing company?
Truck Lenders USA has been in business for over 30 years. With their years of experience and exceptional services, they have been able to assist many businesses with commercial truck financing of various types. The company is an authorized and legit truck financing company with a renowned profile in the United States.
What services do Truck Lenders USA provide?
Truck Lenders USA provides all sorts of truck financing through its platform. From a dump truck, delivery truck to a heavy-duty trailer, the company provides customized financing plans to the businesses in the United States.
They have knowledgeable, skilled employees working for their firm who provide financial assistance and guidance to the owner-operators while taking a keen interest in the success of their business.
Does the company provide an easy application process?
Truck Lenders USA has an easy application and approval process in line. You can get a quote on the commercial truck you wish to finance easily through their platform. Further, the company requires the applicant to fill out an easy form with their business details for easy financing.
Once the applicant submits the form, a representative from Truck Lenders USA reaches out to them with further details and requirements.
Will I be accommodated with challenged credit?
The company tries to accommodate businesses with challenged credit through its platform. However, it does not deal with businesses that had filed for bankruptcy. Truck Lenders USA prefers businesses and provides easy approval to businesses with a credit score of 650 and higher.
If you are eligible for commercial truck financing through this platform, you can expect contact and approval from the company within a few hours.
The Bottom Line
Commercial truck Financing is an optimal solution to start a business in the trucking industry with limited work capital. If you have a good credit score and have been in business for a certain period of time, then there are various traditional banks as well as online lenders who provide this facility to business owners. However, only a few companies accommodate businesses with bankruptcy or challenged credit.
Truck Lenders USA is one of the renowned companies in the United States that offer commercial truck financing to its customers. They have certain requirements that make an applicant eligible for financing. However, their easy approval and application process, low-interest rates, and custom financial plans are a go-to company for many businesses in the States.
If you have a business with bad credit history, bankruptcy, or tax liens, Truck Lenders USA might not be the right pick. In terms of commercial truck financing, it is recommended that business owners do their research and compare the rates with other online lenders before signing a deal.
Many companies do not have a strict adherence to policies when applying for commercial truck financing, as in such cases, the truck is the collateral. Once you find a lender that works well with your business needs, you may read the terms and conditions and sign the deal.