The American domestic economy vastly depends on the trucking industry. Each sector relies on trucks for transportation and other services. Due to this reason, it is one of the most prospering industries at the moment and has been for years. Starting a business in this industry has its benefits; however, it requires a lot of investment at its initial stage.
Having a great business plan can do wonders, but in order to execute it, one requires cash on hand as the trucks cost a lot.
At this point, the best solution to this is commercial truck financing. Through financing, an owner-operator can possess a vehicle for their business with their expenses spread over monthly repayments. Many banks and private lenders provide their customers with this facility for ease and convenience based on certain terms and conditions, such as Truckworx.
Truckworx is one of the many online lenders that offer commercial truck financing with multiple factors to help you profit while minimizing your headache and stress. The company was founded in 1978 and established in Birmingham, Ala.
Over the years, it has expanded throughout the United States and is still owned and run within the family. With more than 450 employees in 16 various locations, the company has grown while accommodating customers all over.
The company claims to be the best in commercial truck financing. It has the best team with knowledgeable, experienced, and skilled employees with exceptional services and equipment to solve customer business problems.
Truckworx has been titled as North America's Parts and Service Dealer of the Year and Fleet Services Dealer of the year by Kenworth Truck Company.
The company offers different services to ensure that they cover everything for its customers. From vehicle specifications to its maintenance, covering the fuel efficiency and payload capacity, Truckworx offers it all through its platform.
“In terms of operational service, they help you focus on your business while taking care of the rest by themselves”
Services Offered By The Company
With the help of experienced and knowledgeable employees, Truckworx provides a variety of trucks and buses for commercial use to its customers. They represent the following on their platform,
- Commercial trucks by Kenworth, Hino, and Isuzu
- Heavy-duty trailer by Talbert, Pitts, Fontaine, Dragon, and Clement
- Blue Bird School buses
Other than commercial truck financing, other products offered through this platform includes:
- Authorized Yeti products
- M.B. Ranch King deer blinds
- Pitmaker BBQ Trailers and Smokers
Their primary focus is to do what's right for the right reasons. They ensure to provide these services all day, every day, for their customers to love it and live it.
Truckworx offers commercial rental and service leasing through short-term and long-term plans. There are operational and financial benefits available through their Truckworx PacLease program.
As per financial benefits are concerned, the company will provide finances for your truck collateral for the monthly repayments. You can invest your work capital in other investment areas through this benefit.
In terms of operational service, they help you focus on your business while taking care of the rest by themselves.
Here are the loan types offered by Truckworx:
- Fixed-rate loans: These loans are fixed over the term you are financing to your account over the term.
- Line of credit: A specific pre-approved amount is accessible for your business use which you can withdraw for your truck purchase. The repayments and interests are charged over the used amount.
- TRAC Lease: TRAC lease allows the owner-operators to sign a deal with Truckworx as per the truck's residual value by the end of your term plan.
- Modified TRAC lease: It is similar to the TRAC lease offered by the company with the addition of "off-balance-sheet" treatment depending upon the residual risk.
- Fair market value: As per this loan opportunity, you can lease a certain truck for your commercial use at fixed rates. By the end of the term, you can purchase the truck at the current market value or return it at your convenience. There might be taxes applied to this loan option.
You can check the website to see what suits best with your business needs. If you require any further assistance, you can directly get in touch with a finance advisor at Truckworx for further queries.
“The company offers high-quality trucks that would be a pleasure for your drivers at competitive market rates and low operational costs”
Who Should Apply For Commercial Truck Financing Through Truckworx?
Truckworx understands the spike in businesses; they provide new market opportunities and monthly vehicle breakdowns at your convenience to overcome and manage your business needs. Trucks are an essential component for many businesses in or out of the trucking industry; Truckworx ensures to facilitate your short-term or long-term needs through their platform.
The company offers high-quality trucks that would be a pleasure for your drivers at competitive market rates and low operational costs. The trucks Truckworx deals in are well-maintained with the latest technologies to ensure that they are up to date with your competitors and do not cause inconvenience in the long run.
This specialized equipment comes with 24/7 roadside assistance and dedicated customer service for your benefit.
Truckworx claims that they can help your company move if you finance your trucks through their forum, as their packages are curated to maximize your company's uptime and productivity.
Commercial truck financing through Truckworx is a great option for companies looking for a seamless purchase and lending experience. The company has limited restrictions as they require no covenants or financial statements for you to be applicable. They have a fast turnaround time as their average processing time is just one week.
Truckworx provides a good opportunity and releases your working capital for other use if you want to free up your bank resources for other investment areas. The company has a combined experience of over 100 years, which means that they excel at commercial truck financing services.
If you pick them as your financing advisors, you have nothing to worry about since they ensure to organize a financing plan and solution that sits best with you and your business.
Once you select Truckworx, they will provide you with the loan and lease that suits your business plan. The company is partnered with various other lenders to bring its customers multiple financing options such as loan terms, lines of credit, lease options, and various other customized programs as their main point of interest in your company's success.
Who Can Apply For Commercial Truck Financing Through Truckworx?
Truckworx is a one-stop-shop for all your commercial truck financing needs. They accommodate every business looking to finance a truck through their platform. They do not strictly adhere to eligibility criteria considered when financing a commercial truck through their forum.
Instead, they help you finance the right equipment to meet your transportation needs with their different locations.
In order to see whether you qualify for commercial truck financing through Truckworx, the company requires you to fill out a form so that they can get in touch with you and talk business over call. The application form requires you to feed the following information for further assistance:
- Nearest Truckworx location
- Nature of your request
Once you have submitted the required information, a knowledgeable financing expert will reach out to you for further assistance on the matter.
How To Apply?
If you did your research on Truckworx and are satisfied with the offers and services offered by the company, you can apply for direct financing through the application form available on their website.
As they do not mention an eligibility criterion on the page, you will get further information once you apply for financing through the platform or get in touch with a financing expert at Truckworx. They offer a secure online credit application that requires you to fill out the following details:
- Social Security Number
- Date of Birth
- Business details
- Mailing address
- Physical Address (if different)
- Ownership percentage
- House owner
- Bankruptcy (if filed any)
- Repossession (if had any)
- Whether you are inquiring about a used or new equipment
- First time operator
- Time with CDL
- Time as an owner
- Type of goods hauled
- State of truck registration
- Whether the truck will be titled in your name or your business
- Own authority
- Trucks owned
- Time as an owner
- Insurance information
- Current truck financing details
- Equipment details
Other Lender Details
Before submitting the details, the company provides the applicant with a joint credit opportunity before your credit decision. It is up to the applicant to avail or reject it for further use.
Moreover, the application states terms and conditions of Truckworx that must be read through carefully and agreed to before signing the application.
As per the acknowledgment, the applicant provides the company with a further look into their finances and personal details for further application approval. Once you have read through the acknowledgment, you may sign it along with a co-applicant detail (if any).
After the application submission, you can expect a representative at Truckworx to reach out to you and approve your financial plan within a week.
Interest Rates Offered By Truckworx
Truckworx claims that they offer competitive market rates to its customers. The company does not provide an estimated interest rate or monthly payments on its website.
However, to get a payment estimate on the truck, they provide only an application that you may fill out for a quote. The payment estimate application has a series of questions that need to fill out, which includes:
- Personal information (Name, contact, email)
- Are you a first-time buyer?
- First time financing a truck?
- How many trucks do you have in your company?
- If you are looking for a new or used equipment
- Your preferred monthly payment
- Bankruptcy or repossession (if any)
The quotes provided are subject to approved credit as per the Truckworx.
Once the application is submitted, you can expect a Truckworx representative to reach out to you within a week of submission.
Truckworx ensures that they provide the highest level of service to its customers with exceptional services. They have a customer survey available on their website for its customers to hear back from their customers and improve accordingly.
Since 1978, they have provided customer satisfaction with their knowledgeable and skilled employees who work on curating a financial plan for the benefit of you and your business.
Frequently Asked Questions
What is commercial truck financing?
Commercial financing is a good option for companies with limited working capital and needs financial assistance to start their business. It can also be availed if a business requires to reserve their working capital for future investments as they can spread their finances over monthly repayments instead of a one-time hefty amount.
Is Truckworx a legit company?
Truckworx has been in business ever since 1978. Over the years, with a combined experience of over 100 years, the company has been providing exceptional services to its customers regarding commercial truck financing.
They have received immense popularity due to their offers and services at competitive market rates. The company is one of the top leading online lenders in the market.
Where is Truckworx located?
Truckworx has its headquarters in Birmingham with 11 other operational locations in order to facilitate their customers easily. The company has made commercial truck financing easier with their locations for many of their customers.
Will Truckworx finance if I have bad credit or bankruptcy?
Truckworx does not have an eligibility criterion mentioned on their website. The company tries to accommodate all businesses through their platform; therefore, they offer flexibility in terms and conditions.
This platform, under some conditions, can overlook bad credit and bankruptcy. You can further contact a representative at Truckworx for further assistance.
What does Truckworx have to offer?
Truckworx offers multiple financing options regarding commercial truck financing to cater to the needs of every business. Along with various trucks, including heavy-duty trailers, the company finances buses, and authorized yeti products under its platform.
Commercial Truck Financing is a good and accessible option for those with restricted funds. With various banks and online lenders providing this opportunity to their customers, it can be intimidating to pick a company that works best with you and your business.
Truckworx is an online lender that facilitates the needs of businesses in terms of commercial truck financing. With their years of experience in the industry, they have excelled in their services. They have ensured to provide an easy and approachable platform to its customers with competitive market rates and low monthly payments.
Even though the company claims to provide great rates and extraordinary services, it is highly suggested that you research and compare the rates offered with other lenders in the market before signing a deal with any company.