Category Archives for Commercial Truck Financing

Commercial truck financing is a loan for acquiring a commercial truck. The lender takes the truck as collateral to reduce the risk. Borrowers can seek financing for a single truck or a fleet of trucks depending on their needs.

Working of Commercial Truck Financing:

In commercial truck loans, the lender holds the title of the truck unless a borrower pays off the debt. Traditional bank and lending companies offer this finance with interest. Typically, commercial truck loans have a term of 5 years that covers the useful life of the vehicle. Interest rates can vary as per the credit rating of the borrower. The loan can be taken to buy a new truck, lease a truck, or upgrade an existing truck.

How to Qualify for Commercial Truck Loans?

The process of commercial truck financing is different from business loans. Being a specialized industry, commercial truck title loans need collateral security. It minimizes the risk of the lender. Even if the borrower does not have perfect credit scores, they can apply for this loan. There may be variations in the terms and rates depending on their credit standing. The qualifications for commercial truck financing are:

• The revenues and sales figures
• The age of the truck must be more than 7 years.
• Calculate the total value of the vehicle.
• The business must be more than 2 years old.
• Business credit score must be good.
• Personal credit score of owner/operator also matters.
• Proof of insurance is a must.

Online Lenders Vs Traditional Banks

The terms and rates of traditional banks are suitable for borrowers. But, they have a cumbersome application process and poor approval rates. Online lenders, on the other hand, have high approval rates and a simple application process for truck financing at no down payment.

Hence, borrowers must look for a lender with considerable experience and an ability to allow bad credit truck financing. Also, check the credibility of lender and industry knowledge. Also, it’s important to review the loan agreement before accepting.

Commercial Truck Financing depends on business financials. The borrowers must be mindful of the cash flow in their company to stay fit for this loan.

Commercial truck loans
Commercial semi truck loan
Commercial truck refinance
Commercial vehicle finance
Commercial truck title loans

What is a business cash advance?

Get financed with small business loans with bad credit. Woman holding cash.

A business cash advance is a lump sum payment that is taken up by a business in return for a fixed percentage of future credit or debit sales. They’re a smaller, more convenient alternative to traditional bank loans as they are characterized by short-term, regular payments. Enabling a business to sell a certain portion of its future sales in the present makes it easier for small businesses to gather funding in order to pay its operational expenses and to undertake Read More


The Beginner’s Guide to Semi Truck Financing

Semi Truck Financing

You’ve done it! After much hard work, you’ve decided to become your own owner/operator. But as you start to look through all the necessary steps to get going, you realize you’ll need semi truck financing. “There’s got to be a good way to do this,” you think. “But how?” If you’ve considered buying your own semi truck but need a financing guide, look no further. Below is the beginners guide to semi truck financing. Are You Interested in Semi-Truck Financing? Read More


How to Choose the Right Semi Truck for Financing

Commercial Truck Financing

You did it! After much consideration, you have decided to start your own company. But as you go through your business plan you start to wonder, “How do I choose the right semi truck financing for my company?” If you have been thinking about semi truck financing and want to learn more, read on. Are You Interested in Semi-Truck Financing? A Used Semi Truck Can Work Just as Good as New. Choose Between New or Used One of the first things you Read More


Financing a Semi Truck Without a CDL

Financing a Semi Truck Without a CDL

Lately we’ve been receiving more and more calls from first-time semi truck buyers looking to finance a class 8 truck (semi-truck/tractor trailer) that do not hold a CDL (commercial driver’s license). Our industry refers to these type of buyers as “investor buyers.” As you might have guessed, there are some programs available for non-CDL business owners. Later in this post we’ll discuss the available programs and what to expect when trying to finance a Class 8 truck without a CDL. Read More


Box Truck & Sprinter Van Financing Made Easy

Box Truck Financing

If you’ve been wondering how to finance a box truck for your transportation business, you can rest assured you’ve found the right place! At First Capital, we offer a wide variety of financing programs for box trucks, sprinter vans, step vans as well as any other commercial vehicle. Don’t worry – even if you are just starting your business and/or you might have challenging credit, we have programs that can get you the financing! There are several pre-qualifying questions we Read More


Get Grapple Boom Truck Financing with First Capital!

Grapple Boom Truck Financing

Have you rented grapple boom trucks in the past and want to know if you can buy? Do you have questions about grapple boom truck financing and wonder whether your credit is an issue? If you have these questions and more, don’t worry. First Capital Business Finance is here to help. Call Us Today about Grapple Boom Truck Financing Why Finance a Grapple Boom Truck? One question you no doubt have is why finance? If renting grapple boom trucks has worked for you in the past, financing one might seem unnecessary. This is Read More


This Program Pays for Half the Cost of a New Truck

commercial truck financing

Looking into replacing an old truck with a newer model, but don’t have the capital to do it? If you’re looking to replace a truck but don’t have the capital to do it, First Capital can help. Commercial truck financing and semi truck financing is easy with First Capital, even if you have bad credit. First Capital offers a myriad of financing programs to fit your budget and get your company the equipment it needs fast. No matter your credit score, Read More


Beyond Financing a Semi Truck: This Hat Could Save Truckers’ Lives

Semi Truck Financing

Semi truck drivers are often required to drive up to 11 hours in one day in order to make ends meet. Long hours spent on the road to make long trips can lead to drivers falling asleep at the wheel, often resulting in accidents and injuries. Ford wanted to help fix this problem. Here’s their super cool, technology-driven solution: Ford has created a trucker hat to wake sleepy drivers pic.twitter.com/hVLk0fKU8X — Tech Insider (@techinsider) November 7, 2017 Rules of the Read More


Should You Use Semi Truck Financing?

Semi Truck Financing

Follow this guide to see if semi truck financing is right for you. Get Back on the Road Again With Semi Truck Financing Is the right equipment the only thing holding your business back from success? You don’t have to sweat it – there are options out there for you. Choosing semi truck financing is an excellent way to get your business up and running or give it the boost it desperately needs. Whether you’re stuck in a rut, don’t Read More


Excavator vs Backhoe Financing

backhoe financing, excavator financing, mini excavator financing

Need Backhoe Financing or Excavator Financing? First Capital Business Finance can help you secure backhoe financing or excavator financing. Depending on your needs and the line of work you are in, you will want to choose one or the other. So how do you make that choice? Let the experts at First Capital Business Finance break it down for you. Below we discuss the differences between excavators and backhoes, so you can get a better idea of what would best Read More