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

How To Get Approved for Bad Credit Truck Loans

How to Get Approved for Bad Credit Truck Loans | First Capital

Commercial truck financing is not always easy to get when you have bad credit, but for many, they are essential. Many people have bad credit, often due to issues beyond their control, such as losing a job. If your credit is less than perfect, it might not be easy to get commercial truck financing. Thankfully, when you know where to turn, it makes the process far easier to get bad credit truck loans. Reasons to Look Into Bad Credit Truck Read More


Get In-House Semi Truck Financing in 5 Steps

In-House Semi Truck Financing | First Capital Business Finance

There may come a time when you want to purchase a new semi-truck for your business. When this time comes, you must take your time with the decision. The truck you buy, and the terms under which you purchase it, will have a major impact on your business. There are several steps involved with commercial truck financing, and you’ll want to give your attention to each one to ensure you end up with the best possible truck at the right Read More


How Commercial Truck Financing Works

Bad Credit Business Loans

Commercial trucks are vital equipment for companies that need to haul goods, make deliveries, or transport materials. However, semi-truck financing can be a challenge for many business owners because of the substantial costs involved. Commercial truck financing is an option for businesses that don’t have the budget to purchase a truck outright. How Commercial Truck Financing Works Many commercial truck financing loans involve using the truck as collateral for a loan. This works similarly to an auto loan. The lender Read More


Need Custom Semi Truck Financing? First Capital Business Finance Is the Solution

Semi Truck Financing - First Capital Business Finance

According to the American Trucking Associations, over 90% of trucking companies have less than six trucks. And Convoy estimates that over 10% of drivers are owner-operators. That means the trucking industry is primarily driven by small businesses. If you’re interested in becoming an owner-operator, semi truck financing gives you the terms you need to buy the right vehicle. At First Capital Business Finance, we provide customized commercial truck financing that adapts to your business more than traditional loans ever could. Read More


What Are The Semi Truck Financing Requirements?

Semi Truck Financing Requirements - First Capital Business

What Are The Semi Truck Financing Requirements That You Need To Qualify? Is it time to grow your transportation business? Semi truck financing can help you reach your goals. The right loan or lease makes it easy to get the trucks and equipment you need. What are the requirements? The specific semi truck financing requirements depend on whether you’re applying for commercial truck financing, a title loan, or a lease. For success, plan on six essentials. 1. Down Payment Most Read More


What Are My Commercial Semi-Truck Financing Options? How To Get A Truck With Commercial Semi-Truck Financing

In-House Semi Truck Financing | First Capital Business Finance

According to the American Trucking Associations, over 90% of trucking companies have less than six trucks. Convoy estimates that over 10% of drivers are owner-operators. That means small businesses primarily drive the trucking industry. If you’re interested in becoming an owner-operator, semi truck financing gives you the terms you need to buy the right vehicle. At First Capital Business Finance, we provide customized truck finance options that adapt to your business more than traditional loans ever could. Semi Truck Finance Read More


Understanding Heavy Equipment Finance Rates

Bad Credit Equipment Loans

If you are searching for equipment loans for bad credit, you are probably concerned about finance rates. Several factors play into the cost of financing equipment. This guide will help you understand how heavy equipment financing rates work. Factors That Affect Your Equipment Loans for Bad Credit Financing Rates When you are looking for equipment financing bad credit, your circumstances will play a role in your offered financing rates. Five main factors determine the cost of your heavy equipment financing: Read More


Compact Construction Equipment: Loans Vs. Leasing

Compact Construction Equipment | First Capital Business

Your business needs the right compact construction equipment to run efficiently and meet workload demands. For many construction companies, that means a need for new or used equipment. Unfortunately, bad or non-existent credit can make bobcat financing difficult. Construction equipment leases offer an alternative to traditional equipment loans. Keep reading to learn more about the differences and similarities between loans and leases and what situations might make a lease an attractive choice for your growing business. Understanding the Loan and Read More


Top Equipment Financing Solutions for Bad Credit in 2020

Top Equipment Financing Solutions for Bad Credit

Having access to equipment financing for bad credit is essential for every business. Modern equipment helps your employees work smarter, not harder. Here are several financing options for buying the equipment you need in 2020 and beyond. 1. Bad Credit Equipment Financing At First Capital Business Finance, we have a lot of experience with companies that don’t meet the minimum credit rating of 680 usually required by lenders. Our team understands that many businesses, large and small, end up with credit issues due to unexpected circumstances. Our equipment financing bad Read More


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