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You can apply for a small business loan for commercial trucking through TRAM Funding, we make the application process very simple for you. Simply visit our online application here or call us directly to apply over the phone at (212) 717-9000.
The amount of paperwork required for your application will depend on the product you are interested in or what your business will qualify for.
Secondly, here is a list of documents required for most trucking loan types:
This will depend on the product you are applying for. We have issued commercial trucking loans within 24 hours, as fast as the same day. The faster you provide us with the necessary documents, the quicker we can move on our end to expedite the process for you.
Funds from trucking business loans such as business term loans, lines of credit, working capital loans, equipment financing, merchant cash advance, account receivable factoring and revenue-based business loans should appear in your bank account within 1-3 business days. For SBA loans and real estate financing, it can take up to 2-5 weeks to receive funds.
Trucking companies grow by taking on risks to expand and increase their revenue and bottom line. Thanks to commercial trucking loans, you can say “yes” when your cash flow would otherwise force you to say “no.” In other words, you don’t have to let expenses pile up, long gaps between compensation, or delays with payroll.
Cash flow shortages can make it difficult to retain high quality drivers and build loyalty. This is one of the biggest challenges of trucking businesses. Commercial trucking business loans ensure that you’re always able to pay your employees on time, even when payments get delayed. After all, a larger team allows you to take on larger trucking jobs.
You don’t need entirely consistent cash flow, a substantial bank balance, or excellent personal credit to be approved. You can still get funded in a matter of days, even if the majority of your operating capital is spoken for.
For this reason, many logistic company owners take out small business loans during the slow season so they can maintain funds to prepare for their busy season. In this case, we wouldn’t suggest a trucking loan that requires you to make a large payment soon after you received the funding.
Although there are many advantages to getting a commercial trucking loan, many small business owners don’t want to get themselves into too much debt. As stated previously, receivables in the trucking industry can be inconsistent. With so many factors out of your control, it’s therefore tough to predict how busy you will be. Clearly, adding a loan payment to the mix might do more harm than good in some cases.
If your business credit or personal credit isn’t optimal, you may be ineligible for the best trucking SBA programs. An SBA generally requires excellent credit because you’ll be receiving the best interest rate and loan terms up to 30 years. Some programs allow you to use real estate as collateral to help obtain the SBA loan as well.
Yes, even if you have another loan with a bank or lender, your business may still indeed be eligible. As long as you have not defaulted, have a good payment history and underwriting determines that your business can afford to payback the loan, you can still qualify for a commercial trucking business loan.
Importantly, this will depend on what type of retail business loan you are applying for. For example, an SBA loan is a lot harder to get approved for rather than an equipment financing loan. However, here at Upwise we offer a variety of loan options for you to choose from. In addition to this, each type of retail store loan has different qualifications so that you can find the best solution that works for you.
See above, we go over the 6 best business loans for transportation companies and trucking industries:
The rates and terms depend on a wide range of factors which determine your business’ risk score. This includes: the product you’re applying for, how long you’ve been in business, credit history, use of funds, revenue & other financial factors. To determine which trucking business loan is the best fit for your business, speak with a dedicated funding advisor to discuss your needs. Call (212) 717-9000 today to compare your options.