Commercial Truck Financing

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.

Step 1:  Choose the right product for your trucking business

• The first step is choosing the best financing or loan option that most aligns with your business needs.  Consider what you’re using the funds for.  Are you covering a short-term or long-term cost?  Are you financing equipment or factoring receivables?  We can assist you with choosing the best product for your needs, just give us a quick call at (212) 717-9000.

Step 2:  Gather & Submit Your Documents

Secondly, here is a list of documents required for most trucking loan types:

• Driver’s license
• Voided business check
• Bank statements from the past three months
• Invoice for equipment (for Equipment Financing)
• Credit card processing statements from the past three months (for Merchant Cash Advance)
• Accounts Receivable Aging Report (for Accounts Receivable Factoring)
• Accounts Receivable (for Accounts Receivable Factoring)
• Debt Schedule (for Accounts Receivable Factoring)

Step 3:  Fill Out an Application

• Third, you can begin the application by filling out our online application or calling us directly.

Step 4:  Speak to an TRAM Funding representative

• Fourth step, once you’ve submit your application, an TRAM Funding representative will reach out to learn more about your business and explain your available options.  Here we will go inform you of the repayment structures, rates, terms, conditions, etc.  This way, you won’t have to worry about any hidden fees during the closing or repayment process.

Step 5:  Receive your Approval

• Last but not least, if and when you’re approved for funding, you will be presented with an offer and approval.  If you agree to the terms and conditions, you will receive a funding contract.  

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.  

Approximate time for each product

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.

Other Advantages

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.

What if I have bad credit?

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 TRAM Funding 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:  

• Working Capital for Commercial Trucking
• Equipment Financing for Commercial Trucking
• Real Estate Financing for Commercial Trucking
• Lines of Credit for Commercial Trucking
• SBA Loans for Commercial Trucking
• Term Loans for Commercial Trucking

Rates & Terms

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.