Commercial Truck Financing Banks

Published October 2, 2020 by WC Team

Financing a commercial Truck Business can be very overwhelming. There is a myriad of expenditures you have to worry about and oversee. But what is even more worrying is this question: where will I find the money to cover these expenditures?

You will see and read about many financing options once you browse the answer to the question mentioned above.But in this post, we will dig deeper around the good old-fashioned option of funding a business: securing a Bank Loan. I have compiled a couple of best options for you to explore further!

Wells Fargo Equipment Finance

If you choose to secure a loan from this bank, then I must say you have made a sage choice. Our first pick for the list is a famous bank that offers a lot of financing options to entrepreneurs to fuel the finance requirements of the business.

If you are looking to set up a lease contract, acquire a loan, or secure equipment financing, you must engage in the Well Fargo business. Their loan term lengths extend from 12 to 84 months. This will provide you ample time to pay back loans in small payments that are easier to manage. 

This bank is already associated with highway fleets, owner-operators, and leasing companies. It can educate you about all the different kinds of financing options available. 

Bank of America

This is also a popular choice among business owners who are looking for commercial truck financing options. You can secure their equipment loan quickly with a good credit score and financial history. Their terms are flexible, and the bank is known to be very accommodating. 

The loan's term length can exceed up to five years, and the APR is fixed at a low rate of 3.75%.  The minimum amount of loan that shall be secured is $25,000. This option does seem beneficial if you are looking to expand your business from trucks to other commercial vehicles. This bank offers loans at a lower APR and longer payment schedules. 

Santander Bank

The extensive, coherently defined and Santander Bank offers ideal for small business owners financing programs. This bank provides a diverse platform for business owners to secure loans from. They understand that each individual's financial circumstances are different, and so is his idea of budgeting. 

To cater to such entrepreneurs' needs, this bank offers vehicle and equipment loans at varied rates and payment plans. You can easily secure a loan for vehicle funding, heavy-duty trucks, commercial vehicles, and many more. Their contracts offer you to pay the loan back during a period of 24 to 120 months. This eliminates the worry of paying the bank back soon and ignoring the business hovering over your head. 

US Bank

If you are looking for a financial body that can grant you massive loans for any significant purchase for your business, then you most definitely should get in contact with the US Bank. The administration here understands the complexities and amount of finances required to fund the commercial trucking business. 

You can quickly secure a loan of up to $500,000 here. The term length extends from 24 to 60 months, which will give you a sufficient amount of time to get your commercial trucking business up and running and worry about periodic payments later. This will rid you of the constant trouble of "am I falling behind on my payments?".

If you believe you don't have a fair amount of money in your pocket to pay for the down payment and put forward a hefty amount of cash as a security for the lender, then the US Bank will accommodate you. 

Here you can customize your contract and payment schedule. You can explain your business's dynamics, your sales schedule, and season and then accordingly amend the clauses of the loan contract. This bank will go beyond its way to cater to your needs and make sure you face no issue in financing your commercial trucking business. 

Ally Bank 

If you are looking for a significant purchase for your business or want to revamp it by investing a healthy amount, then put in Ally Bank's location in your Google Map and drive there. This bank will grant you loans at easy terms and low-interest rates. 

You can secure a loan for either purchasing a new truck, leasing it, or boost your cash flow. You can explore a plethora of financing options here. 

PNC

This bank has not disclosed a lot of confidential information about its financing transportation program. Still, if you meet them in person or contact them personally, you will find out about the reliable and convenient loan services of PNC. 

The interest rates of PNC are lower than the most, and they genuinely value eligible and qualified borrowers who have a credible financial history and impressive credit score. They also accommodate candidates with low credit scores. 

You can apply for both loans and lease at this bank. There are various options and a wide array of contracts from which many will suit your financial need. 

Atlantic Capital

If you are looking to acquire an SBA loan, then this bank is perfect for you. It will grant you small business loans so you can pay for any imminent expenditures. If you want to repair your trucks or upgrade your vehicle or make a small investment in your commercial trucking business, then this bank's loans are ideal for you. 

You wouldn't have to worry about your credit score as there are no stringent criteria to acquire a loan from here. Granting an SBA loan is less risky as the loan amount is low, and the payment plan is relatively small. The loan is paid back easily once the business gets back on track. 

Many banks around you would qualify you to secure a loan. You can even contact the bank where you have opened up your business account. Just charm and fascinate the management with your compelling business plan and strategy, and you will become the star applicant for the loan. 

Are you a business owner? Apply for financing. Start Now.

0 Comments