New York is considered the hub of financial services, especially with the world-famous New York Stock Exchange (NYSE), Wall Street, Times Square, and some top financial institutions. Due to these locations and institutions' presence, people perceive it extremely easy to get finance for businesses of all kinds in New York. But even in the financial hub, securing finance is not as easy as pie.
You have to dig out various websites to get the perfect commercial truck financing in New York. But we have made your work easier by listing some top finance sources available in New York that will surely provide you adequate funds to purchase a commercial truck and run your business operations perfectly. And this article provides a detailed description of those institutions.
The OTR leasing company provides the best leasing and financing options for New York City residents through its NYC semi-truck financing facility. This organization has a wide range of trucks available for lease-purchase. The friendly customer representatives at OTR leasing will help you get the best truck for your commercial truck business and offer you a very budget-friendly payment plan.
Moreover, the OTR purchases the most reliable semi-trucks available for sale from some of the large fleets and then offers people the opportunity of becoming the owner-operator. This organization has various financing options, including 18-wheeler, which will help you get your commercial truck business's best finance facility.
Features of OTR Leasing
Some significant features of this finance facility are:
This finance facility comes with the partnership of Driver Road Services.
It also includes warranty coverage.
It has the perfect payer program.
This facility has the minimum possible upfront cost.
It designs a very affordable payment structure with the borrower's mutual consent.
It does not contain any carrier restriction.
To be eligible for this financing, you should fulfill the following eligibility criteria:
You should have at least two years' experience in CDL.
You must have paid major bills and have a credible paying history.
Your credit rating should be good, fair, or average.
It would help if you were either the owner of the fleet or investor.
Cardiff equipment financing also offers a nationwide commercial truck business loan, and as a New York resident, you are also eligible to apply for this loan. You can use this finance option for the following reasons:
You can use this loan for paying out your truck repair and maintenance bills.
You can also utilize these funds for arranging training sessions for your truck drivers to ensure best practices by your drivers.
This finance facility can also be utilized for purchasing new trucks and expanding your commercial truck business.
It also covers the insurance and administration costs of your commercial trucks.
It has a very simple application process. You will have to fill out the online application form. After receiving your application at National Funding, the concerned employee will contact you and discuss the best available loan option for your commercial truck business. Afterward, the representative will get back to you with a decision within 24 hours.
First New York Federal Credit Union
The First New York Federal Credit Union has a range of credit facilities for your commercial truck business. You can utilize these finance facilities to run your commercial truck business's day-to-day operations or use it for expansion of your business.
Some of its top finance facilities and their details are discussed in the paragraphs below:
Business Line of Credit
Through the business line of credit facility, you can finance your short term need for cash flows and utilize it until the receivables at your commercial truck business are paid. You can also use this line of credit for covering your expenses of seasonal working capital.
This credit facility has a reusable and revolving line of credit with interest rates compatible with the market. It also provides effortless access to your funds.
You can also opt for the term loans at the First New York Federal Credit Union. You can utilize this finance facility to purchase trucks for your commercial truck business. This facility comes with a loan term of fixed length and interest rates comparable to the market rates. Moreover, through term loans, you can also consolidate your prevailing business term loans and finance your commercial truck business' growth.
When you exhaust all the finance options available at the credit unions and other lenders and still fail to get proper finance facilities, don't lose hope because you still have the last option of approaching banks available. There are numerous banks in New York and all over the US, which can help you finance your commercial truck business. Some of these banks are:
The Santander Bank can entertain your commercial truck financing need through its equipment financing and business line of credit.
Bank of America
The Bank of America has six finance options, and you can utilize any of them for financing your commercial truck business. These facilities are:
Business Advantage Auto Loan
Secured Business Loan
Secured Line of Credit
Unsecured Business Loan
Unsecured Line of Credit
The US Bank
US bank also provides equipment financing options. You can utilize this loan to purchase a truck for your commercial truck business. The best thing about this loan is that it has a zero down payment policy, so you don't have to worry about down payment if you don't have enough credit available.
Through the equipment financing facility available at Wells Fargo, you can finance your truck purchase from $10,000-$100,000. But to qualify for this loan, you have to meet specific requirements.
PNC also offers a finance facility for commercial truck business. Its small business vehicle finance loan is designed for the same purpose. Through this loan, you can finance the daily operations of your commercial truck business. You can visit the nearest PNC bank in New York and get your finance.