Commercial truck financing is an easy way to get your hands on trucks that would help you keep your business running. Business owners who have limited work capital or want to preserve work capital for future investments opt for this option.
In such a case, owner-operators borrow funds from online lenders or traditional banks to purchase a new, old truck or update an already existing truck.
There are several commercial truck financing options available in the market. Each platform that finances a commercial truck has certain rules and regulations with eligibility criteria. At the time of financing a commercial truck, there are various factors that one must consider. For instance, you should look into the interest rate offered, funding amount, funding term, and required criteria.
Traditional banks usually offer the best rates in the market. However, they have strict policies that do not sit well with many businesses. In such situations, online lenders and private financing companies accommodate businesses with their flexible policies and minimum requirements.
About Smarter Finance USA
Smarter Finance USA is an online lender that offers commercial truck financing through its platform. The company has been in business since 2014; it has excelled its offerings to make it the most reasonable platform for commercial truck financing.
The company is keen to educate its customers and provide them with the best financing option that works for their business. They are solely interested in the success of your business, even if it's not through their forum. Smarter Finance USA understands that it can be intimidating to choose the right company when commercial truck financing.
Therefore, they ensure that they educate their customers through everything and educate them about the investment they are going to make. The team does not want you to make a choice and regret it later.
Smarter Finance USA has certain requirements in order to be eligible for commercial truck financing through them. However, the company tries its best to accommodate all the applicants even if they have poor credit or no experience.
Through their constant support and good listening, the team at Smarter Finance USA has made it possible for the customers to make a decision right away with clarity. They offer an extensive website that answers your queries, and in case of further assistance, they provide contact details to get in touch with a financial advisor.
Smarter Finance USA is highly known to finance small businesses and help them through their struggles with leasing and financing options. With their knowledge of the industry, they ensure to help its customers make the right choice.
The company's website states: "Financing Your Business Doesn't Have to be a Puzzle." It is safe to say that the team at Smarter Finance USA works hard to solve the puzzle for you. They understand how difficult it can be to finance a commercial truck, and therefore they ensure to make the process easier for you through their platform while delivering praiseful services.
The company is in business for two main reasons, per the website. Firstly, they want to notice and accommodate small businesses that usually get turned down by banks or SBA. Secondly, many alternative online lenders do not provide correct information and lie to you about rates, terms, and other factors in order to sign a deal with you. In order to save businesses from such scenarios, Smarter Finance USA was established.
The company claims to provide its customers with the right information at every stage; this includes all the key variables such as rates, terms, and funds. As your business' success is their prime interest, they understand that their platform may not always be the right option. Therefore, their websites clearly state when to take your business to another lender.
The types of financing provided by Smarter Finance USA are:
- Vendor Equipment
- Heavy Equipment
- Healthcare Practice
- Foodservice Business
- Truck Leasing & Financing
- Alternative Business Loans
“Smarter Finance USA makes sure to help you and direct you towards the right path, instead of forcefully closing a deal with you”
Who Should Apply For Commercial Truck Financing Through Smarter Finance USA?
Many individuals with a stern business plan but limited knowledge and investment require funding. Commercial truck financing is the best option for such business owners as the funds provide them with some leverage to build their business while keeping their working capital restricted.
If you are one of those individuals who require more knowledge in regards to financing a commercial truck, then Smarter Finance USA might be the right place for you.
The team at Smarter Finance USA has the knowledge and skills required to make the right decision. The company makes sure to help you and direct you towards the right path that would be beneficial to your business needs instead of forcefully closing a deal with you.
Business owners with startups do not have time to check their statements or each transaction on their account once they sign a contract. In the case of financing with an alternative online lender, the applicant is always cautious about an additional charge to their account.
Financing with Smarter Lenders USA saves you from such scams and ensures that you do not waste your money or time at this stage of your business.
Smarter Finance USA has some criteria; it provides easy financing to businesses that can put aside about 5% to 10% down payment and carry a personal credit score of 600 or more. In terms of high risk such as challenged credit, the applicant can be required to arrange up to 50% down payment or some collateral in order to get financed.
What Is Required In Order To Get Commercial Truck Financing?
Many businesses have different requirements to provide commercial truck financing through their platform. It highly depends on the company, its policies, and the risk they are willing to take with different businesses.
Smarter Finance USA tries its best to accommodate various businesses with high-risk or low-risk and make financing easier. However, to be eligible for commercial truck financing, the applicant must check the following boxes.
- Credit Score: Many online lenders offer easy financing options with low rates to businesses with challenged credit. In the case of Smarter Finance USA, they offer an easy application process and quick approvals to businesses that have a credit score of 600 or more. If a business fails to meet these criteria, it can expect financing options at a relatively higher rate.
- Time in Business: Various financing companies prefer that the businesses they work with have been in the standing for more than a year or two. The longer the establishment, the better the credibility. With Smarter Finance USA, you do not have to consider this factor as they accommodate many startups through its platform if they meet their other criteria.
- Annual Revenue: Having steady annual revenue adds up to your profile as it assures the company that your business will be able to pay off the finances easily. Smarter Finance USA does not mention the annual revenue it prefers on its website. Still, it is one of the factors they consider when approving your application for commercial truck financing.
There are various types of commercial trucks offered by Smarter Finance USA, and each truck has a different set of requirements. In order to check if you are eligible for commercial truck financing, visit the company's website and look further into the commercial truck of your choice to get further details.
“The financial advisor will educate you and help you through each step in order to get you financed easily”
How To Apply For Commercial Truck Financing Through Smarter Finance USA?
Smarter Finance USA has an application form for all its commercial truck options on its website. After exploring and picking out the truck, you are looking for your head to the page on the site and can apply to begin your financing procedure.
The application form is short, easy, and requires you to fill out basic information such as:
- Personal information (name, email, address)
- Credit Score
- How long have you been in business?
- Amount of financing needed
- Down payment amount available
Once you have applied for financing, you can expect to hear from the company within a few days in regard to your application. Commercial truck financing is available for startups, challenged credit, as well as used equipment.
Smarter Finance ensures that they would provide you with no-nonsense over the communication. Instead, the financial advisor will educate you and help you through each step in order to get you financed easily. You can expect quick and easy answers to all your queries through this platform as the main interest of Smarter Finance USA is to provide what is better for you and your business.
Terms And Rates Offered By Smarter Finance USA
Smarter Finance USA has a detailed website mentioning all its financial programs along with their rates and eligibility criteria. In order to understand better, you may head over to their website and select from the options provided before getting in touch with a representative at the company.
There are different financial plans available for different trucks and credit scores. Various other factors determine the term and rates offered by the company, such as the down payment, CDL, and whether you are opting for a new or used truck.
For instance, a dump truck that costs $50,000 can be financed for 60 months at approximately $1,025 a month if you have a good credit score with a long time in business. In case of bad credit or poor profile, the company might require you to put a 50% down payment of $25,000 and further reduce your term plan to 36 months.
In the case of a dump truck that costs $25,000, if you have been in business for over five years and have a air credit score of 600 or more, then your monthly payment would cost around $630 approximately.
Other trucks are available on the website for different use that you can pick as per your business needs. The approximate terms, rates, and monthly payments are available for customers' ease. For further queries and education, you can always reach out to a representative at Smarter Finance USA as they have skilled and knowledgeable employees working to assist you through.
Due to its extensive website, constant support, and easy financing, the company has gained immense popularity within the market. Unlike other online lenders, they keep their benefit and profit after what will be right for your business.
As per Better Business Bureau and Trustpilot, the company has an A+ ranking with several positive reviews. Each review states how Smarter Finance USA made it easier for its customer to get commercial truck financing under any situation. The company holds pride in providing exceptional customer service to all its businesses and professionalism that they never compromise.
The Final Verdict
Commercial truck financing is optimal for startups or businesses with limited work capital. However, we can't deny that it can be intimidating when you explore your options in the market. It isn't easy to decide what would work best with you with various rates, requirements, and terms.
Smarter Finance USA has made it all simple for its customers. The company has been in business since 2014, and ever since then, it has ensured to provide services with patience and utter honesty. They do not compromise on their services or their transparency at any point, whether you like it or not.
The reputable company accommodates situations such as startups and challenged credits with various financing options. They offer an informative website that will answer all your queries and more if you patiently go through it.
Furthermore, the employees can help entrepreneurs with no experience as the companies have employed individuals who have great knowledge and understanding of their products. You can expect a top-notch service through this platform as they keep themselves in your shoes while considering your application.
As great as it might sound, it is always recommended that one must compare each factor with other available options in the market before signing up for a long-term or short-term plan. You wouldn't want yourself stuck in a situation and be forced to carry on with it because you signed a contract.