Fleet funding Tips

Fleet Funding is a challenge for most small trucking companies.     We reached out to some of the leading finance sources in the industry and asked for their input on the keys to finding the right equipment financing programs.    Our three most common hints and tips are below.

1.  Funding is absolutely available today for fleets of all types and sizes.   Despite the doom and gloom in the mainstream media, funding sources are actively looking for new deals.    Whether you need 1 truck or 100 trucks, or a used flat bed or 100 dump bodies, funding is available.

2.  Used inventory availability has increased dramatically in the last 60 days.   Truck and trailer inventory is still below traditional levels but pricing is much more attractive and selection has improved quite a bit recently.   If your fleet needs to fill some holes, now is the time to do it.

3.  Start-Up Financing is available.  If you have a recent start up or are thinking about getting into the business or expanding your fleet footprint, there are funding programs specifically tailored to meet your needs.   

4. If you don't have perfect credit and a long history, look for equipment finance specialists like Triton or TopMark that specialize in collateralized lending.  Credit qualification when your truck can be the collateral is a great option that almost everyone will qualify for. 

Trucking companies can get financing for new trucks through a variety of channels, including traditional lending institutions, specialized commercial lenders, and equipment financing companies. Here are some of the most common options:

Traditional Banks: Trucking companies can approach banks and credit unions to secure loans for the purchase of new trucks. These institutions typically offer a range of financing options, including term loans and lines of credit. They may require collateral or a personal guarantee to secure the loan.

Commercial Lenders: There are specialized commercial lenders that offer financing specifically for the trucking industry. These lenders may have a better understanding of the unique challenges and risks associated with the industry and may be more willing to extend credit to trucking companies. Some of these lenders may also offer financing options for bad credit or no credit customers.

Equipment Financing Companies: Many equipment financing companies offer financing specifically for the purchase of new trucks. These companies may be more flexible with their lending criteria and may offer competitive rates and terms. Some of these companies may also offer lease-to-own or rent-to-own options, which can be a good choice for trucking companies that are just starting out or that have limited cash flow.

Manufacturer Financing: Some truck manufacturers offer financing directly to trucking companies. This can be a convenient option for trucking companies that are purchasing new trucks from a specific manufacturer. These financing options may come with special terms, such as discounted interest rates or deferred payments.