Trucking Business Financing
The trucking industry is the lifeblood of the U.S. economy. Over 70% of all the freight tonnage moved in the U.S. goes on trucks. Without the industry and our truck drivers, the economy would come to a standstill. To move 10.5 billion tons of freight annually requires over 3.4 million heavy-duty Class 8 trucks and over 3.5 million truck drivers. It also takes over 38 billion gallons of diesel fuel to move all of that freight. Simply – without trucks, America stops.
If you own or operate a trucking business, you know just how important it is to stay organized, keep those trucks on the road, and maintain a staff of competent and committed drivers. Our nation doesn’t move unless trucks are on the road, so it is as crucial as ever to capitalize on the pent-up demand for freight services and general trucking needs. With a shortage of drivers on the road today, you can gain a distinct advantage on the competition when you properly maintain your fleet of trucks, hire the right drivers, and use the appropriate logistics tools to manage the entire operation.
Remaining competitive in the trucking industry requires continual investment in your company. For instance, trucks and trailers require periodic maintenance, the replacement of wearable parts, payment for annual registrations and certifications, and more. And that’s just to keep them on the road! Further financial demands come into play when you factor in driver wages, liability insurance, fuel and toll expenses, licensing fees, and more. In order to effectively manage these expenses and claim your slice of the lucrative trucking market, you’ll want to partner with a reliable and responsive source for small business capital – a funding company such as LVRG.
Most lenders shy away from the trucking industry, but not us! We provide affordable and flexible financial solutions, no matter if you have 1 truck or 100. We can help your trucking business to achieve short, medium, and long term financial goals by creating a custom tailored trucking business loan that will provide quick access to affordable capital, even if you have poor credit.
Why LVRG for a Trucking Business Loan?
Unlike traditional lenders, like banks or credit unions, we don’t make you fill out stacks of forms or submit reams of unnecessary documents in order to qualify for a trucking business loan. We provide the fast capital you need, when you need it most. In fact, our streamlined process is part of what has made us so successful when working with businesses just like yours. Upon approval you will have nearly-immediate access to the funds you need. You can use your new trucking business loan for virtually anything, but most trucking professionals use theirs to:
1. Purchase New Trucks – In order to run a successful transportation business, you’ll need high quality vehicles! If your current trucks or vehicles are deteriorating, or you simply don’t have enough means of transportation to serve your customer base, it may be time to purchase a few new ones. Of course, this can be very pricey, so consider using trucking loans to pay for this investment.
2. Repair Trucks - Just because a vehicle isn’t brand new, doesn’t mean that you should get rid of it! For some businesses, it may be more economical to repair vehicles instead of purchasing new ones. This will depend on your company’s needs and the state of the vehicles, so you should evaluate this before making any decisions. With working capital, you can pay for repairs, so that you’re not without vehicles for too long!
3. Invest in Equipment – Many transportation businesses require equipment aside from vehicles. Moving companies should have towing equipment and additional storage. Medical transport companies may need related equipment to ensure the health and safety of their passengers. These extra tools will depend on your business’s specific services, so consider using a transportation loan to pay for these costs.
4. Hire Drivers – Having more drivers means more sales for your business! If you’re turning away business because you don’t have enough drivers to accommodate your customers, then you should consider using a transportation loan for hiring. If you’re concerned about hiring more full-time employees, you could also consider paying part-time drivers to be on-call during busy times.
5. Market Your Trucking Business - In your transportation business plan, you should allot enough money to market your services. How will customers know about your business if you don’t market strategically? By using a business loan to pay for marketing expenses, you’ll expand your audience, which will likely lead to more sales.
6. Expand Services – Want to increase sales? Add new services! The transportation industry is very versatile, and there are numerous amenities that your business could add with the help of working capital. If you have the space, consider opening a car wash or auto repair center. In addition to providing people with transportation, why not invest in a few trucks and offer your customer’s moving services? Of course, don’t spread yourself too thin or lose focus on the main aspect of your business; so make sure that your business is prepared to add additional services. There are many ways that your business can make more money, so invest in your future with a business loan to get these ventures started.
7. Have Extra Cash – Running a trucking business is all about being prepared for the unexpected! If you go through a busy season and see a boost in sales, you’ll need to have cash on hand for repairs and other maintenance expenses. In comparison, lulls in business will require you to have money available to keep your operations afloat.
8. Pay for Weather Related Expenses – When it comes to the weather, transportation businesses need to be prepared. For inclement weather, you’ll need durable winter tires, and if you’re a trucking business, you’ll need to pay for other additional equipment that will help you during harsh conditions. These items can add up fast, which is why it is prudent to use a business loan to cover the costs.
9. Buy Branded Materials – Many business owners don’t recognize the power of branding. Using trucking loans to invest in branding collateral will likely help your business stand out, and ultimately increase sales. Make sure that your logo is featured on the vehicles or trucks that your company uses, and invest in other branded items like business cards, pens and bumper stickers.
10. Try New Technologies – Incorporating technology into your transportation business plan can be very beneficial. For instance, install GPS tracking in your vehicles so that you can inform customers of their driver’s arrival.
Here’s How to Get Started on Your Trucking Industry Business Loan
First, take a few minutes and apply online. YOU CAN EVEN CLICK HERE TO GET STARTED RIGHT NOW! We will use this information to create a customized lending solution for your trucking business that will easily fit within your allocated budget. We only ask for basic business-relevant information, so you’ll finish the application in just a few minutes. Next, we’ll provide you with a lending decision the same day you complete the application. You can use this information to determine whether the loan is a good fit for your needs and if it will help you to accomplish your business goals. We are often able to provide you with the funds you need in as little as 24 hours!
We fund Trucking Business Loans from 1st - 7th Position. Loan Amounts $15K - $500K and Bad Credit is OK. Have other trucking business loans and need additonal capital? We've got you covered. We can provide the additional capital you need to keep your business moving full speed ahead!
The application process is also very simple and once approved, you could see funds in your business bank account in as little as 24 hours. Documents that are typically requested are as follows:
- Funding application - CLICK TO DOWNLOAD
- 4 months most recent bank statements
- Clear color copy of drivers license
- Voided business check
Get started and prepare to watch your trucking business grow!