Paving your way to the road for success.
Borrow As Needed
Our truck financing acts as an on-demand extension of your cash flow.
Flexible & Renewable
We provide same-day renewals and early pay off discounts for reduced interest.
Pay Only if Used
Get the entire amount needed in one-shot or use as needed. Secured options available.
Why seek financing for transpiration?
Are you in the transportation industry and need a new truck? We know it can be costly, so we’re here to help!
Truck financing and loans work a bit differently from the regular vehicle loan. Commercial trucks are expensive because they’re not an average 4-door Sudan. Their upkeep will run you a hefty bill with body repairs, fuel, tire breaks, oil changes, and maintenance. With all of this in consideration, lenders consider this industry risky due to high failure rates, but it doesn’t mean it’s not successful.
Some lenders want to help you seal a deal for your 18-wheeler.
New York Tribeca Group is one of them.
Truck financing: We’ve got you covered!
It takes just 5 minutes to fill out your application and just a few hours to get offers!
We help you compare your options with ease and always work to get you the most favorable terms.
Our advisors will make sure that the product you have chosen will suit your business needs best.
Transporation Financing With New York Tribeca Group
To get fast funding for your Trucking Finances, apply today with New York Tribeca Group. You can speak with a specialist one on one about your business needs and goals to find the right product for your cash flow. There are more options than a truck loan suited for your business like a line of credit, debt consolidation, or short-term funding. Apply now and find out!
- 3+ months in business
- $110K+ annual revenue
- 550+ credit score
Applying for commercial truck financing
When applying for commercial truck financing, it’s important to gather up all the information you’ll need from the vehicle, your business, and of course, yourself.
Financing lenders need to know the ins and outs of what you’re using the funding to purchase. The truck itself acts as collateral for truck financing and loans which helps but having all the information on hand allows lenders to make their decision on whether to invest in you or not.
Be ready to provide the following for the vehicle:
- Car facts (Condition report & repair history)
- Seller information
- Vehicle identification number
- Vocational or long-haul
- Year, make and model
Lenders love to see newer vehicles because it’s less of a red flag. The less mileage, the better too. Another way to assure lenders is to purchase the vehicle from a certified dealership. This puts more trust in the condition of the vehicle and dealerships provide more detailed car facts.
Having insurance is essential when applying for a commercial truck loan, not only for the lenders but for yourself. Life happens and liabilities are expensive. Getting into an accident should not jeopardize your chances of a loan approval.
Prepare yourself by having the following information ready:
- Cargo coverage
- Non-trucking liability
- Liability coverage
- Physical damage coverage
- Trailer interchange coverage
Make sure you have a solid insurance plan that has strong coverage.
Transportation financing requires valid documentation to show that you have the funds to pay off your loan. Most applicants submit the following:
- Balance sheets
- Bank statements
- Business tax returns
- Proof of business
- Profit-and-loss statements
It’s rare but you may be also asked to provide your Federal Motor Carrier Safety Administration (FMCSA) number and your U.S. Department of Transportation (DOT) number.
Having a history of strong revenue and a secure business plan will get you higher amounts and better business rates. A lengthy history shows experience in your business which lenders take notice in.
Although lenders are providing funds for your business, they need to make sure that they can trust you, the owner, to repay them. They take your personal history into consideration when processing your application.
Truck financiers will take a look for:
- Credit score
- Criminal background
- Lending history
Requirements for Financing
Now that we’ve filled you in on what to expect when applying for truck financing, you’re probably asking yourself “how much can my business qualify for?” Every bank, company, and lender all require different information but all aim to get you the funding you need.
Money lender requirements
Lenders like to give business owners the benefit of the doubt and not disqualify them based on a bad credit score. Obtaining your transportation loan from one is a great option if your business is younger or in need of credit repair. Start-up companies and first-time buyers should start here.
The toughest of them all, banks have severe requirements when applying for a truck loan. Banks support businesses that have a long, healthy history and a good or excellent credit score; they want to see that you’re experienced and can handle the repayment plan. They usually work with financing high-amounts explaining their high expectations.
Commercial Truck Companies
Truck financing companies aren’t as tough as banks but they’re also not as lenient as lenders. Being in the truck industry, they’re fully aware of how operations run. This being said, they may not be as likely to guarantee you funding.
In most cases, business owners have to put some money of their own down for a transportation loan. This amount ranges from 0% to 25% with the average being about 15%. But the down payment is just the first step. Lenders want to see that you have enough to afford your loan payment and other costs including insurance payments and repairs. Business lenders like to see when you have a minimum of $10,000 in cash reserves. If your credit score is low then a higher amount is preferred.
Got some questions?
Truck financing is when lenders provide capital for commercial trucks and transportation routes. Similar to equipment financing, the vehicle itself can act as collateral.
This loan can help cover any maintenance related to your vehicle including oil changes, repairs, and fuel.
At New York Tribeca Group, we’ve got all your trucks covered! We’ll finance your dump trucks, food trucks, and 18-wheelers.
As long as you have proper documentation to prove your transpiration qualifies, your chances are likely.
Obtaining a transpiration loan allows you to purchase your truck upfront and become the office owner. Purchasing the vehicle will allow you to build equity and use it as a tax write-off. Insurance for your commercial truck is often cheaper too which is a plus.
The repair and insurance bills can be hefty and it’s all on you. If your purchase doesn’t include factory warranty that can also be a price to pay down the line.
Both terms are used interchangeably but in this case scenario, our transportation loans focus specifically on trucks.
These are the same in the case where the vehicle., which is the equipment, can act like the collateral for the loan.
Fill out our online application or give us a call and speak to one of our representatives who can help guide you through it. It’s that simple!
Be sure to have these numbers on hand when applying, you’ll need them:
- Annual/Monthly Revenue
- Length in Business
- Credit Score
Meeting minimal requirements still gives you a likely chance.
We prefer that your business has been running for a good amount of time, a year and beyond is recommended. Every lender provides different qualifications for their business.
A good credit score is important but it is not the major key to making or breaking your approval rate for a line of credit. A healthy business is vital because it gives the overall summary of how your operations have been running.
A helpful tip:look into seeing whether purchasing or leasing your equipment is better for you. This will help determine how much you’ll need to finance.
Get industry-leading knowledge and advice to help you make confident decisions.