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Commercial Truck Financing
Even during economic downturns, the commercial transportation and trucking industry continues thriving. As Business Insider reports, the trucking industry dominates the transport sector and generates 83.7 percent of the total revenues. Most products that people use are shipped by trucks.
If you are a trucking company, you may need financing in order to expand your fleet so that you can increase your profits. However, you may not have enough working capital to purchase a commercial truck outright.
Patriot Financial LLC offers financial solutions to transportation businesses so that you can secure the capital that you need to purchase a commercial truck.
What Is Commercial Truck Financing?
Commercial truck financing provides a way for businesses to purchase commercial trucks without having to use up their available working capital. When you finance a commercial truck, you get a loan for it. Your truck will secure the loan. You will then need to make monthly payments over the life of your loan until your truck is paid off. When your loan ends, you will own your commercial truck free and clear.
Benefits of Commercial Truck Equipment Financing
Commercial truck financing offers numerous advantages. When you finance a commercial truck purchase, you will be able to keep your liquidity and to use your working capital for your other business purposes. You will be able to pay off your loan over time, and you will own your truck when the financing term is completed.
How Does Commercial Truck Financing Work?
As with other types of business loans, you must apply for commercial truck financing. We will investigate your credit, your business’s credit and the length of time your business has been operating. We are able to help businesses that have marks on their credit records as well as those with great credit. If your credit is poor, we will review the reasons why. All of our financing decisions are made on an individual basis. The better your credit is, the lower your interest rate will be.
What Are the Alternatives to Commercial Truck Financing?
Alternatives to commercial truck financing include commercial truck leasing and purchasing trucks outright. With leases, you make monthly payments that are affordable over the term of your lease. When it ends, you can either return your commercial truck or renew your lease. You also have the option of purchasing the truck when your lease term is up.
Why Choose Patriot Financial for Commercial Truck Financing?
Patriot Financial LLC specializes in helping businesses to secure the financing that they need to purchase commercial trucks and heavy equipment. Banks are very strict and turn down most of the financing applications that they receive for commercial trucks.
By contrast, we approve most of the applications that we receive. We are also the most-referred financing source for people who have problematic credit.
To learn more about our commercial truck financing options, call us today. You can also submit an application online, and we will contact you to let you know of our decision.