We Know Trucks Move America:
According to American Trucking Associations, the trucking industry generated over $700 billion in annual revenue in 2017, 79.3% of the nation’s freight bill. Trucks moved 10.77 billion tons of freight, over 70% of all domestic freight tonnage. Roughly 7.7 million people were employed in jobs related to trucking activity, including 3.5 million drivers.
At Commercial Fleet Financing, Inc., we know that without America’s trucks on the road, store shelves would be empty, goods and services would simply vanish, and the economy would come to a halt. It’s our number one priority to make the finance process as easy and convenient as possible for you, so you can get back to business.
Watch Matt Manero’s 1-minute video on CFF’s YouTube channel honoring America’s truckers – https://www.youtube.com/watch?v=a6GwauhZQ5k
How It Works:
While banks may be your best option for getting a car loan, they may not lend to trucking businesses because of the risk. Commercial truck loans also differ from more traditional business loans since the trucking industry is specialized and the semi truck serves as collateral. Fortunately, CFF has built its 24-year-old business entirely on providing semi truck, box truck, tow truck and construction equipment financing.
Although most borrowers will qualify for financing, the best borrowers can be eligible for special rates and programs. For example, fleet owners with 25 or more trucks can easily take advantage of 0% down and interest rates as low as 6.9% with approved credit.
Commercial truck financing can be an easier process if you’re buying from a dealership. Typically, dealerships are bonded, and the condition of the truck is documented in their records. However, Commercial Fleet Financing offers several options for flexibility in your truck financing. Listed below are those additional resources:
At Commercial Fleet Financing, we have developed great relationships with dealers from around the country. We look for established dealers with inventory of new or used transportation equipment such as semi trucks, trailers, tow trucks, construction equipment or box trucks.
If you’re a small dealer without an F&I department, CFF offers turnkey finance solutions and can provide you same day loan approval. It’s a fact, dealers who partner with CFF sell more equipment, because we truly understand the industry better than other finance company.
To learn more about Dealer Financing, visit https://commercialfleetfinancing.com/finance-progams/for-dealers/.
Other Business Information:
A commercial truck loan application will contain detailed information about your business. To expedite the borrowing process, we offer our App Only Program, which means many of our applicants can be approved for credit by filling out a credit application.
You can expect to provide the following:
- Credit application (link below)
- Current and past bank statements (last 12 months)
- Your commercial driver’s license (CDL) – if you’re OTR
- Dealer invoice
- Equipment specifications
- Additional financial documents may be required if your loan exceeds $150,000
To complete CFF’s online financing application, visit https://commercialfleetfinancing.com/cff-financing-application-2/
Condition of Truck:
Since your trucks serve as collateral for the loan, a lot of value is placed on the type of truck and its condition. Know up front what truck you want to purchase before applying for financing. You can finance new or used trucks, but used trucks need to be in good condition. At a minimum, try to look for a truck that has fewer than 600,000 miles and is 10 years old or less.
Be prepared to supply details about your truck, like the make, model, serial number, year, mileage, the condition, plus any major repairs on the truck in the past.
The Bottom Line:
Finding the right financing option is easy through Commercial Fleet Financing and most borrowers can secure commercial truck financing. To talk directly with one of our financing pros and get started with a credit approval in as little as 2 hours, CFF’s main phone number is (469)-281-2962.
Our pros give careful advice to business owners in the transportation, moving, towing or construction industries to help them make educated decisions whether to purchase equipment. We make it quick and easy for you by simply going to our budget builder page on our website, link below, and answer 6 questions to calculate your monthly and yearly profit on a purchased truck or piece of equipment. This will help make sure you’ll make money before you proceed.
6 Secrets Your Banker Doesn’t Want You To Know https://commercialfleetfinancing.com/6secrets/
Budget Builder https://commercialfleetfinancing.com/budget-builder/
About Commercial Fleet Financing, Inc.:
Founded in Dallas, TX in 1995, Commercial Fleet Financing, Inc. has become a valuable partner in equipment financing for the semi truck, box truck, tow truck, construction equipment, and moving truck industries. CFF is committed to helping customers grow and has funded more than a billion dollars to over 10,000 businesses. A four-time winner of Inc. Magazine’s 500/5000 fastest growing companies in America, at CFF, We Finance AMERICA, One Truck At A Time™.