Each Loan option offers different services. Before picking a Loan provider, consider 

The interest rate on a student loan is typically higher than the interest rate on a credit card, and the repayment terms are usually longer. ..

Some Loans are best for 

Working capital for a short-term trucking business can come from a variety of sources, including equipment financing, short-term trucking business financing, and working capital.

Consider all these before choosing your Loan provider. Some of the owner-operator startup Loan providers are:

Lendio

Lendio is a lending platform that connects borrowers with lenders to provide short-term loans, startup loans, and other types of financing. The process can take up to four weeks, and the minimum credit score required is 560. Loans available through Lendio range in size from $500 to $500,000, with a repayment period of 24 months. ..

Bluevine

Bluevine has a credit limit of $250,000 and this can be used for any need in the trucking business. It can be used for equipment purchases, emergency repairs, operational cost capital, etc. Their interest rate is from 0.3% to 6.5%. It depends on the length of time for repayment and your creditworthiness.A credit score of 600 is the least credit score to qualify for a Loan at Bluevine.In addition, the business must be at least 6 months old and generate monthly revenue of $10,000 minimum.

Ondeck

Ondeck provides loans for equipment purchases and lines of credit for operational costs. The lines of credit loans are up to $100,000 but have a short repayment period of 12 months. The loan for equipment purchase, called a term loan, is up to $250,000. The repayment period is 18 months. A minimum credit score of 600 is required to qualify for this loan. The owner-operator company must have been operating for a year before a loan application can be granted. ..

Smartbiz

Smartbiz is a website that collects your information and connects you with banks and non-bank lenders for a Small Business Administration (SBA) Loan. The application can be easily done on their website to secure the funding you need. Funds can be up to $5 million. The Interest rate is low, and repayment period is long. The Loan received can be used for a variety of reasons like business expansion, credit for operational costs, equipment purchase, etc. Funds disbursement can be done within 7 days but it may also be longer than that.

Fundbox

Fundbox is a lending platform that can be used by trucking business owners who have bad credit. The platform can provide funding of up to $150,000 and can be used to cover any expenses within the business. To qualify for a Loan at Fundbox, you need to have a minimum credit score of 600 and annual revenue of $100,000. Documents from your bank showing business transaction history also need to be submitted.

South End Capital

South End Capital can provide up to $5 million in financing to borrowers with a credit score of 650 or higher. The loans have a long repayment period, typically 10 years. For owner-operators, relevant industry experience is required before the loan application can be approved. ..

Crestmont Capital

Crestmont Capital is a trucking business finance company that specializes in providing loans and leases to trucking businesses. Crestmont Capital offers a wide range of loan options, including a maximum loan amount of $2 million with a repayment period of 10 years. Crestmont Capital also has a low credit score requirement, making it an ideal choice for businesses with low credit scores.

Tips for Getting a Trucking Loan

When applying for a trucking loan, always make sure to keep your business and personal finances separate. This is because some lenders will request a business bank statement before disbursing funds. Having a good credit score can also help you get approved for a trucking loan. Always pay your bills on time to improve your score. Lastly, cut off unnecessary expenses so that lenders can better determine your repayment ability. ..

Conclusion

When looking for a trucking loan, it is important to consider the needs of the borrower. factors to consider include the purchase price of equipment, the repayment period, interest rate, credit score and other essentials.

There are a variety of Loan options that can be helpful for people with bad credit. For example, Fundbox has a Loan option that lends money to people with bad credit.

In some states, trucks may be seized as a form of penalty for violating traffic laws. This can happen if the truck is carrying goods that are not licensed or registered, or if it is not following the rules of the road.