Industries
Transportation Business Loans & Financing
Own a limousine business, hauling service, or medical transportation company? You may benefit from an SVP Funding Group transportation loan!
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What Are Transportation Business Loans?
Transportation business loans are designed for businesses in the trucking, automotive, and commercial vehicle sectors. These loans can finance new trucks, vans, cars, and other business vehicles. They are commonly used to expand fleet operations, cover expenses, and pay for high-value assets in the transportation industry.
How Transportation Business Loans Work
Transportation businesses can apply for funding to support operational growth, expand their reach, hire new employees and vehicles, and manage everyday business expenses. Various types of transportation business loans are available, including revolving credit loans and term loans, to address a wide range of business needs.
How To Use a Transportation Business Loan
Transportation loans can cover a variety of business expenses. They are helpful not only for purchasing and maintaining vehicles for your limousine or hauling services but also for paying costs like rent, utilities, and marketing.
Business Operations
Starting a business often requires borrowing funds to cover day-to-day operations until profitability is achieved. Transportation financing assists businesses in managing these costs. You can also use a transport loan to address monthly cash flow challenges.
Equipment
Purchasing trucks and vans to operate a transportation company requires significant investment. Numerous business loans for transportation are available to assist with these major expenses. Some businesses opt for a term loan to buy the vehicle outright, others choose a lease option, and some use multiple loans to maximize the value of the equipment.
Staffing
Expanding your operations by hiring new employees requires consistent cash flow in your business. Transportation business loans can help cover these expenses, ensuring you always have funds for payroll, even during periods when not all outstanding invoices have been paid.
Why Apply for a Transportation Business Loan?
Cover Oil Costs
Applying for transportation finance ensures that you’ll always have funds available to cover oil and gas expenses for your vehicles.
Invest in Marketing
Acquiring new customers demands a solid marketing plan. Transportation finance loans can provide the necessary funding for these initiatives.
Pay for Insurance
You know how much insurance costs for your personal car, but for your business, it’s even more. Leverage transportation financing to cover these expenses.
Minimum Eligibility Requirements
Time in Business
Minimum 1 Year
Business Annual Growth Revenue
No minimum
Business Checking Account
Yes
US Citizen/Based Company
Yes
FICO Score
500+
Other Financing
Subject to underwriting
Bankruptcies
None preferred
Transportation Business Loans FAQ
Transportation businesses in need of funding can choose from various types of transportation loans. Below are some of the available options:
- SBA Loans for Transportation
- Lines of Credit for Transport Companies
- Equipment Financing for Transportation Businesses
- Collateral-Based Loans
- Equipment Leasing Options
No, not all transportation loans require collateral. It will depend on the type of loan and the loan terms as to whether or not the lender will require collateral. In many cases, businesses can qualify for unsecured loans to meet their transportation business loans.
Trucking and automotive businesses should explore transportation loans when they need improved cash flow or want to cover oil and gas expenses, additional staffing, and more. Many businesses appreciate the straightforward terms offered by these loans.
- Yes, you’ll need to provide proof of your business registration, the length of time you’ve been operating, and your business’s revenue from the past six months or more. The more information you can supply, the better your chances of securing a loan for your transportation business.