FAQ Categories

Where can I get Equipment Financing?

Nowadays there are many options available for equipment financing, but it’s important to know which is best for your business needs as well as which provide you with the best chance of securing financing.

SBA.

The SBA offers government backed equipment finance options for truckers. The two most common SBA loans for Equipment Finance are 7(a) and SBA Express loans. SBA loans are great because they offer very long terms and usually have low interest rates.

Traditional Banks.

Most traditional banks offer loans for equipment financing. Requirements and approval limits can vary from lender to lender. Equipment Finance loans from traditional banks ten to have more restrictive underwriting guidelines, including which industries they serve. The trucking industry is considered a ‘high risk’ category by nearly all major banks.

Credit Unions:

A Credit Union can be a good alternative to traditional banks and can even be easier to deal with, especially if your business already has an account there.

Equipment Dealers:

Financing your equipment directly at the dealer sometimes makes the most sense, especially if you have dealt with them before and have strong credit. However, keep in mind- this is only advisable if you are buying new equipment through a direct dealership. If you are seeking financing for used equipment you should almost always explore outside financing options first.

Alternative Lenders:

‘Alternative lenders’ can mean a lot of things here; private trucking finance companies, online lenders, even short term/mca lending. These might be anybody’s first choice, but sometimes they do make the most sense, and in some cases, may be the only financing available for business without a track record or with spotty credit.

Learn more about how to apply for an Business Line of Credit.

BLF is here to assist you

Our goal is to provide you with expert help and guidance for you needs. Whether you need funding or business services for your trucking company, you are in reliable hands.

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