Trucking Finance is available to owner operators as well as larger fleets. Trucking companies typically have to pay drivers and for fuel on weekly basis, however, don't get paid by customers for 30 - 45 days. Trucking finance is used to bridge the gap between paying expenses and getting paid by the customer.
The most common types of trucking funding are:
- Asset Based Lending
- Invoice Factoring
- Freight Factoring
- Spot Factoring
- SBA Loans
Choosing the right trucking finance program will largely depend on the need for recourse or non-recourse funding and any additional services that may be required of the trucking funding company. While non-recourse and full back offices services are attractive, they do materially add to the cost of the financing.
Trucking Finance is often bundled with other services such as fuel cards & discounts, insurance programs and fuel advances. While trucking funding programs are delivered on both a recourse and non-recourse basis, the larger the credit facility, the more likely to find recourse only options.
While there are several forms of trucking finance available, each has its positives and negatives. In many cases more than one form of financing can be used to generate capital. Choosing the right working capital facility with the right lender can make all the difference.
Call us now at 855-424-2958 to discuss your textiles finance options! Or fax us at (855) 450-0885.
Customized Financing Options
Asset Based Lending
Revolving lines of credit up to $20,000,000
Accounts Receivable Factoring
No minimums, up to $20,000,000
Secondary lines of credit for ABL or Factoring
Equipment & inventory facilities
Great for staffing & temp agencies