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If you run a commercial trucking business and need funding to expand your fleet, invest in specialized transportation equipment, or ensure the efficient transportation of goods while keeping your operations running smoothly, MCashAdvance commercial trucking advances are the swift solution you’ve been searching for.
We offer commercial trucking advances ranging from $5,000 to $900,000 to help grow your trucking business. We fund all types of transportation services, including freight trucking, tank trucking, refrigerated trucking, and moving services.
Securing financing from banks for commercial trucking businesses can be a lengthy and challenging process, often taking weeks or even months to obtain, with strict approval requirements, extensive paperwork, the need for collateral, and a preference for businesses with perfect credit.
An advance from MCashAdvance for commercial trucking businesses offers simpler approval, no paperwork or collateral, the possibility of receiving funds within 24 hours or up to 3 days, and accepts poor credit scores with no hard credit check that won’t impact your credit score upon application.
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| MCA Feature | Offer Details |
|---|---|
| MCA Amounts: | $5,000 – $900,000 |
| Factor Rate: | 1.1 – 1.5 |
| Holdback | 10 – 25% |
| Repay In: | 3 – 18 months |
| Funding Time: | 1 – 3 days |
Applying is easy, free, and won’t impact your credit score.
Get the commercial truck financing you need today.
What is a Commercial Trucking Business Advance?
A commercial trucking business advance is a type of merchant cash advance (MCA) created for trucking businesses, including freight trucking, tank trucking, refrigerated trucking, and moving services.
Your trucking business sells a portion of its revenue to MCashAdvance in exchange for an upfront lump sum of funds called a cash advance.
In exchange, we will deduct a small percentage of your daily sales revenue until the advance is fully repaid.
Emergency Funding for Commercial Truck Businesses
In the commercial trucking industry, financial challenges can arise from a variety of needs, such as vehicle maintenance, fuel costs, or unexpected expenses. A commercial truck business cash advance offers a quick and flexible financial solution, typically available within 24 hours to 3 days, and can be used for any trucking-related need.
Commercial Truck Financing for Any Purpose
Here are 13 common ways a cash advance can be utilized in your Commercial Truck:
- Truck Maintenance and Repairs: Keep your fleet in top condition with regular maintenance and necessary repairs.
- Upgrade Fleet Vehicles: Invest in newer, more efficient trucks to expand or modernize your fleet.
- Fuel Cost Management: Use the funds to manage fluctuating fuel costs, which are a significant part of operating expenses.
- Driver Training Programs: Enhance driver skills and safety with comprehensive training programs.
- Logistics and Route Planning Software: Invest in advanced software to optimize routes and improve delivery efficiency.
- Insurance Premiums: Cover the cost of insurance premiums for your fleet and operations.
- Compliance with Regulations: Ensure your fleet meets all industry regulations and standards.
- Employee Salaries: Manage payroll for drivers and administrative staff during cash flow crunches.
- Warehouse and Storage Facilities: Invest in or upgrade storage facilities for your trucking operations.
- Loading and Unloading Equipment: Purchase or upgrade equipment to improve the efficiency of cargo handling.
- Safety Equipment and Training: Enhance safety measures with equipment upgrades and training.
- Technology Upgrades: Implement new technology for fleet management and communication.
- Expansion into New Markets: Use funds to explore and establish routes in new geographic markets.
Commercial Trucking Business Advance Example
Let’s say you need a $32,000 trucking merchant cash advance to purchase a new delivery van for your commercial trucking business. If you are approved for $32,000 and receive a funding offer with a factor rate of 1.15 and a daily credit card holdback percentage of 15%, your total repayment amount will be $32,000 (Advance Amount) + $4,800 (Fees) = $36,800.
| Details | Example |
|---|---|
| Advance Amount | $32,000 |
| Factor Rate | 1.15 |
| Avg Monthly Credit Card Sales | $14,000 |
| Holdback Percentage | 15% of Daily Credit Card Sales |
| Daily Credit Card Sales | $466.67 per day (approx.) |
| Daily Payment Amount | $70.00 per day (approx.) |
| Repayment Term (in days) | Approximately 524.29 days |
| Repayment Term (in months) | Approximately 17.48 months |
| Total Repaid | $32,000 (Advance Amount) + $4,800 (Fees) = $36,800 |
Trucking Business Funding Eligibility
To be eligible for funding from MCashAdvance you must meet these 5 criteria:
- Your trucking company must have been operational for at least 6 months
- Your transportation business should be generating a minimum of $100,000 per year in revenue
- As the trucking business owner, your personal FICO score needs to be 550 or higher
- Your trucking firm must utilize a business checking account
- You, as the trucking business proprietor, must be over 18 years of age and a U.S citizen
How to Get a Trucking Company Advance from MCashAdvance
To get an advance for your trucking company business from MCashAdvance, follow these 5 steps:
Step 1: Begin Online Application: Click Apply for an MCA to begin.
Step 2: Fill in Your Details: Provide information about your trucking company and some personal details as the owner of the company.
Step 3: Submit Bank Statements: Upload the last three months’ bank statements of your trucking company.
Step 4: Await Review Process: Our underwriters will review your cash advance application to determine funding eligibility.
Step 5: Receive Offer and Funding: Once you get a funding offer, review it. If it suits your business needs, accept it, sign the MCA agreement and the funds will be deposited into your business account.
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Commercial Truck Business Funding FAQs
Commercial trucking businesses may not typically qualify for SBA loans, as they often require specialized financing. It’s advisable to explore alternative financing options that better suit the unique needs of the trucking industry.
Commercial trucking businesses often have substantial B2B transactions and may issue invoices for freight services, making them potential candidates for invoice financing.
Banks usually demand that commercial trucking businesses have a minimum of two years in operation, a FICO credit score of 680 or higher, three years of cash flow records, and a clear business plan detailing fund usage. Meeting these criteria raises the chances of bank approval. If you can’t meet these requirements, consider exploring alternative lenders like MCashAdvance, which may offer more favorable eligibility criteria for obtaining financial support for your trucking business.
Commercial trucking businesses can buy equipment such as freight trucks and use the freight trucks as collateral to secure financing. At MCashAdvance, you can acquire freight trucks using our advances without having to use the equipment as collateral.
Certainly, commercial trucking businesses can access business lines of credit from most lenders if they meet certain qualifications tailored to the commercial trucking industry. These typically include maintaining a FICO credit score of 660 or higher, having at least one year of experience in commercial trucking, and consistently generating monthly revenue exceeding $5,000.
Truckers choose cash advances for quick access to funds, managing cash flow, covering unexpected expenses, and bridging customer payment gaps.
Truck drivers should look at interest rates, repayment terms, and the impact on cash flow when considering Merchant Cash Advances for smaller funding needs.
Cash advances and trucking loans often offer faster approval and less stringent credit requirements than traditional business loans, but may come with higher interest rates and shorter repayment periods.