It is not a well-known fact, but nearly 50% to 70% of all goods freight in the USA are moved by trucks. Currently, trucking companies, big, medium and small need to stay ahead of stiff competition, in order to remain profitable.
Better Profit Margins
Major expenses like fluctuating fuel prices, spare parts, and maintenance can bite into profit margins and make it difficult to sustain growth. Banks have proven to be very strict with their lending requirements, especially for small to medium-sized trucking companies. Fortunately, there are private trucking business funding alternatives to these financial institutions that help these businesses keep their trucks on the road, provide salaries for their drivers and technical staff, and other expenses.
Room For Expansion
It is no secret that moving products by trucks are the safest and most economical way in the USA, so it makes sense to find trucking funding for business owners when the time comes to expand, renew and reorganize these businesses. Trucking is a very labor-intensive business, especially when it comes to loading, unloading, spare parts, maintenance, fuel, tires, etc., and all this while maintaining a small to medium fleet of trucks along with drivers to keep the company’s logistics schedules on schedule.
Variable Company Size
These truck funds provide business owners the money needed to purchase, manage, and maintain their vehicle fleet, which is vital if the company has to succeed. The process of getting a trucking company funding involves getting all the paperwork, books, insurance premiums for equipment and employees, and other monthly financial data ready for the financial institution to go over before they approve the advance. Leading providers offer advances in just about four hours to three business days. Based on their reputation, financial companies have provided trucking advances to very large fleet companies right down to an owner/driver of a single truck.