Top 7 Trucking Finance Companies for Owner Operators
Trucking companies contribute to our country’s economic growth significantly. For trucking companies to stay afloat and grow, they look to financing companies for support during unforeseen situations such as the pandemic.
We have put together a list of top trucking finance companies that every owner operator can turn to when growing your company is the need of the hour.
LRM Leasing
LRM Leasing is a semi truck and construction equipment company located both in Pompano Beach, Florida, and Rhome, Texas. LRM Leasing offers lease-to-own vehicles and you get to own the truck after your last payment. Other than offering a variety of financing options which it has been doing over the past 35 years, it doesn’t run credit checks or ask for social security numbers or even have mileage limitations.
Even if you have a low or no credit history, you still get the truck at an affordable lease. Their online application only asks 3 types of information from you. Your personal details, driving experience, and employment.
Capital Solutions
Based out of Tucson, Arizona, Capital Solutions specializes in financing trucking companies with poor credit histories. It gives a 97% approval rate for pre-qualified individuals. You can apply for loan over the telephone and your approval will depend on your down payment amount and your collateral.
Capital Solutions funds many old truck models, like 2002 truck models. You don’t need to pay a hefty sum as final payment while settling the lease and owning the vehicle. The company also offers a penalty-free early payoff option after nine months of on-time payment.
Big Rig Lending
Big Rig Lending is located in Dalton, Georgia. It is a title loan company that offers title loans for insurance, repairs, etc. All it takes is just 2 days for approval of loans up to $15,000.
The company follows a 10-4 process to help you apply for the loan. This means you only need to spend ten minutes while applying online and have to send four photos: photo of your vehicle, it’s title, odometer and drivers’ license. If you refer a new customer who completes a transaction and payment process, you are offered a $100 referral bonus.
Go Capital
Go Capital is a truck financing company based out of Irvine, California. It offers financing solutions to various people with poor credit scorers and owner-operators. They majorly work with small- and medium-sized trucking companies. Some of their benefits are:
- High approval rates for low credit scores as it considers your trucking experience over credit score.
- Unlimited choices of trucks and suppliers. In case you’re unable to find a truck, you can consult with Go Capital’s account representatives to find the right rig for you.
- Easy and quick processing - Most applications are processed within a few hours or a maximum of 2 business days. You can initiate the process by simply filling out the contact form on their website.
Lone Mountain
With offices in 5 locations Omaha, Nebraska; North Las Vegas, Nevada; Chicago, Illinois; Tifton, Georgia; Fort Worth, Texas you can visit their store to check out current inventory. Their website also provides long details of pricing and specifications.
- Simple process - Once you pay the down payment followed by on-time monthly payments, you become the truck owner. Once you fill a form on their website or give them a call, a representative will reach out to you.
- Used trucks are given an engine warranty and a set of new drive tires. New trucks receive a 4 year, 500,000 mile factory warranty.
- Provides flexible lease terms varying from 33 months to 60 months.
- Lone Mountain accepts trade-in trucks as a part or as a complete transaction option.
Integrity Financial Groups
Based in Midvale, Utah Integrity Financial Groups has a range of products such as equipment finance, credit repair and bad credit finance services. Their equipment list is varied and long including mobile cranes, semi trucks, heavy duty trucks, semi-trailers, refrigerated trailers, commercial trailers, and many more. The company offers free credit repair consultation and Personalized lease options with rates starting from 5.49% with 18 to 60 month terms. They also offer both small and medium ticket financing; small ticket financing up to $150,000 and mid-ticket financing up to $10 million.
CAG Truck Capital
CAG Truck Capital is located in Chadds ford, Pennsylvania. It is a commercial vehicle direct financing company. Mainly working with owner operators, they help finance trucks and engine overhauls. Some of their benefits include early pay-off options and quick processing time. Once approved, the loan amount is credited within days.
Final Thoughts
Finding the right financing option for your trucking business may take some time and a lot of research. However, it is important to find a lender who understands your business needs and goals and your strategies. There are several companies that give financial support to even bad credit scorers. So there is an option no matter your concern. Do your research and choose your fit from the wide variety of financing companies.