Commercial Equipment
Financing for Trucking
Companies
company moving.
Fast
Approval
Funding up to
$500,000
No Prepayment
Fees
Flexible
Payments
Commercial Transportation Equipment
Financing from UFG Funding
Commercial transportation equipment financing from UFG can get you the money you need to maintain and upgrade your fleet without breaking your budget. After all, not every company has the money in the bank to purchase new equipment outright.
Equipment Leasing vs. Equipment Financing
equipment leasing and equipment financing. Both offer different benefits, so it’s important to weigh the
options before deciding which is right for your business.
What Is Equipment Financing?
Equipment financing is essentially a loan that you can use to purchase business-related equipment for your commercial transportation company. A lender, like UFG Funding, will provide you with the money to upgrade your fleet.
Once the purchase is complete, you’ll make monthly payments to pay down the loan amount. Once the loan is completely repaid, you own the equipment. This option is ideal for trucking companies that want to use their equipment long-term
What Is Equipment Leasing?
Instead of taking out a loan to purchase equipment, equipment leasing is when you borrow equipment from a company, use it over a fixed term, and return it at the end of the term.
Commercial equipment leasing is great for trucking companies that need specialized equipment for a short period of time. Instead of spending the money to purchase a unique piece of equipment, you can pay a lower rate for a shorter time, use the equipment for as long as you need, then return it at the end of the term.
UFG Offers a Variety of Commercial Transportation Equipment Funding Options
- New and used equipment loans and leases
- Customized refinancing arrangements
- Heavy equipment and large projects
- Sale-leaseback transactions
- Lines of credit for equipment capital
- Cash flow loans
Financing Consideration
Because many transportation companies lack the funding to purchase equipment outright, financing might seem like an easy way out. But before jumping into a new loan or lease, there are a few aspects you should consider:
Lease or Loan Duration
Lease or loan duration is a double-edged sword. Shorter terms will help you avoid debt from interest, but they require higher monthly payments. Longer terms can give you more affordable monthly payments and higher financing limits, but you’ll also end up paying more in interest. The lease duration you qualify for will depend on your company’s needs and financial health.
Financial Terms
Before signing off on financing or a lease, make sure you understand all the financial terms. What are the set payment deadlines? What’s the interest rate? How much are the monthly payments? The more you know about your financing or lease, the easier it’ll be to decide if it’s right for your trucking company.
Equipment Market Value
The lease or financing isn’t the only costs associated with funding your new equipment. There are also taxes and insurance involved. Understanding the market value of the equipment you need to purchase will help you calculate the additional costs you might need to consider.
Benefits of Commercial Transportation Equipment Financing
There are more benefits to commercial transportation equipment financing than just getting a new truck or trailer. Here are a few reasons why leasing or financing could be a smart choice for your trucking company.
Increase Working Capital
Rather than making a large upfront payment to purchase new equipment, you can spread payments out over several months. Financing or leasing equipment maintains your working capital and keeps your cash flow moving.
Use the Best Equipment
You might not have the capital to purchase the latest and greatest trucks, trailers, or equipment, but you don’t have to worry about that with financing or leasing. Use the best equipment to keep your trucking company serving customers like never before.
Keep up with Business Growth
The faster your business grows, the more equipment you need to keep up. If your business is growing, you don’t want to fall behind demand by not having enough equipment. Keep your garages stocked and keep up with demand.
Fast Funding
The financing or leasing application process is fast and easy. In just minutes, you can fill out the online application and get approved within just one business day on average. Get the funding you need to keep your trucking company on the road quickly.
Keep Your Trucking Business on the Road
Whether you need new equipment to keep up with demand, update an aging fleet, or any other reason, UFG has all the funding options you need to keep your trucking company moving forward. We offer fast approval on funding anywhere from $8,000 to $100 million and beyond! Contact us to purchase the equipment your trucking company deserves.
Highlights
For strong businesses with good credit history & scores above 700+
Low Interest & Monthly Payments
Comfortable interest rates with easy monthly repayment terms.