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Trucking Finance by trufco


The trucking business is one such that is operating on both small and large scales. If you own a big truck then you’re well aware that it comes with the hazards of repairing and maintenance. Taking them to the garage can be one of the most daunting experiences, and may lead you to trauma when the repair shop places that expensive and sometimes unexpected bill on the counter.


➢ There are certain equipment leasing companies, that in addition to leasing equipments for a certain period of time, also fund truck repairs. Here, for security purposes, the equipment leasing/financing company will hold on to the truck, while the repairs are being done as some form of collateral. This is only possible if there is no other type of debt held against the truck and the owner is in a condition to use the truck as leverage. The credit that is charged will depend on the repair costs and most companies will allow it to be repaid over a period of months or years depending on the amount. However, leasing companies will demand to see proper equity and will then make use of liquidation or auction values, as well as ask for early repayments. This might prove to be difficult for a starting company.


➢ The truck owner can also take out a term loan. These term loans come with fixed down payments, collateral and fixed rates of interest that have to be paid back within a predetermined time period. Term loans are usually very secure but in the case of a new owner in the trucking business, he/she will have to present a lengthy number of documents to validate the business and prove that it qualifies for a term loan. If the business has already been running for at least two months, having a credit score of above 500, then the owner can borrow twice the monthly revenue for truck repairs.


➢ The third financing option that can be considered for truck repairs is a work capital loan. A work capital loan is a short-term loan where cash is made available to the borrower and he can use it for any maintenance or operation services he chooses to over the fixed period of time. These loans come in handy when due to unfavorable or unstable funds; the owner finds it difficult to continue with essential repairs. Most companies giving work capital loans try to maintain a daily payment method where a certain amount is charged from the borrower’s account from Monday to Friday, every week for about six months to a year. However this method proves to be extremely inconvenient if the repair cost is very high, because then the daily payments add up quickly and the business is bound to suffer.


➢ Trufco understands the fact that getting a truck repair loan with bad credit will not be easy. Hence, we help truck owners cover their expensive repair bills in time and allow them to pay in monthly payments with lowest market rates. Because we lend based on asset value, not credit score, our approval rates are very high. Our application process is quick, easy, and money is credited within 24 hours of application. Contact Trufco today to get a truck repair loan easily in Toronto, Ottawa or even in Ontario.


Contact Us: Website: http://trufco.com/ Email: info@trufco.com Ph no.: (613) 519-4400

Trucking finance by trufco  

The trucking business is one such that is operating on both small and large scales. If you own a big truck then you’re well aware that it co...

Trucking finance by trufco  

The trucking business is one such that is operating on both small and large scales. If you own a big truck then you’re well aware that it co...

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