Trucking and transportation businesses can use the funds provided by equipment financing to obtain the following financed assets:
And many more!
There are many benefits associated with EFA’s. An applicant can expect full equipment finance support from lenders for financing equipment and tools. In addition, another substantial reason that proves turning to a transportation equipment company makes more sense fiscally is being able to retain cash reserves.
1st Commercial Credit strives to offer customized solutions to fulfill business needs without making it a complicated and time-consuming process for transportation companies. The financing will promote the growth of the business. The lending programs assist the specialized industries by providing funding that is often difficult to get from traditional lenders. In addition, trucking companies with challenged credit can apply to our OTR truck starter program, which is ideal when an applicant does not meet the requirements for our A through C credit programs. This program offers further flexibility in approving trucking companies with less than one year in business and helps them build business credit. Some trucking business owners might have a decent credit score but not enough comparable debt, resulting in OTR truck starting financing being a better option.
Benefits of equipment financing include:
Additionally, qualifying equipment can be eligible for the IRS Section 179 deduction, which allows tax filers to deduct the cost of financed or purchased equipment in its first year. This deduction saves on the depreciation over a longer time. Business owners can unlock savings by subtracting the total purchase cost of equipment up to $1,000,000 from the gross income for the given year.
We offer unparalleled service and industry experience. The loan programs are customized for the needs and equipment required for the business to work efficiently. EFA’s provide flexibility, and a financing amount can range between $10,000 and $15 Million. Additionally, the repayment plans can go from 24 to 72 months. The service is streamlined with simple applications along with fast decisions.
Whether your business needs to increase production capacity, efficiency, or quality, new or updated equipment may be required.
In this situation, you could benefit significantly from equipment financing. Equipment financing will allow you to upgrade, or replace existing equipment. Some companies benefit more than others from this kind of additional working capital, and it is crucial to find out if this solution is right for your transportation business.
Working capital preservation and exposure to possible obsolete and outdated equipment and tools are constant concerns for the transportation and logistics industry. For more details about how our equipment financing can benefit the transportation industry, please call us today!