Financial Companies that do commercial truck loans

SBA guarantees loans that are made by local bank. So the process would be to go to your local lender and make an application for financing to an SBA loan program. I assume the purpose of having SBA sign onto a loan is to protect the local lender and/or provide funds to smaller operations.

I will warn you in advance, like any other government agency, the SBA will over load you with forms and paperwork, and they move at the speed of smell.

 

You do not have to be turned down for a loan through the sba first.
Many banks/lenders will try to get your loan approved with out the sba backing because of additional cost to the bank (I.E. paper work).

The SBA does not loan money by the way. They will guarantee a portion of the loan.

As goes in life some SBA offices are more helpful than others.

Do business plan and have mentor look over it. You can get mentors to help you for free or for a fee. Score has access to free ones.

Look; take all this information with a grain of salt. I am not currently in the trucking industry. I am considering it and I will drive for at least a year for another company before I do anything. After researching this industry it looks like the real money is in the brokering industry. I will probably go that rout when I learn more.

 

hey broncrider,that veteren's loan you talked about, is that just for Iraq vets, or all vets? I was discharged in 83 and was wondering if I would be eligible for that?

 

From the SBA website:

The U.S. Small Business Administration has announced the SBA's Patriot Express Pilot Loan Initiative for veterans and members of the military community wanting to establish or expand small businesses.

Eligible military community members include:

• Veterans
• Service-disabled veterans
• Active-duty service members eligible for the military's Transition Assistance Program
• Reservists and National Guard members
• Current spouses of any of the above
• The widowed spouse of a service member or veteran who died during service or of a service-connected disability
• The SBA and its resource partners are focusing additional efforts on counseling and training to augment this loan initiative.

 

Hi guys,i only drive for 8 month and i really want to get my own truck ,anyone know who can finance me with my little experience ,i have a good credit history but its my 1st truck loan and low expirence time but i am ready to put big down payment.