Founded in 1995, Commercial Fleet Financing serves small businesses in the trucking, towing, construction and moving industries by providing financing on trucks, trailers and equipment. Based in Carrollton, Texas, Commercial Fleet Financing has provided more than $1 billion in loans to more than 10,000 customers.
Easy application. For loans up to $150,000, potential borrowers can fill out a one-page credit application. Tax returns are not required for loans up to that amount.
Fast approval process. Commercial Fleet Financing offers two-hour credit approvals and 24-hour loan funding. That’s a much shorter approval and funding window than at a bank.
No personal guarantee. Depending on how long your business has been in operation, Commercial Fleet Financing might not require a personal guarantee. A personal guarantee, which traditional banks and online lenders sometimes require, enables creditors to seek repayment from your personal assets if your business defaults on the loan.
Commercial Fleet Financing offers commercial equipment loans and auction lines of credit to small and mid-size businesses in the trucking, towing, construction and moving industries. Funding is available for trucks and trailers, tow trucks, moving trucks, construction equipment and light- and medium-duty fleet.
Commercial Fleet Financing doesn’t mention its interest rates or specific eligibility requirements — such as what credit score you need or how much time you’ve been in business — on its website, so make sure you know what your rate is, how you will be expected to repay the loan and what fees you’ll pay.
Commercial Fleet Financing offers two loan products:
Commercial Equipment Loan: This is a loan to purchase equipment, which is generally structured to last the life of the equipment you buy. It’s also an equity-building loan, so you will own the equipment after you repaying the loan amount, plus interest. You can finance most of these loans within 24 hours of approval, which can take as few as two hours. The loan does not require a personal guarantee, but you’ll need to make a $99 down payment for truck and trailer financing.
Auction line of credit: This is for a loan business owners can get to pay for an equipment purchase at an auction. Commercial Fleet Financing provides you with an auction line of credit letter, which enables you to bid on the item. Once you have a bill of sale is in hand, Commercial Fleet Financing funds the auction company directly.
You can fill out a credit application out online or you can call and request that a financial expert get in touch.
Documents you’ll need to apply:
|Easy application process||Restricted industries|
|Fast approval process||Limited loan types|
|Personal guarantee not required for loans less than $150,000||Good credit history might be a bigger factor than with some alternative lenders|
Commercial Fleet Financing is targeted at small and mid-size businesses in the trucking, towing, construction and moving industries. The loans might be good for those who need access to funds more quickly than the ones available from a traditional bank. Commercial Fleet Financing also offers a line of credit specifically for equipment bought at auction. Although the company has less stringent requirements than a bank, Commercial Fleet Financing is still focused on businesses with verifiable time in business and good credit history.
Commercial Fleet Financing does not list interest rates, repayment terms or fees on its website, so if you’re considering a loan, make sure you know all the details and be diligent about ensuring you can afford the loan.
The potential of no personal guarantee for businesses that have been in operation for a certain length of time is a nice perk. Many lenders, especially alternative lenders, require a personal guarantee, which puts your personal assets on the line if the business defaults on the loan.
Commercial Fleet Financing also doesn’t have an age restriction on the equipment being financed. Some lenders will finance only new equipment or used equipment under a certain age.
Like most alternative lenders, Commercial Fleet Financing offers a much faster and easier application and approval process than traditional banks. It also requires far less documentation for loan applications and can fund loans more quickly. Credit history and time in business will factor more heavily into its loan approval process than some alternative lenders. Make sure you know all the details — interest rate, fees, term length, what happens if you default — before you sign a contract for any loan.
Before you apply for a loan, do some legwork and check out several types of lenders to find the best deal. If you have good credit and/or strong collateral, you’ll be more likely to be approved for a loan at a better interest rate. A loan marketplace such as LendingTree makes this simple because its short online form requires just a few basic answers to generate multiple small business loan options in one place.