There are many ways to acquire the commercial financing services you need for your transportation business. The best way is to do your research. Start with an internet search. Make some phone calls. Ask some buddies in the business where they got their financing. You will want to make sure that you choose a reputable commercial financing company that specializes in commercial vehicle financing like heavy truck financing and tow truck financing. After gathering a few names of commercial finance companies, it is time to make some phone calls.

First, you will want to ensure that you will qualify for their services. Many commercial vehicle financing companies share general requirements across the board. These requirements include:

Two years verifiable time in business. Your commercial lender will use tools such as the Secretary of State, Dun & Bradstreet, your business license, Schedule C and your tax returns to verify your company’s time in business. There are some companies that will work with start up businesses; however, the applicants are often required to pay a higher interest or rate factor due to the “high risk” status of a start up company.
An open and current bank account for your business. Applicants are required to have a current and open bank account in order to be considered for many financial services. The bank account is an important tool in the qualification process because it is used to verify applicants’ monthly cash flow.
Minimum credit score – Generally, you will find that the minimum credit score requirement is a 650 score. There are companies that will work with applicants whose scores are lower; however, those applicants will often end up paying much more in interest or rate on the borrowed funds.

Once you have confirmed that you qualify for financing, ask some specific questions about how the process of heavy truck financing works. Inquire about the length of the process, fees associated with the service, and requirements for funding. Also, be sure to keep in contact with your vendor throughout the process, as they will want to know when you will be signing documents and when to expect payment. If you are obtaining tow truck financing in order to expand your towing business, be sure to check out the equipment completely. You will want to ensure that whatever equipment you are purchasing is going to work exactly as your business needs it to. Once you have made the commitment to the equipment, it’s time to commit to the financing. You will receive an approval with terms and conditions from your commercial finance representative. After agreeing to the terms, documents will be sent to you for you to sign. After the documents are received back and processed, the funding stage will begin. All documentation is double checked and verified, then finally funds will be sent to your seller and you can pick up your new equipment!