Today we’re going to talk about the 3 Best Texas Trucking Loans For Bad Credit in 2023. Now, Texas is the most popular state for truckers. In fact one in 16 Texans are employed in the trucking industry.
There’s over 66,000 trucking companies in Texas 85% of trade between Texas and Mexico is handled by trucks.
Our number one client is trucking. I personally have funded over 10 trucking companies myself, and I am very honored to help trackers in Texas get the funding they need to stay in business.
Because 80% of businesses cannot get a traditional bank loan. They do not have enough revenue. They don’t have enough collateral or they do not have consistent cash flow.
3 Best Texas Trucking Loans for Bad Credit in 2023
So I am going to talk about the three best business cash advances for truckers in Texas. These are bad credit, cash advances that you can pay back daily or weekly. We are going to dive into that.
Most Popular Texas Cities for Trucking
First of all, let’s look at some of the most popular Texas cities where there are the most trucking companies. The top five, five would be Dallas with 554 listings in the yellow pages, then Fort Worth with 622 Yellow Pages; Arlington is number three with 906 yellow page listings for trucking companies, Irving is number two with 962 listings, and number one is Houston with over 1600 listings in the Yellow Pages for trucking companies. Houston is a very popular spot. It’s a hub with the port, and so forth.
Best Texas Trucking Loans for Bad Credit
So let’s dive into the three bad credit business loans for trucking in 2023. The first funding is, for the most amount up to $2 million in three to five days. The rule of thumb with this advance is we can lend up to one to two times your monthly revenue. So you have to be doing monthly revenue consistently the last year.
The minimum monthly revenue you need is 15,000 a month or more. So if you’re doing let’s say $20,000 a month with your trucking business, we can get you $20,000 to $40,000 in working capital in three to five days, possibly one day for that amount. Now if you need more than 100,000 then it might be three to five days.
So if your trucking company was doing $500,000 a month last year, you could technically get 500,000 to a million dollars in working capital in three to five days.
Now your FICA only needs to be 500 for this business advance. You cannot have more than five negative bank days in the last three months.
We will work with you if you have an outstanding loan somewhere else but we will subtract from the amount we lend to you depending on the outstanding loan balance you have with the other lender.
Texas Trucking Loans for Bad Credit Repayment
Repayment is on automatic daily payments Monday through Friday. The terms are four to 24 months. You get discounts if you pay it off early. The interest is actually a factor rate which is 1.18 to 1.49.
Moving on to the second business cash advance for truckers is our most popular and that is same day funding up to $25,000. This one we can lend you up to 75% of your monthly revenue.
This one is good if you are doing $5000 a month in sales the last three months up to 15,000 a month. If you’re doing more than 15,000 a month then the last business advance that I just discussed would probably work for you.
This one you need a FICO at 450 or higher terms or four to six months factor rate is 1.19 to 1.69 no more than five negative bank days in the last three months.
So if you’re doing 10,000 A month with your business the last year then you could probably get up to $7,500 the same day. If you have a voided business check available, driver’s license, and last three months of bank statements for trucking you might need one year of bank statements.
Our last business cash advance for trackers in Texas is our same day funding up to $5,000 this one you only need a personal checking account. However, we can only loan up to 25% of your monthly revenue.
So if you’re doing $5000 a month with your business, you could probably get up to $1,250 the same day. This is for trucking companies that are doing between $3000 to $5000 a month in sales.
This instant trucking cash advance is great if you only have a personal checking account. This one works great if you’re an independent contractor and you only have a personal checking account.
Terms are three to six months and the factor rate is 1.29 to 1.69. So these are the three trucking Loans For Bad Credit in Texas that we have available.
How to Apply for Texas Trucking Loans for Bad Credit in 2023
Don’t worry about remembering all of these terms, because our application is automated and will redirect you to the right business advance depending on your answers on the application.
Simply click the link under this article. To apply it takes five minutes and will not affect your credit score. Thank you for reading. I hope that we can help you get funding very quickly. Because banks are not lending like they used to. And we want to keep all the tractor trailers on the road, especially in Texas. But these loans are available nationwide. Thank you
Erik C. Johnson