Truck Overhaul Financing: How It Can Help Your Business - Excel Capital Management
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Truck Overhaul Financing: How It Can Help Your Business

The trucking industry can be a highly competitive and taxing. Training drivers to operate new equipment and trucks, the length of your payment terms with various vendors, the price of fuel, and maintenance are all expenses that need to be considered. From driving through hilly terrain to hauling heavy loads, a lot of stress is put on your truck’s engine. Despite staying on top of fixing small problems before they become bigger problems you will eventually have to put money towards a major fix. This is where truck overhaul financing can help.

While you should take your truck to a shop for analysis, you can also use your senses (sight, hearing, smell, and touch) to monitor their condition. If your truck is showing any of these signs, it could mean that it’s time for an overhaul:

 

  • Increased oil consumption: This is caused if the valve guides are worn, or if there’s too much space between the valve stems and guides, or if the valve guide seals are worn, missing, broken or not installed correctly. The engine may still have good compression, but it will use a lot of oil.

 

  • Excessive Exhaust: Since they positioned in the back of the truck, your tailpipes can go unnoticed. However, knowing if it blows excessive smoke, that’s a good indication that it’s time for an engine rebuild. Thick and dark is another clue. Just keep an eye on the tailpipe and take notice of any unusual smoke or a larger amount of it is coming out of your tailpipe.

 

  • Black, blue, or white exhaust: See if your truck is emitting exhaust that is blue, black or white in color.

 

  • Water in the oil: If there’s water in the oil, it will create a foam or gunk on the fill cap or the dipstick. Water that has formed on the dipstick will also cause rust to develop.

 

  • Engine knocking: Listen for changes in the way your trucks sounds when running. Rough running and pinging are both signs. If you ever hear a sound coming from your engine that sounds bad, it would have to be the knocking sound that gets louder when you rev the engine. This can sound like someone is actually knocking on your engine. This sound is not just annoying, but not a good indicator. It is not normal and sometimes it can lead to other auto problems if not addressed properly.

 

  • Oil pressure gauge: Even if the gauge isn’t calibrated perfectly,  look out for any noticeable change in its reading.

 

  • Sludge: If you notice oil sludge on your oil pin when you clean and replace your oil, then you know your engine is not working well. Oil or coolant sludge is not just gross, it’s also a sure sign that you will need an engine overhaul in the immediate future. Sludge is wasted oil or coolant that is not going to be used. Plus it can cause issues that may make your engine not run very well.

 

  • Overheating oil: Oil that’s overheating smells like burning oil.

 

  • Reduction in  acceleration: This is a sign of loss of cylinder compression.

 

  • Low fuel economy: Fuel is be pricey and can be a nuisance if you constant have to refill our tank, especially during long distance hauls. When the engine is slow or not working well, it can uses a lot more gas just to run.

 

  • Low oil pressure: This happens when the oil pump does not create pressure, and as a result, oil doesn’t all of the components. It’s often due to worn rod bearings or a broken oil pump.

 

Truck Overhaul Financing Options

 

 

Overhauling an engine can be costly and you may need additional working capital to help. The following are some of the trucking overhaul financing options available:

  • Equipment Financing: Used to help business owners purchase any type of equipment needed to run the business. The loan amount is dependent upon the type of equipment needed, as the repayment term is usually as long as the expected life of the piece of equipment and if it is used or new.
  • Merchant Cash Advance (Split Funding): Transactions that are collected through a set percentage of your Visa and MasterCard sales that are accepted at your place of business. Probably the most common term used in the industry. These do not have a set repayment schedule and are based on the volume of your businesses credit card processing sales. These are usually only guaranteed by the future sales of your business.
  • Term Loans: A loan that is backed by a bank for an exact amount that has a specified repayment timetable and interest rate that are adjusted accordingly. Terms mature between 1 and 10 years.
  • ACH Loan: These loans may need personal guarantees, and have a fixed repayment schedule that is paid either daily, weekly or monthly. These products are catered to industries that do not accept credit cards and need a fixed payment.
  • Business Lines of Credit: A rotating loan that gives business owners access to a fixed amount of money, which they can use day-to-day according to their need for cash. Interest is only paid on the amount of the advance actually used.
  • Emergency Business Loans: Loans that are funded quickly to help your business get out of a jam quick. Generally funded within 24 hours.

 

Application Process

Once a business has been approved, they can be funded in a little as a week. Usually, the documentation that is initially submitted is enough for this to happen in most cases, but there are instances when additional documentation may be requested depending on the lender. The following is the standard business documentation you should have prepared when starting the application process:

  • Business license
  • Voided check for the business account
  • Clear copies of identification for all owners
  • Proof of ownership
  • Trade references
  • Four months of bank statements
  • Four months of credit card statements (if applicable)

 

If it’s time to get some work done, trucking overhaul financing could be right for your small business. Excel Capital Management’s funding specialists are here to help and guide you every step of the way. Excel Capital Management will work to match your business capital needs. Give us a call at 877-880-8086 or APPLY NOW!

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