Obtaining Commercial Truck Loans With a Business Plan

Obtaining commercial truck loans will require you to provide information about your business. The bank or lender will want to know about your business and how it is you will be able to pay back the loan. The best way to show the lender that you are a viable business is through a well written business plan.

A business plan is a roadmap that shows how you are going to achieve your goals. It provides important information about the nature of your business and how well you understand it. A good plan contains at a minimum the following information:

  • Executive summary
  • Company information
  • Marketing plan
  • Competition summary
  • Financial summary

Here are a few steps to follow in order to secure a commercial truck loan with your business plan.

Step 1: Write a Business Plan
Writing a business plan takes time and requires some research on your part. You do not have to be technical when describing aspects of your business. Use plain English and describe as best you can the nature of what you do and how your company is different from other businesses. A bank is going to want to know that you are in a position to be in business for some time and have the ability to pay back the loan.

There are classes offered through community colleges and information online that can assist you with writing a business plan. You should attempt to write the first draft yourself and seek advice from someone else about whether it is convincing enough to secure a loan.

Step 2: Determine the Budget
Then, you must establish the budgeting section of the plan. If you are an existing business, all you need to do is use the numbers from your past experience to formulate your budget. If you are a new business, find information about existing businesses that are similar to yours for ideas on budgeting.

The budget that you submit as part of your business plan should be realistic. You will need to demonstrate growth that is reasonable for your type of business. Taking the time to understand your market potential and the economics of your business will help demonstrate your knowledge and give the lender a good picture of your financial situation.

Step 3: Submit the Plan for Loan Approval

Upon completion of the business plan and financial information, submit your business plan with your loan application for approval. A business plan that is written well will make the case for your commercial truck loan.

You can also find online templates for your business plan formatting or use local business centers in your community for assistance. Your bank may also provide a resource for business planning that can assist you with creating a good business plan that will solidify your business loan approval.