Bank Statement for a Towing Company Loan
Towing and roadside assistance companies often need financing for new trucks, equipment upgrades, or working capital. Lenders require 3 to 24 months of business bank statements to verify recurring tow revenue, contract income from municipalities or motor clubs, and operational cash flow. Presenting organized, converted statements shortens the underwriting process significantly.
Key Benefits
- Verifies tow revenue including motor club contracts and municipal dispatch income
- Supports heavy equipment and commercial vehicle financing applications
- Documents cash flow for seasonal demand spikes and off-peak months
- Strengthens SBA loan and business line of credit applications
How It Works
- Step 1: Log into your business bank and download 6 to 24 months of PDF statements
- Step 2: Upload each statement to Bank Statement Converter and export to Excel
- Step 3: Categorize motor club payments, private tows, and impound fees separately
- Step 4: Submit converted statements with your motor carrier number and commercial insurance proof
Frequently Asked Questions
- Do lenders treat motor club income differently from private tow revenue?
- Lenders generally view motor club contracts as stable recurring income, similar to a service contract. Private tow revenue may show more volatility. Having both strengthens your application.
- How many months of bank statements do towing companies need for a truck loan?
- Commercial vehicle lenders typically require 6 to 12 months of business bank statements. Some asset-based lenders may approve equipment loans with as few as 3 months.
- Can a sole-proprietor towing operator use personal bank statements?
- Yes. If your tow income deposits into a personal account, those statements are acceptable as long as business deposits can be clearly identified and separated from personal spending.
Convert Your Towing Company Statements