Most truck stops you come across will probably be pretty similar to each other. Some truck stops you\u2019ll avoid at all costs. But here are some of the most highly rated truck stops in the country to look out for next time you\u2019re on the road. These stops not only provide essential services but also offer a range of amenities that can make your journey more comfortable and enjoyable. Plus we\u2019ve included popular food items to look out for at each stop.<\/p>\n\n\n\n
Located in Walcott, Iowa, the Iowa 80 Truck Stop is often hailed as the best truck stop in the U.S. It’s the world’s largest truck stop<\/a> and offers a wide range of amenities to cater to every trucker’s needs.<\/p>\n\n\n\n Top 3 words mentioned in reviews: Museum, food court, and dentist.<\/p>\n\n\n\n Food to look for:<\/strong> Pork chops<\/p>\n\n\n\n \u25cf 8 restaurants Found in Fort Worth, Texas, the Big Horn Travel Center is one of the best truck stops in the state, known for its convenience and unique amenities.<\/p>\n\n\n\n Top 3 words mentioned in reviews: Restrooms, grill, and gas.<\/p>\n\n\n\n Food to look for:<\/strong> Brisket<\/p>\n\n\n\n \u25cf Multiple diesel fuel lanes Pedro\u2019s Truck Stop in Dillon, South Carolina, (aka Porky\u2019s) is a popular stop for both truckers and tourists. It offers a variety of attractions and services that make it a fun place to rest and refuel.<\/p>\n\n\n\n Top 3 words mentioned in reviews: Showers, clean, and BBQ.<\/p>\n\n\n\n Food to look for:<\/strong> Ribs<\/p>\n\n\n\n \u25cf Ice cream shop Located in Loretto, Pennsylvania, the Keystone Restaurant and Truck Stop is renowned for its delicious meals and welcoming atmosphere.<\/p>\n\n\n\n Top 3 words mentioned in reviews: Fuel, old\u2013school, and home-cooked.<\/p>\n\n\n\n Food to look for:<\/strong> Bottomless french fries<\/p>\n\n\n\n \u25cf Showers Situated in Joplin, Missouri, the Big Apple Travel Center is known for its variety of food options and great facilities for truckers.<\/p>\n\n\n\n Top 3 words mentioned in reviews: Indian food, pizza, and samosas.<\/p>\n\n\n\n Food to look for:<\/strong> Indian food<\/p>\n\n\n\n \u25cf Free wifi Jubitz Travel Center in Portland, Oregon, is ranked number two in a FreightWaves lineup of best truck stops<\/a> in the U.S. It provides a wide array of amenities designed for comfort and convenience.<\/p>\n\n\n\n Top 3 words mentioned in reviews: Movie theater, deli, and amenities.<\/p>\n\n\n\n Food to look for: <\/strong>Fudge<\/p>\n\n\n\n \u25cf 250 truck parking spots The Little America Travel Center in Little America, Wyoming, is one of the best in the country and is known for its comprehensive commercial truck services.<\/p>\n\n\n\n Top 3 words mentioned in reviews: Remodel, ice cream cones, and grill.<\/p>\n\n\n\n Food to look for:<\/strong> Ice cream<\/p>\n\n\n\n \u25cf Driver\u2019s lounge Kenly 95 Petro in Kenly, North Carolina, is the largest truck stop on the East Coast<\/a>, offering extensive amenities and services. They are also the host of the annual East Coast Truckers Jamboree.<\/p>\n\n\n\n Top 3 words mentioned in reviews: Iron Skillet Restaurant, food court, and gift shop.<\/p>\n\n\n\n Food to look for:<\/strong> Chicken fried steak<\/p>\n\n\n\n \u25cf Driver den Each of these truck stops offers unique amenities and services that go beyond the basics, making them worth a visit on your next haul. Whether you’re looking for a place to relax, get a good meal, or take care of some maintenance, these top-rated stops have got you covered. Happy trucking!<\/p>\n","protected":false},"excerpt":{"rendered":" Most truck stops you come across will probably be pretty similar to each other. Some truck stops you\u2019ll avoid at all costs. But here are some of the most highly rated truck stops in the country to look out for next time you\u2019re on the road. These stops not only provide essential services but also […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"single-with-sidebar","format":"standard","meta":{"_acf_changed":false,"content-type":"","rank_math_lock_modified_date":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-414142","post","type-post","status-publish","format-standard","hentry","category-trucking"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/posts\/414142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/comments?post=414142"}],"version-history":[{"count":0,"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/posts\/414142\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/media?parent=414142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/categories?post=414142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tabbank.com\/wp-json\/wp\/v2\/tags?post=414142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}},{"id":414043,"date":"2024-07-31T11:39:21","date_gmt":"2024-07-31T17:39:21","guid":{"rendered":"https:\/\/www.tabbank.com\/?p=414043"},"modified":"2024-11-14T14:49:11","modified_gmt":"2024-11-14T21:49:11","slug":"inventory-financing","status":"publish","type":"post","link":"https:\/\/www.tabbank.com\/resource-center\/blog\/inventory-financing\/","title":{"rendered":"Inventory Financing: What Is It And How Does It Work?"},"content":{"rendered":"\n Keeping cash flow consistent and inventory stocked can be difficult for small businesses, especially during the off-season. When it comes to loans or financing as a solution for your business, the options can feel overwhelming and, at times, unattainable. One often-overlooked option is inventory financing. Inventory financing can be great for businesses looking for a flexible loan option. Read more to find out if inventory financing is right for you and your business needs.<\/p>\n\n\n\n Inventory financing is a line of credit or short-term loan that companies use to purchase inventory now and sell it later. The products or inventory are then used as collateral, meaning you won\u2019t need to pledge other assets. Inventory financing is used to help businesses and wholesalers during slow seasons when there is little cash flow, and allows them to prepare for busier seasons that may include high-volume orders. Some reasons why businesses choose inventory financing are:<\/p>\n\n\n\n Inventory financing is a type of asset-based lending<\/a>. Businesses will utilize inventory financing loans to stock up on inputs and materials needed to create the final product. The inventory itself will act as collateral to the loan. If your business cannot pay off the debt, the lender will seize the remaining inventory and sell it to cover the loss. Many lenders will offer a percentage of the total cost of the inventory as the loan. This percentage will vary depending on the inventory resale value and the lender.<\/p>\n\n\n\n There are two main types of inventory financing to choose from:<\/p>\n\n\n\n An inventory loan provides the entire loan amount upfront, which the business repays over a specified period with interest. This option is ideal for financing one-time large inventory purchases. Consider the repayment period and how long it will take to sell your inventory for a profit when choosing this type of financing.<\/p>\n\n\n\n An inventory line of credit gives your business access to a credit limit to draw upon as needed. You repay it monthly and only pay interest on the borrowed amount. Since the credit is revolving, once the debt is repaid, you can borrow up to the maximum approved amount again. Businesses that consistently purchase inventory should consider this type of financing.<\/p>\n\n\n\n When deciding whether or not you should invest in inventory financing, you want to have a clear understanding of the pros and cons.<\/p>\n\n\n\n Self-collateralizing<\/strong>: Because your inventory is acting as your collateral, other elements may not be the main factor in qualifying for the loan. Business owners won\u2019t have to put up other assets to acquire the loan. Things like how long your business has been in operation or your personal credit score may not be considered since your inventory is being pledged, making inventory financing more accessible to smaller or newer businesses.<\/p>\n\n\n\n Simpler applications: <\/strong>Inventory financing offers a simpler application than traditional business loans. Many business loans take a great deal of time and resources to acquire. Since the requirements for inventory financing are more lenient, it is easier to apply and get your loan faster. As long as you are structured and organized with your inventory, the application process should be straightforward.<\/p>\n\n\n\n Extended sales period: <\/strong>With inventory financing, businesses can sell more products over a longer period of time. They are able to prepare for busier seasons, update their products, and maintain a steady cash flow even in the slower months.<\/p>\n\n\n\n Like any commitment, you will want to consider the potential disadvantages that could come along with it. Inventory financing is no exception.<\/p>\n\n\n\n Partial coverage: <\/strong> Depending on the lender, you will likely only receive a percentage of the total cost of inventory. This might make it harder to prepare or secure all the products that your business may need.<\/p>\n\n\n\n Higher interest rates: <\/strong>Since the inventory serves as the collateral for the loan, the risk associated with the financing may be higher than other forms of lending. This can mean higher interest rates which leads to a more expensive loan repayment. For new businesses or businesses with pre-existing debt, inventory financing may make it harder to run operations smoothly as you repay your loan, making other lending alternatives more appealing.<\/p>\n\n\n\n Once you have decided to pursue inventory financing for your business needs, you will need to follow the proper steps to apply for the loan.<\/p>\n\n\n\n Make sure that you and your business qualify for inventory financing. The requirements will vary depending on the lender, but here are a couple of key differences to look out for:<\/p>\n\n\n\n Business operation duration: <\/strong>Different lenders have varying requirements for how long a business must be in operation. Since the inventory purchased is what is used as collateral, many institutions have slightly less rigid conditions for your business history when applying for inventory financing. Some lenders will offer loans to new businesses after 6 months, others require at least a year or more. The longer you have been in business, the more likely you are to be approved.<\/p>\n\n\n\n Credit score: <\/strong>Although it is possible to be accepted for inventory financing with a lower credit score, it is recommended that you have a higher credit score. This can increase your chances of being approved as it highlights your ability to pay back debt.<\/p>\n\n\n\n When deciding on where to apply for inventory financing, it is important to consider all your options. Look at things like their requirements for application and approval, the average borrowing amount offered, and the different interest rates offered. Prioritize an institution that has experience working within your specific industry.<\/p>\n\n\n\n The documents needed will vary depending on the lender and their requirements. Commonly requested documents for inventory financing include:<\/p>\n\n\n\n Once you have established your eligibility, decided on a lending institution, and acquired all the necessary documentation, you are ready to apply for inventory financing. Be sure to read through and understand the terms and conditions of your contract. Once you have been approved and signed your contract, you should receive your inventory financing loan within a few business days, but this also varies depending on the lender.<\/p>\n\n\n\n Inventory financing has a lot of advantages; however, it may not be the best option for your business. Here are a few other options that can help increase working capital<\/a> so you can keep your business operating.<\/p>\n\n\n\n Invoice factoring<\/a> is the process of selling your business\u2019s unpaid invoices to a factoring company or bank in exchange for a cash advance while waiting for your customers to pay. The factor collects the customer payment for you, typically keeping a portion as a fee for the service. This helps resolve issues with delayed payments, increases working capital, and also allows you to invest your capital into growth opportunities. Factoring is a great solution if one of your biggest assets is your accounts receivable, and the capital unlocked can be utilized anywhere in your business operations.<\/p>\n\n\n\n Asset-based lending <\/a>(ABL) is a type of financing where business assets\u2014such as accounts receivable, equipment, and inventory\u2014are used as collateral against the loan. Like inventory financing, ABL can take the form of a revolving loan or line of credit. While inventory financing secures the inventory against the loan, asset-based lending allows for a broader selection of collateral.<\/p>\n\n\n\n Purchase order financing is very similar to inventory financing. Your company receives a loan to pay for your products. The main difference between the two is that purchase order financing is specific to your purchase orders instead of your inventory as a whole.<\/p>\n\n\n\n An SBA (Small Business Association) loan<\/a> is guaranteed by the U.S. Small Business Association. This loan can cover many different expenses for your business, including your inventory. The interest rates on the loans are determined by the Federal Reserve. However, due to it being a governmental loan, the application process can be tedious and it may take a while to receive the loan.<\/p>\n\n\n\n Traditional business term loans<\/a> are another alternative to inventory financing and SBA loans. These loans are set over a period of time and can pay for a lot of different business costs. Unlike the SBA loan, you can receive the money much sooner. Since it is a cash flow-based loan, you will not be required to leverage your assets, which is helpful if you don\u2019t have available collateral to put up.<\/p>\n\n\n\n Looking for the right loan to grow your business? TAB Bank offers a wide range of financing options tailored to your unique needs. Whether you need asset-based lending, invoice factoring, or lines of credit, TAB Bank is here to help you succeed. Check out our commercial lending guide to explore your options and find the perfect fit for your business today!<\/p>\n\n\n\nHighlights:<\/h3>\n\n\n\n
\u25cf Chiropractor
\u25cf 900 truck parking spots
\u25cf Dentist
\u25cf CAT scales
\u25cf 20 showers
\u25cf Laundry facilities
\u25cf Truck maintenance and washes
\u25cf Movie theater<\/p>\n\n\n\n2. Big Horn Travel Center<\/strong><\/h2>\n\n\n\n
Highlights:<\/h3>\n\n\n\n
\u25cf Truck parking
\u25cf Showers
\u25cf Wifi
\u25cf Wildlife exhibit
\u25cf Food court
\u25cf Service facility
\u25cf CAT scales
\u25cf Laundry facilities<\/p>\n\n\n\n3. Pedro\u2019s Truck Stop (South of the Border)<\/strong><\/h2>\n\n\n\n
Highlights:<\/h3>\n\n\n\n
\u25cf Fuel stations
\u25cf Mini golf course
\u25cf Amusement park
\u25cf Restaurants
\u25cf Motel
\u25cf Shopping
\u25cf Motocross training facility<\/p>\n\n\n\n4. Keystone Restaurant & Truck Stop<\/strong><\/h2>\n\n\n\n
Highlights:<\/h3>\n\n\n\n
\u25cf Deli
\u25cf Trailer drop
\u25cf Convenience store
\u25cf Truck parking
\u25cf Delicious food<\/p>\n\n\n\n5. Big Apple Travel Center<\/strong><\/h2>\n\n\n\n
Highlights:<\/h3>\n\n\n\n
\u25cf Charging stations
\u25cf Take-out cafe
\u25cf Convenience store
\u25cf Dog park
\u25cf Weight scales
<\/p>\n\n\n\n6. Jubitz Travel Center<\/strong><\/h2>\n\n\n\n
Highlights:<\/h3>\n\n\n\n
\u25cf Dog wash
\u25cf Driver lounge
\u25cf Barbershop
\u25cf Movie theater
\u25cf Post office
\u25cf Lounge and grill
\u25cf Fleet services
\u25cf Weight scales
\u25cf Jacuzzi and showers
\u25cf Towels
\u25cf Deli and convenience store
\u25cf Overnight accommodations<\/p>\n\n\n\n7. Little America Travel Center<\/strong><\/h2>\n\n\n\n
Highlights:<\/h3>\n\n\n\n
\u25cf Post office
\u25cf Laundry facilities
\u25cf Commercial truck services
\u25cf Showers
\u25cf Hot grill and deli
\u25cf 16 fueling islands
\u25cf Convenience store<\/p>\n\n\n\n8. Kenly 95 Petro<\/strong><\/h2>\n\n\n\n
Highlights:<\/h3>\n\n\n\n
\u25cf Laundry facilities
\u25cf Truck showroom
\u25cf Service center
\u25cf Truck wash
\u25cf Barbershop
\u25cf Weight scales
\u25cf 350 truck parking spots<\/p>\n\n\n\nWhere\u2019s your next stop?<\/strong><\/h2>\n\n\n\n
<\/a>What is Inventory Financing?<\/strong><\/h2>\n\n\n\n
\n
<\/a>How Does Inventory Financing Work?<\/strong><\/h2>\n\n\n\n
<\/a>Types of Inventory Financing Loans<\/strong><\/h2>\n\n\n\n
<\/a>Inventory Loans<\/strong><\/h3>\n\n\n\n
<\/a>Inventory Lines of Credit<\/strong><\/h3>\n\n\n\n
<\/a>Pros and Cons of Inventory Financing<\/strong><\/h2>\n\n\n\n
<\/a>Pros<\/strong><\/h3>\n\n\n\n
<\/a>Cons<\/strong><\/h3>\n\n\n\n
<\/a>How to Acquire Inventory Financing<\/strong><\/h2>\n\n\n\n
<\/a>Ensure You and Your Business are Eligible<\/strong><\/h3>\n\n\n\n
<\/a>Compare Different Lenders<\/strong><\/h3>\n\n\n\n
<\/a>Obtain All Necessary Business Documents<\/strong><\/h3>\n\n\n\n
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<\/a>Apply For Your Loan<\/strong><\/h3>\n\n\n\n
<\/a>Inventory Financing Alternatives<\/strong><\/h2>\n\n\n\n
<\/a>Invoice Factoring<\/strong><\/h3>\n\n\n\n
<\/a>Asset-Based Lending<\/strong><\/h3>\n\n\n\n
<\/a>Purchase Order Financing<\/strong><\/h3>\n\n\n\n
<\/a>SBA Loans<\/strong><\/h3>\n\n\n\n
<\/a>Business Term Loans<\/strong><\/h3>\n\n\n\n
<\/a>Discover the Perfect Loan for Your Business<\/strong><\/h2>\n\n\n\n