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Trucking business loans can be great for supporting your commercial transport business. The key is knowing what type of financing provides the greatest ROI for trucking companies.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Chelsea KrauseChelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Chris has been writing about small business topics since 2003. He has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida.
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Chris MotolaChris has been writing about small business topics since 2003. He has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida.
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Our content reflects the editorial opinions of our experts. While our site makes money through referral partnerships, we only partner with companies that meet our standards for quality, as outlined in our independent rating and scoring system.
Trucking business loans can be critical for keeping trucking operations rolling along smoothly. If you need to expand your truck fleet, hire new employees, or update your infrastructure, there are plenty of great trucking business loan options out there.
Whether you operate an established trucking company or a startup trucking business, we’ll look at some of the best places to find trucking business loans.
The best trucking business loans have competitive rates, reasonable repayment periods, and offer enough funding to cover a variety of trucking expenses. From purchasing commercial trucks or equipment to investing in trucking technology or covering compliance costs, there’s a trucking loan option to fit your needs.
BusinessLoans.com: Best Trucking Business Loan For High Borrowing Amounts
Why We Chose BusinessLoans.com As The Best For High Borrowing Amounts
With borrowing amounts up to $3 million, it's no wonder BusinessLoans.com makes it on the list as the best trucking loan for high borrowing amounts. While some other lenders like Lendio have slightly higher borrowing amounts, you usually have to have excellent credit to unlock that level of funding.
BusinessLoans.com can accommodate a wide variety of borrower circumstances and profiles, earning it a 4.0/5 star rating from us. There's no minimum credit rating to apply, so trucking company owners with bad credit are still in luck.
BusinessLoans.com Rates & Fees
Because BusinessLoans.com is a loan marketplace that matches you with compatible lenders, rates and fees vary based on the lender and financial product you qualify to receive.
BusinessLoans.com offers the following through its partners:
Term loans
Short-term loans
Lines of credit
Merchant cash advances
BusinessLoans.com Eligibility Requirements
To qualify for funding through BusinessLoans.com, you’ll need to meet the following prerequisites:
Time in Business: 6 months
Business Revenue: $100,000/year
Credit Score: N/A
Even if you don’t meet these minimums, BusinessLoans.com will still try to match you with a lender. While there isn’t a guarantee, we appreciate BusinessLoans.com’s flexibility.
When To Choose BusinessLoans.com
You want high borrowing amounts
You need a long-term loan, short term loan, or LOC
You need flexible eligibility requirements
You have a low credit score and still need funding
You have a high credit score that you want to use to unlock the best rates
Why We Chose Lendio As The Best For Startup Trucking Loans
With a 4.8/5 star rating, Lendio is a great choice for trucking startups because it provides a variety of loan options with relatively easy borrowing requirements, including a low credit score requirement.
Lendio isn't a direct lender; it's a loan aggregator that works with multiple lending partners to provide you with different funding offers, even if you're a new business. Many trucking businesses -- especially startups -- can benefit from Lendio's pool of lenders, and Lendio's equipment financing loans of up to $5 million are especially well-suited for trucking businesses.
Lendio Rates & Fees
Lendio rates start at 7.5% for equipment financing and as low as 5.5% for other products. Merchant cash advances start at 18%.
Through Lendio, you can apply for different types of financing, such as:
Short-term loans
Term loans
Equipment financing
Lines of credit
SBA loans
Startup loans
Accounts receivable financing
Merchant cash advances
Lendio Eligibility Requirements
To qualify for funding through Lendio, you’ll need to meet the following prerequisites:
Time in Business: N/A
Business Revenue: N/A
Credit Score: N/A
The minimum business revenue and minimum credit score vary depending on the type of funding you need. For example, Lendio’s equipment financing requires a credit score of 520 and $50K in annual business revenue, while Ledio’s term loans require a credit score of 600 and a monthly business revenue of $8K.
When To Choose Lendio
You need a large amount of funding
To save time by getting matched with dozens of potential lenders
For a large amount of funding types
You need relatively flexible eligibility requirements
Why We Chose OnDeck As The Best Quick Trucking Loan
If you're interested in purchasing a truck but want to bypass the hassles of receiving a bank loan, OnDeck offers fast funding with low borrower qualifications. OnDeck's revolving lines of credit are a great fit for a variety of trucking expenses, and the term loans are a better fit for larger purchases.
Though repayment terms are shorter and costs may be higher for an OnDeck loan, funding is relatively fast and easy, with some borrowers receiving funds as quickly as the same business day.
OnDeck Rates & Fees
OnDeck offers revolving lines of credit of up to $100,000 and term loans of up to $250,000 with term lengths of up to 24 months.
Rates start at 29.9%. There is also a 0% – 5% origination fee for term loans and a $20/month maintenance charge for lines of credit. Rates are based on your business’s health and revenue.
OnDeck Eligibility Requirements
To qualify for funding through OnDeck, you’ll need a business checking account and to meet the following prerequisites:
Time in Business: 12 months
Business Revenue: $100,000/year
Credit Score: 625
When To Choose OnDeck
You need funding as quickly as same-day
You’re looking for a line of credit for your trucking business
You need less than $250,000 in funding
You’ve been in business over 12 months and have a credit score of 625+
Why We Chose National Funding As The Best For No Down Payment
National Funding is one of the market's older and more well-established alternative lenders. While the company is known more for its short-term business loans, it also offers equipment financing that can be used to acquire vehicles, including trucks.
While National Funding isn't the cheapest option for financing, borrowers may appreciate that they don't need to come up with a down payment to get a trucking loan.
National Funding Rates & Fees
National Funding is not transparent about its current APR rates. However, in the past, National Funding’s fixed fees generally ranged from between 17%-36%. For the most accurate rates, you’ll need to fill out an application.
National funding offers:
Term loans
Short term loans
Equipment financing
Working capital loans
National Funding offers equipment financing up to $150,000 and short-term loans up to $500,000. While these borrowing amounts are a bit smaller than others on this list, National Funding doesn’t require a minimum credit score or down payment, so it still could be worth it for some businesses.
National Funding Eligibility Requirements
In addition to having an active business checking account, National Funding has the following borrower requirements:
Time in Business: 6 months
Business Revenue: $250,000/year
Credit Score: 600
When To Choose National Funding
You want a term loan or equipment financing for your trucking business
You don’t have the funds for a down payment
The lack of down payment is worth slightly larger fees
Why We Chose Commercial Fleet Financing As The Best Equipment Financing
Unlike the other companies on this list, Commercial Fleet Financing (CFF) specializes specifically in trucking. Commercial Feel Financing offers equipment financing from $10,000 - $1 million for:
Semi-trucks
Trailers
Tow trucks
Box trucks
Construction vehicles
Light & medium-duty vehicles
You'll also find that CFF finances a large variety of brands, including Ford, Dodge, Mercedes, GM, and more. CFF offers leasing options as well. CFF has a simple application and competitive borrower requirements with no personal guarantee required. If approved, you can receive your funds in as little as 24 hours, making it a great option for trucking companies that need to purchase vehicles or expand their fleets.
Commercial Fleet Financing Rates & Fees
Commercial Fleet Financing is not transparent about its current APR rates. However, with a 4.9/5 rating based on over 1,400+ reviews on United Capital Source, it would seem that trucking company owners are satisfied with their CFF experience.
Commercial Fleet Financing doesn’t disclose a specific time in business or business revenue requirement. At a minimum, you’ll need:
Time in Business: Undisclosed
Business Revenue: Undisclosed
Credit Score: 640
If your credit score is under 640, CFF might still be able to work with you, but you’ll likely have to meet additional requirements. CFF also has a program for trucking companies that have previous tax liens or bankruptcies.
When To Choose Commercial Fleet Financing
You want a company that specializes in trucking loans
You need quick funding in as little as 24 hours
You need to purchase vehicles to expand your fleet
You want a company with a large number of positive customer reviews
Fundbox is a funding option for trucking businesses with bad credit. With a minimum credit rating of 600, you can get a revolving line of credit of up to $150,000 that can be used for emergency expenses or even big-ticket items.
Once approved, you can access your line of credit instantly. Once a draw is initiated on your line of credit, you'll receive funds in your business bank account as quickly as the next business day.
Fundbox Rates & Fees
Borrowing flat fees begin at 4.66%+ (12-week terms) or 8.99%+ (24-week terms).
Funds can up to a month to disburse depending on the type of funding
Why We Chose SmartBiz As The Best Trucking SBA Loan
When it comes to purchasing equipment, it's hard to find better terms than you'd get with an SBA loan. SmartBiz streamlines the SBA application process, allowing you to prequalify in just minutes. After submitting an application, SmartBiz connects you with bank and non-bank lenders to help you secure the funding you need for your business.
SmartBiz has helped small businesses with over $9B in funding and is the #1 SBA loan facilitator for SBA 7(a) loans under $350K.
SmartBiz Rates & Fees
Interest rates for SBA loans start at 10.25%. Term loans have interest rates starting at 10.99%.
SmartBiz offers the following products through its lending partners:
SBA loans up to $500,000
Bank terms loans up to $300,000
Lines of credit up to $100,000
Custom financing up to $500,000
SmartBiz Eligibility Requirements
SmartBiz has the following borrower requirements:
Time in Business: 2 years
Business Revenue: Sufficient cash flow to support repayments
Credit Score: Varies by product
You must also not have any outstanding tax liens or recent bankruptcies.
When To Choose SmartBiz
You want a trucking SBA loan
You want more competitive terms and rates
You have an established credit profile and credit score
Business Loan & Funding Products Review Methodology
We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
Weighted Rating Breakdown
Rates & Fees 20%
Services 20%
Eligibility Requirements 20%
Application 15%
Sales & Advertising Transparency 10%
Customer Service 10%
User Reviews 5%
When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.
Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating
Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.
There are several financing options for trucking companies. For the purchase of a commercial truck, you should consider equipment financing. You may also be able to qualify for the SBA Microloans program, which provides up to $50,000 in financing for expenses.
Short-term loans, lines of credit, and small business credit cards are also available to you, but these typically come at a higher cost and may not be appropriate for big-ticket items like trucks.
Let’s look at the different types of loans available to find the best fit for your commercial trucking or transport company.
Small Business Administration (SBA) Trucking Loans
The Small Business Administration offers several programs that provide funding for trucking companies. SBA loans are backed by the government, opening up new financing opportunities for small businesses that don’t qualify for conventional business loans.
SBA loans for trucking companies are flexible and can be used for almost any purpose, including the purchase of a commercial truck and other equipment, business expansion, or as working capital for operating expenses.
SBA trucking loan options include:
SBA 7(a) Loans: The SBA 7(a) loan program is one of the SBA’s most popular offerings. With a 7(a) loan, borrowers can receive up to $5 million for almost any business purpose, including purchasing equipment or machinery, real estate or land purchases, or even acquiring another business.
SBA 504 Loans: Less versatile but still appropriate for heavy equipment is the SBA 504 loan, which provides long-term fixed-rate financing of up to $5 million.
SBA Microloans: If you need $50,000 or less, the SBA Microloans program may be an option for you. The average loan distributed through this program is $13,000. Funds can be used to purchase machinery or equipment, working capital, or supplies.
Equipment Financing For Transport Businesses
Equipment financing is a type of funding used to purchase equipment. In the trucking industry, this could mean financing a new or used commercial truck, a trailer, or other long-term physical assets necessary for operations.
This type of funding allows you to break down the cost of expensive equipment into smaller payments that are easier to manage.
There are two types of equipment financing:
Equipment Loans: With a loan, you’ll make scheduled payments toward the principal balance and interest. Once all payments have been made, the equipment is yours. If you plan to keep your equipment for many years, this is the best option for you.
Equipment Leases: When you lease equipment, you’re essentially renting from the lender. You make payments each month to be able to use the equipment. Once your lease is over, you’ll return the equipment and can upgrade to the latest model. In some cases, you may be able to pay the remaining balance if you’d like to own the equipment outright. With leases, monthly payments may be more affordable, and it’s possible to find leases that don’t require a down payment. However, the total cost of the lease typically winds up being more expensive than loans due to higher interest rates.
Medium-Term Installment Loans
A medium-term installment loan is a loan that is paid off within one to five years. With this type of loan, you can break down the cost of a purchase or receive working capital while repaying with low monthly payments.
Medium-term installment loans can be used for any business purpose. These loans can be used for the purchase of new equipment or as working capital. Loan proceeds can be used for business expansion or acquisitions. You can even use these loans to refinance existing debt.
Business Lines Of Credit
A business line of credit is similar to a credit card. A borrower has a credit limit set by the lender and can make multiple draws as needed up to and including the credit limit. With a business line of credit, you only pay interest and fees on the borrowed amount.
A line of credit can be used for any business expense, from unexpected emergencies to covering operational expenses or purchasing equipment.
Short-Term Trucking Business Loans
Short-term business loans are loans that are paid back over a very short period of time. This period varies, but it will typically not exceed one year.
Short-term loans are one of the most expensive forms of credit, so it is best only to use these loans when absolutely necessary. Because funding is fast (potentially as short as 24 hours), a short-term loan is best for emergencies when time is of the essence. It’s probably not going to be something you’d buy a truck with.
Borrowers who have not been in business long or have low personal or business credit scores may have no other option than to seek a short-term loan. If this is the case, the return on investment should be calculated to determine if the loan is worth the high cost.
Business Credit Cards
A business credit card can be an enormous asset to a trucking business when used responsibly. Business credit cards offer a revolving line of credit that can be used whenever needed. This is especially helpful when an emergency arises.
With responsible usage that includes paying off (or paying down) your card each month, you’ll even be able to boost your credit score while having access to extra capital when needed. In addition, many credit cards offer rewards programs that allow you to earn points or cash back after every qualifying purchase.
Invoice factoring isn’t technically a loan. Instead, you sell your unpaid invoices to a lender. The lender purchases your invoice for a discount. This discount goes to the lender as a fee, while the remainder of the balance goes into your pocket.
This is a great option for businesses that have multiple unpaid invoices and don’t want to seek other types of financing. Invoice factoring also has lower credit score, annual revenue, and time in business requirements, making it easy to qualify provided you have eligible invoices.
Best Trucking Loan Alternative: Trucking Fuel Cards
One big expense that’s hard to ignore is the cost of fuel and maintenance for your trucks. Whether you own a single truck or an entire fleet, one financing option to keep in mind is a fuel card.
Fuel cards can be used to gas up your rigs, while some can also be used to pay for maintenance and repairs at select locations. Having fuel cards for your drivers can also help you track and manage expenses while they’re out on the road. Additionally, you may even receive savings at the pump, cash back, or rewards just for using your cards.
Getting a trucking loan for you business can be daunting, but all of the top trucking loan options on this list have simple application processes to make it easier to get the funding you need.
Here’s a simple breakdown of how to get a trucking business loan:
Decide on the right type of trucking business loan
Understand your credit score, yearly revenue, and monthly cash flow allowance for repayments
Take all of the information from step 2 and use it to shop for the right trucking business loan lender
Gather your loan application documentation
Fill out your lender’s online application
Get approved. receive your funds
Spend funds as needed to help your trucking company succeed
Make all trucking business loan repayments on time
Choosing The Right Trucking Business Loan
No matter your financial needs, there’s a loan available to help you start your trucking company or expand your existing trucking business. The key is to understand your options, shop around, and determine if the return on investment exceeds the cost of the loan.
Even if your funding needs are urgent, it’s critical to borrow responsibly to put your trucking business on the road to success. To choose the right business loan for your trucking company, start by checking your credit score, verifying your annual revenue, and calculating exactly how much you need to borrow.
You can then take this information to make an informed decision about how much of a loan you can afford and which trucking loan company is going to have the most favorable terms for your business.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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