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The 7 Best Trucking Business Loans For Truckers & Startup Trucking Companies

A business loan for truckers is a great way to support your commercial transport business. The key is knowing what type of financing provides the greatest ROI for trucking companies.

    Chris Motola
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Trucking business loans can be useful to owner-operators and business owners overseeing a trucking operation. Trucking business loans can be used to expand your fleet, hire new employees, or update your infrastructure. Having a reliable source of business loans for trucking can be critical for keeping operations humming along smoothly.

Below, we’ll look at some of the best places to find small business loans for truckers and the types of loans available.

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CompanyBest ForNext StepsBest For
BusinessLoans.com

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  • Best for high borrowing amounts
  • $5,000 to $5 million borrowing amounts
  • No minimum credit rating
  • Best for high borrowing amounts
  • $5,000 to $5 million borrowing amounts
  • No minimum credit rating

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Lendio

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  • Best for trucking startups.
  • $1,000-$2 million borrowing amounts
  • No minimum credit rating
  • Best for trucking startups.
  • $1,000-$2 million borrowing amounts
  • No minimum credit rating

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OnDeck

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  • Best for quick trucking business loans.
  • $5,000 - $250,000 borrowing amounts
  • 625 minimum credit rating
  • Best for quick trucking business loans.
  • $5,000 - $250,000 borrowing amounts
  • 625 minimum credit rating

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National Funding

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  • Best for no-downpayment financing
  • $5,000-$250,000 borrowing amounts
  • 625 minimum credit rating
  • Best for no-downpayment financing
  • $5,000-$250,000 borrowing amounts
  • 625 minimum credit rating

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Fundbox

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  • Best loans for truckers with bad credit.
  • $1,000 to $150,000 borrowing amounts
  • 600 minimum credit rating
  • Best loans for truckers with bad credit.
  • $1,000 to $150,000 borrowing amounts
  • 600 minimum credit rating

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SmartBiz

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  • Best for SBA trucking loans.
  • $30,000 to $5 million borrowing amounts
  • 650 minimum credit rating
  • Best for SBA trucking loans.
  • $30,000 to $5 million borrowing amounts
  • 650 minimum credit rating

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BlueVine

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  • Best for owner operators.
  • $5,000 to $250,000 borrowing amounts
  • 600 minimum credit rating
  • Best for owner operators.
  • $5,000 to $250,000 borrowing amounts
  • 600 minimum credit rating

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Read more below to learn why we chose these options.

How To Use Trucking Business Loans

Trucking business loans can be used to finance a variety of expenses, whether they’re specific to the trucking industry or common to businesses in general.

For example, you can use a trucking business loan for:

  • Expanding Your Fleet Or Operation: Working capital loans can be a great way to expand your existing operations.
  • Purchasing Commercial Trucks & Equipment: An entire segment of equipment financing is focused on financing semis, including leases with buyout clauses specifically geared toward long- and short-haul vehicles.
  • Hire Additional Drivers: If you’re experiencing a sudden surge in demand, a loan can be a way to bring on additional help quickly.
  • Save On Inventory Purchases: Loans can be a convenient way to make economy-of-scale purchases.
  • Invest In Trucking Technology: Logistics is more than just the vehicle. Staying up to date with the technology that makes your business more efficient takes investment.

Best Loans For Truckers & Trucking Companies

Start your search for a trucking business loan with these lenders.

  • Lendio: Best for trucking startups
  • OnDeck: Best for quick trucking business loans
  • National Funding: Best for no-downpayment financing
  • Fundbox: Best loans for truckers with bad credit
  • SmartBiz: Best for SBA trucking loans
  • BlueVine: Best for owner-operators
  • BusinessLoans.com: Best for high borrowing amounts

1. BusinessLoans.com: Best For High Borrowing Amounts

BusinessLoans.com


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Pros

  • High-funding amounts
  • No minimum credit score required
  • Excellent support & guidance for borrowers
  • Quick & easy application process

Cons

  • Little fee & rate information provided
  • Funding can take a while to disburse

Trucking companies and independent operators seeking higher borrowing amounts may want to consider BusinessLoans.com, one of the newer loan aggregator services.

BusinessLoans.com Loan Types

BusinessLoans.com offers:

  • Term loans
  • Short-term loans
  • Lines of credit
  • Merchant cash advances

BusinessLoans.com Borrowing Amounts

BusinessLoans.com can provide funding between $5,000 and $3 million.

BusinessLoans.com Term Lengths

Term lengths will vary by the type of loan the borrower receives. For term loans, this will range between three months to five years.

BusinessLoans.com Funding Rates

BusinessLoans.com doesn’t disclose rates upfront.

Where BusinessLoans.com Really Shines For Business Trucking Loans

Like Lendio, BusinessLoans.com can accommodate a wide variety of borrower circumstances and profiles. There’s no minimum credit rating to apply either, so trucking company owners with bad credit may find the service helpful.

Get Started With BusinessLoans.com

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2. Lendio: Best For Trucking Startups

Lendio


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Pros

  • Multiple types of financing are available
  • A fast and easy application process
  • Funding available for startups
  • No minimum credit score

Cons

  • Rates can be expensive
  • Startup funding can take two to four weeks to disburse

Lendio is a great choice for trucking startups. Unlike other lenders on this list, Lendio isn’t a direct lender. Instead, this loan aggregator works with multiple lending partners to provide you with different funding offers, even if you’re a new business. Lendio will use your information to match you with lenders, helping you compare your options and get the best rates and lowest terms for your situation.

Lendio Loan Types

Through Lendio, you can apply for many different types of financing, from short-term loans to lines of credit, SBA loans, merchant cash advances, and startup loans.

Lendio Borrowing Amounts

Lendio loans range from $1,000 to $2 million. Lendio offers startup loans up to $750,000, with terms of up to 25 years.

Lendio Term Lengths

Term lengths vary by product, with terms ranging from 1 year to 30 years (for SBA loans).

Lendio Rates

Lendio rates start at 7.5% for equipment financing and 8% for most other products. Merchant cash advances start at 18%.

Where Lendio Really Shines For Business Trucking Loans

Lendio’s business model can accommodate a wide variety of circumstances and borrower profiles. Startups, especially, can benefit from Lendio’s pool of lenders.

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3. OnDeck: Best For Quick Trucking Business Loans

OnDeck


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Pros

  • Fast and easy application process
  • Funds are disbursed quickly
  • Low credit score requirements

Cons

  • Rates can be expensive
  • Short repayment terms

If you’re interested in purchasing a truck but want to bypass the hassles of receiving a bank loan, you may find fast funding through OnDeck.

OnDeck Loan Types

OnDeck offers two loan products that may work for your trucking business:

  • Lines of credit
  • Term loans

OnDeck Borrowing Amounts

You can borrow between $5,000 and $250,000 through OnDeck.

OnDeck Term Lengths

OnDeck term lengths last up to two years.

OnDeck Rates

For loans originating in the half-year ending March 31, 2022, rates began at 29.9%.

Where OnDeck Really Shines For Business Trucking Loans

Though repayment terms are shorter and costs may be higher for an OnDeck loan, funding is relatively fast and easy. OnDeck also has lower borrower qualifications than banks and only requires borrowers to have been in business for a year.

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4. National Funding: Best For No Downpayment Financing

National Funding


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Pros

  • Funds are disbursed quickly
  • Low credit score requirements
  • No downpayment necessary

Cons

  • Rates can be expensive
  • Some additional fees charged

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, such as trucks.

National Funding Loan Types

National Funding can offer the following types of financing:

  • Short-term loans
  • Equipment financing

National Funding Borrowing Amounts

You can borrow up to $500,000 through National Funding.

National Funding Term Lengths

National Funding term lengths are up to two years for short-term loans and two to five years for equipment financing.

National Funding Rates

National Funding’s fixed fees generally range between 17%-36%.

Where National Funding Really Shines For Business Trucking Loans

While National Funding isn’t the cheapest option for financing, borrowers may appreciate that they don’t need to come up with a downpayment to get a trucking loan.

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5. Fundbox: Best Loans For Truckers With Bad Credit

Fundbox


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Pros

  • Low credit score requirements
  • Funds are disbursed quickly
  • A fast and easy application process

Cons

  • Rates can be expensive
  • Short repayment terms

Fundbox may be able to offer you loans for truckers or trucking businesses with bad credit.

Through Fundbox, you can receive a revolving line of credit up to $150,000, even if you have credit challenges.

Fundbox Loan Types

Fundbox offers lines of credit.

Fundbox Borrowing Amounts

Fundbox credit limits range from $1,000 to $150,000.

Fundbox Term Lengths

Fundbox’s lines of credit have terms of 12 weeks or 24 weeks.

Fundbox Funding Rates

Borrowing flat fees begin at 4.66%.

Where Fundbox Really Shines For Business Trucking Loans

With a minimum credit rating of 600, you can get a versatile line of credit 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.

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6. SmartBiz: Best For SBA Trucking Loans

SmartBiz


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Pros

  • Low rates
  • Long repayment terms
  • High borrowing amounts

Cons

  • Long application process
  • Funds can take awhile to disburse

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 Loan Types

SmartBiz offers:

  • SBA loans
  • Term loans

SmartBiz Borrowing Amounts

SmartBiz can offer up to $5 million in funding.

SmartBiz Term Lengths

SmartBiz’s SBA term lengths range between 10 and 25 years. Non-SBA term loans range between two to five years.

SmartBiz Funding Rates

SmartBiz offers SBA loan rates. Fixed interest rates for term loans begin at 7.99%.

Where SmartBiz Really Shines For Business Trucking Loans

SmartBiz takes the guesswork out of securing an SBA loan and gives you a fallback plan in case you don’t qualify.

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7. BlueVine: Best For Owner Operators

BlueVine


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Pros

  • Financing is available for startups
  • Low credit score requirements
  • Borrowers only need to have been in business for six months

Cons

  • Rates can be expensive
  • Short repayment terms

BlueVine’s line of credit option will come in handy for owner-operators who must address emergency expenses.

BlueVine Loan Types

BlueVine offers lines of credit.

BlueVine Borrowing Amounts

BlueVine offers credit limits between $5,000 and $250,000.

BlueVine Term Lengths

BlueVine’s term lengths are six months or 12 months.

BlueVine Funding Rates

BlueVine’s rates range between 0.3%-1.5% per week for 6-month terms and 1.5%-6.5% per month for 12-month terms.

Where BlueVine Really Shines For Business Trucking Loans

BlueVine has forgiving borrower qualifications and a versatile lending product.

Get Started With BlueVine

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Types Of Business Loans For Commercial Truckers

When it comes to types of financing for trucking companies, you have several options. 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. (Read our guide about SBA loans if you are still learning about your options.) SBA loans for trucking companies are flexible and can be used for a number of purposes, including the purchase of a commercial truck and other equipment, business expansion, or use as working capital for operating expenses.

SBA trucking loans 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. Read our guide on SBA 7(a) loans, including info on rates, terms, and eligibility.
  • 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 run a smaller trucking operation or you’re an owner-operator, and you have an expense that requires $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.
  • Veterans Advantage Loans: These loans are for servicemembers and veterans. These loans offer the same rates and terms as 7(a) loans but have reduced guarantee fees.

Equipment Financing For Transport Businesses

Equipment financing is exactly what it sounds like: 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 over a period of 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. You can use the funds for 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

Getting 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. For example, if you have a total credit line of $200,000 but have only spent $50,000, you’ll only pay interest or fees on the $50,000.

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 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 that 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 use 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. Read our guide to the best business rewards programs for more information about these options.

Invoice Factoring For Transport Businesses

Consider invoice factoring for company trucking if unpaid invoices affect your cash flow.

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 for providing 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 a lower credit score, annual revenue, and time in business requirements, making it easy to qualify provided you have eligible invoices.

Fuel Cards For Trucking Companies & Owner Operators

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.

Don’t have a fuel card for your trucking business? Check out our article on the best fuel cards for truckers and trucking companies, and start saving today.

Choosing A Trucking Loan That Makes Sense For Your Business

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.

Trucking Business Loan FAQs

Can I get a trucking business loan if I have bad credit?

While your options will be fewer, getting a trucking business loan with bad credit is possible. Failing that, take steps to rebuild your credit before applying to lower your financing costs.

I am an owner-operator. What are my best business loan options?

As an owner-operator, there are a number of loan options out there. Equipment financing or an SBA Microloan may help with the purchase of a commercial truck. Or consider a business line of credit, short-term loan, or business credit card for your everyday operational expenses.

I’m starting a trucking company. Am I eligible for a trucking startup loan? What are my best options?

There are many options available for trucking startup companies. The best choice for borrowers with credit scores in the high 600s is a loan from the SBA. SBA loans provide low-interest rates and flexible repayment terms for startups and established businesses.

If you have a good credit score, you could also consider taking out a personal loan versus a business loan. With a personal loan, qualifying will be based on your own income and credit score, with no requirements for annual revenues, business credit score, or time in business.

Can I get a grant for my trucking company?

Most businesses do not qualify for startup grants. If you find a grant that you are eligible for, it’s important to note that competition will be stiff.

The process for receiving a grant for truckers also doesn’t happen overnight, so if you need money for your trucking company fast, you’ll want to explore other options, including the loans mentioned in this post or other options, such as P2P lending or the best crowdfunding sites for entrepreneurs.

Can you get an SBA loan to start a trucking company?

Yes, it is possible to get an SBA loan to start a trucking company. In particular, SBA microloans and SBA Community Advantage Loans are appropriate for startups.

Can I get a business loan for a trucking company?

Yes, trucking companies are eligible for many of the same business loans as other companies. In particular, trucking companies may benefit from equipment financing.

How easy is it to get commercial truck loans?

As with any business loan, that will depend on your time in business, revenue, and business credit.

Learn more about how to get semi-truck financing today.

Can I get a business loan for a trucking company?

Many lenders are willing to work with trucking companies and owner-operators. Depending on your needs, you may be better off seeking equipment financing or a business loan.

Can I buy a truck with a credit score of 600?

It’s possible to buy a truck with a credit score of 600, although you won’t be able to access as competitive interest rates as you would with a better credit score. Non-bank lenders are usually the best option for borrowers with credit ratings of 600.

In Summary: Best Loans For Truckers & Trucking Companies

  1. BusinessLoans.com:
    • Best for high borrowing amounts
    • $5,000 to $5 million borrowing amounts
    • No minimum credit rating
  2. Lendio:
    • Best for trucking startups.
    • $1,000-$2 million borrowing amounts
    • No minimum credit rating
  3. OnDeck:
    • Best for quick trucking business loans.
    • $5,000 - $250,000 borrowing amounts
    • 625 minimum credit rating
  4. National Funding:
    • Best for no-downpayment financing
    • $5,000-$250,000 borrowing amounts
    • 625 minimum credit rating
  5. Fundbox:
    • Best loans for truckers with bad credit.
    • $1,000 to $150,000 borrowing amounts
    • 600 minimum credit rating
  6. SmartBiz:
    • Best for SBA trucking loans.
    • $30,000 to $5 million borrowing amounts
    • 650 minimum credit rating
  7. BlueVine:
    • Best for owner operators.
    • $5,000 to $250,000 borrowing amounts
    • 600 minimum credit rating
Chris Motola

Chris Motola

Expert Analyst & Reviewer at Merchant Maverick
An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. Chris is a graduate of the University of Central Florida.
Chris Motola
View Chris Motola's professional experience on LinkedIn.

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