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Best Food Truck Financing and Loans

By Randa Kriss
Last updated on May 22, 2024
Edited bySally Lauckner
✅Fact checked and reviewed
Both traditional and online lenders offer loans to help you purchase a new or used food truck for your business.

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Food truck financing can be used to purchase a new or used food truck for your business. Some of these small-business loans may also be used to buy other types of equipment, make business improvements, purchase inventory or cover working capital needs.
You can get food truck financing from several different sources, including banks, SBA lenders and online lenders. In general, the best food truck loan will be the most affordable option you can qualify for that meets your needs.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are 7 food truck financing options

LenderNerdWallet Rating▼Max loan amount▼Min. credit score▼Next steps

Bank of America - Equipment loan

Read Review
4.5/5

Best for Low interest food truck financing

Undisclosed700
Read Review

National Funding - Equipment Financing

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4.5/5

Best for Food truck startup loans

$150,000600

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JR Capital Equipment Financing

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4.0/5

Best for Fast food truck financing

$10,000,000620

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Triton Capital - Equipment financing

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4.0/5

Best for Food truck financing for bad credit

$250,000575

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SBA 7(a) loan

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Best for SBA loans for food trucks

$5,000,000650

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U.S. Bank Equipment Financing

Best for Covering upfront costs

$1,000,000Undisclosed

Headway Capital - Line of credit

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5.0/5

Best for Food truck financing for working capital

$100,000625

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Here are 7 food truck financing options

Best for Low interest food truck financing

Bank of America

Max Amount

Undisclosed

Min. Credit Score

700

Read Review

Best for Food truck startup loans

National Funding

Max Amount

$150,000

Min. Credit Score

600

Best for Fast food truck financing

JR Capital

Max Amount

$10,000,000

Min. Credit Score

620

Best for Food truck financing for bad credit

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

Best for SBA loans for food trucks

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

650

Best for Covering upfront costs

U.S. Bank

Max Amount

$1,000,000

Min. Credit Score

Undisclosed

Best for Food truck financing for working capital

Headway Capital

Max Amount

$100,000

Min. Credit Score

625

I'M INTERESTED IN:

Our pick for

Low interest food truck financing

Bank of America offers competitive interest rates on its food truck loans. Preferred Rewards members may also qualify for interest rate discounts.

Bank of America - Equipment loan

4.5
NerdWallet rating 
Read Review
Max Loan Amount
Undisclosed
Min. credit score
700
Bank of America offers equipment loans starting at $25,000 with no set limit and loan terms of up to 5 years when secured by business assets.
4.5
NerdWallet rating 

Max loan

Undisclosed

Min. Credit score

700

Bank of America offers equipment loans starting at $25,000 with no set limit and loan terms of up to 5 years when secured by business assets.
Read Review

Our pick for

Food truck startup loans

You may be able to qualify for food truck financing from National Funding with just six months in business.

National Funding - Equipment Financing

4.5
NerdWallet rating 
Read Review

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Max Loan Amount
$150,000
Min. credit score
600
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
4.5
NerdWallet rating 

Max loan

$150,000

Min. Credit score

600

Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
Read Review

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Our pick for

Fast food truck financing

You can use financing from JR Capital to purchase a new or used food truck, as well as other equipment for your business. Funding is available as fast as two days.

JR Capital Equipment Financing

4.0
NerdWallet rating 

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Max Loan Amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.
4.0
NerdWallet rating 

Max loan

$10,000,000

Min. Credit score

620

Apr range

6.99-18.00%

JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.

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Our pick for

Food truck financing for bad credit

Triton Capital can provide food truck loans to borrowers with a credit score of 575 or higher.

Triton Capital - Equipment financing

4.0
NerdWallet rating 

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Max Loan Amount
$250,000
Min. credit score
575
Est. APR
5.99-34.99%
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
4.0
NerdWallet rating 

Max loan

$250,000

Min. Credit score

575

Apr range

5.99-34.99%

Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.

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Our pick for

SBA loans for food trucks

SBA 7(a) loans offer competitive interest rates and long repayment terms. These loans can be used to buy a food truck, purchase or upgrade other equipment and cover working capital needs.

SBA 7(a) loan

Read Review

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Max Loan Amount
$5,000,000
Min. credit score
650
Est. APR
11.50-15.00%
7(a) loans are issued by private lenders and backed by the SBA. They offer long repayment terms and low interest rates.
Lowest interest rate

Max loan

$5,000,000

Min. Credit score

650

Apr range

11.50-15.00%

7(a) loans are issued by private lenders and backed by the SBA. They offer long repayment terms and low interest rates.
Read Review

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Our pick for

Covering upfront costs

U.S. Bank offers up to 125% financing to help you cover additional costs associated with getting your food truck up and running, such as freight, taxes or warranties.

U.S. Bank Equipment Financing

Max Loan Amount
$1,000,000
Min. credit score
Undisclosed
U.S. Bank can provide up to 125% in equipment financing (including soft costs), with no down payment required.

Max loan

$1,000,000

Min. Credit score

Undisclosed

U.S. Bank can provide up to 125% in equipment financing (including soft costs), with no down payment required.

Our pick for

Food truck financing for working capital

You can use Headway Capital’s business line of credit to fund the ongoing expenses associated with running a food truck.

Headway Capital - Line of credit

5.0
NerdWallet rating 
Read Review

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Max Loan Amount
$100,000
Min. credit score
625
Est. APR
35.00-80.00%
Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.
5.0
NerdWallet rating 

Max loan

$100,000

Min. Credit score

625

Apr range

35.00-80.00%

Headway Capital offers a fast and flexible line of credit for borrowers who may not qualify for more traditional options.
Read Review

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How Much Do You Need?

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What is food truck financing?

Food truck financing typically refers to a loan that’s used to buy a new or used food truck for your business. These loans are structured like other forms of equipment financing, in which the vehicle you purchase serves as collateral on the loan.
The term "food truck financing," however, may also incorporate any type of business loan that’s used to fund general food truck operations. These loans may be used for:
  • Purchasing or upgrading kitchen equipment.
  • Buying inventory and supplies.
  • Hiring staff and making payroll.
  • Improving the truck (e.g., signage, maintenance, repairs).
  • Covering day-to-day expenses.

How much does it cost to finance a food truck?

It can cost anywhere from $50,000 to $200,000 to purchase a new food truck. These custom trucks require a lead time to build. The cost of a used food truck, on the other hand, may range from $30,000 to $100,000. You should be able to use these trucks immediately, pending any required maintenance.
Whether you finance a new or used truck, interest rates on food truck loans can range from 5% to 36% APR. The business loan rate you receive will depend on the lender, the value of the truck, your down payment and your business’s qualifications.
Keep in mind that you may also need to cover soft costs, such as delivery, installation, warranties, taxes and insurance. Some lenders can offer food truck financing that incorporates these costs upfront.

Types of food truck financing

Here are some of the most common types of food truck financing:

Equipment financing

Equipment loans are designed specifically for the purchase of business machinery and equipment. You can use equipment financing to buy a food truck, as well as refrigerators, sinks, cooktops and other kitchen equipment.
With an equipment loan, the machinery that you’re purchasing serves as collateral. This built-in physical collateral reduces the risk for lenders — and as a result — they may be more flexible with qualification requirements.
» MORE: Best restaurant equipment financing options

SBA loans

SBA loans are partially guaranteed by the U.S. Small Business Administration and issued by participating lenders, like banks and credit unions. Both SBA 7(a) and 504 loans can be used for food truck financing.
These SBA loans are available in amounts up to $5 million ($5.5 million for eligible 504 loan projects) with repayment terms up to 10 years when used for equipment purchases. To qualify for an SBA loan, however, you’ll generally need good credit, strong finances and multiple years in business.

Business term loans

A business term loan is a lump sum of capital that you borrow from a lender and repay, over a specific period, with interest. Business term loans are available from traditional and online lenders. Maximum loan amounts, repayment terms and interest rates vary largely based on the lender and your business’s qualifications.
If you’re looking to buy a food truck, a dedicated equipment loan may be a better option. General term loans, however, can be a good option for financing inventory and supplies purchases, business improvements and day-to-day operations, among other uses.

Business line of credit

A business line of credit allows you to borrow from a set amount of funds and pay interest only on the funds you draw. Once you’ve repaid what you’ve borrowed, you can continue to draw on the credit line. Like term loans, business lines of credit are available from traditional and online lenders — and rates and terms vary.
Credit lines are best suited for the ongoing working capital needs of your food truck. They can also be good to have on hand in case of emergency expenses.

Microloans

Microloans are small loans — usually up to $50,000 — that are issued by nonprofits and community organizations. These lenders often focus their financing efforts on traditionally underserved businesses, such as women-owned businesses, minority-owned businesses and more.
Microlenders typically have flexible eligibility requirements and may be willing to work with startups or borrowers with bad credit. These loans can be a good option if you can’t qualify for more traditional financing, as long as your funding needs don’t exceed $50,000.

How to get a loan for a food truck

If you’re looking for a loan to purchase a food truck — or generally fund your business — here are some tips to help you find the right financing for your needs.
1. Evaluate your funding needs
Determine how much business capital you need and how you’re going to use it. If you plan to buy a food truck, consider if it should be a new or used truck. If you opt for a used truck, consider any additional equipment you’ll need to buy or renovations you’ll need to make.
2. Review your qualifications
Most lenders will consider your personal credit score, time in business and annual revenue when underwriting a loan application. Reviewing these business loan requirements ahead of time will give you a sense of where you stand before applying.
If you’re financing a food truck, you'll want to determine how much you can afford to put down. Although not all lenders require a down payment on a business loan, providing one, especially when it’s not required, can help you qualify for the most competitive rates and terms.
3. Find a vendor and get a quote
When financing a food truck, you’ll typically need to provide an equipment quote as part of your application. You should reach out to different vendors to get a quote for the type of truck you want. This will also allow you to compare vendors to see where you can get the best price.

🤓 Nerdy Tip

Some food truck vendors work with financing partners to help you get a loan or lease for a truck. Legion Food Trucks, based in California, for example, partners with Ford Financial. Because these lenders are familiar with the food truck industry and the vendor, they may offer flexible qualification requirements and expedited applications, among other possible benefits.
4. Compare food truck loan options
As you research and compare options, consider factors such as available loan amounts, repayment terms, interest rates, funding speed, application process and lender reputation.
5. Prepare and submit your application
Organizing your paperwork ahead of time can help expedite the business loan application process. Most lenders require basic information about you and your business, bank statements, tax returns and business financial statements.
When completing your application, you’ll want to make sure that you provide accurate and up-to-date documentation and answer every question as intended. This will reduce any back-and-forth between you and the lender, allowing you to get approved quicker.
» MORE: Best trucking accounting software

Frequently asked questions

Last updated on May 22, 2024

Methodology

NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer small-business friendly features, including:
- Transparency of rates and terms. - Flexible payment options. - Fast funding times. - Accessible customer service. - Reporting of payments to business credit bureaus. - Responsible lending practices.
We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodology for small-business loans and our editorial guidelines.

Wondering if you qualify?

It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.

Learn more