Best Trucking Business Loans
Trucking business loans may be used to cover short-term gaps in cash flow or to fund larger expenses, like the purchase of a truck.
A trucking business loan most commonly refers to a small-business loan semi trucks dump trucks food trucks Trucking businesses
The best trucking business loan options depend on your financing needs. Startup expenses may include the purchase of a vehicle, registration and certifications and, therefore, require a larger lump sum that may be better suited for long-term financing. On the other hand, if you are already operating and looking to cover gaps in cash flow
Why trust NerdWallet
How much do you need?
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.
Best Trucking Business Loans
| Loan | NerdWallet rating | Best For | Max loan amount | Min. credit score | Next steps |
|---|---|---|---|---|---|
 American Express® Business Line of Credit* with Fundera by NerdWallet | Best for Trucking business lines of credit | $250,000 | 660 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 Fundbox - Line of credit with Fundera by NerdWallet | Best for High-revenue, early-stage trucking businesses | $250,000 | 600 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 Bank of America | Best for Trucking business bank loans | $5,000,000 | 700 | ||
| Pros
Cons
| |||||
 SBA 7(a) loan with Fundera by NerdWallet | Best for Trucking business SBA loans | $5,000,000 | 650 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 National Funding - Online term loan with Fundera by NerdWallet | Best for Short-term business loans | $500,000 | 600 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 iBusiness Funding - Online term loan with Fundera by NerdWallet | Best for Long-term business loans | $500,000 | 660 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 Triton Capital - Equipment financing with Fundera by NerdWallet | Best for Trucking business equipment loans | $250,000 | 580 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 OnDeck - Online term loan with Fundera by NerdWallet | Best for Fast funding | $250,000 | 625 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
Best Trucking Business Loans
Max loan amount
$250,000
Min. credit score
660
Min. annual revenue
$36,000
See Your Loan Optionswith Fundera by NerdWallet
Pros
- Streamlined application process with minimal paperwork.
- Financing from $2,000 to $250,000 available.
- Accepts borrowers with a minimum FICO score of at least 660 at the time of application.
- Monthly repayment schedule (as opposed to daily or weekly).
- No prepayment penalties, account maintenance fees or draw fees.
Cons
- Must have online checking or PayPal account to verify cash flow.
- Complex monthly fee structure makes it difficult to compare costs to other lenders.
American Express® Business Line of Credit*
Best for Trucking business lines of credit
Max loan amount
$250,000
Min. credit score
660
Min. annual revenue
$36,000
with Fundera by NerdWallet
Pros
- Streamlined application process with minimal paperwork.
- Financing from $2,000 to $250,000 available.
- Accepts borrowers with a minimum FICO score of at least 660 at the time of application.
- Monthly repayment schedule (as opposed to daily or weekly).
- No prepayment penalties, account maintenance fees or draw fees.
Cons
- Must have online checking or PayPal account to verify cash flow.
- Complex monthly fee structure makes it difficult to compare costs to other lenders.
Max loan amount
$250,000
Min. credit score
600
Min. annual revenue
$30,000
with Fundera by NerdWallet
Pros
- Financing available within one business day after approval.
- Simple application with minimal documentation required.
- Low minimum credit score, time in business and annual revenue requirements.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- Weekly repayments required over a short term (maximum of 24 weeks).
Fundbox - Line of credit
Best for High-revenue, early-stage trucking businesses
Max loan amount
$250,000
Min. credit score
600
Min. annual revenue
$30,000
with Fundera by NerdWallet
Pros
- Financing available within one business day after approval.
- Simple application with minimal documentation required.
- Low minimum credit score, time in business and annual revenue requirements.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- Weekly repayments required over a short term (maximum of 24 weeks).
Pros
- Several types of business loans available.
- Competitive interest rates.
- Preferred Rewards program can offer interest rate discounts and other perks.
- Offers specialized commercial real estate, equipment, and health care practice financing.
- Fee discounts available for veteran-owned businesses.
Cons
- Multiple years in business required to qualify.
- May need to visit a Bank of America branch or schedule a phone appointment to apply.
- Prepayment fees may apply to early repayments.
- Limited information available online.
Bank of America
Best for Trucking business bank loans
Max loan amount
$5,000,000
Min. credit score
700
Min. annual revenue
Undisclosed
Pros
- Several types of business loans available.
- Competitive interest rates.
- Preferred Rewards program can offer interest rate discounts and other perks.
- Offers specialized commercial real estate, equipment, and health care practice financing.
- Fee discounts available for veteran-owned businesses.
Cons
- Multiple years in business required to qualify.
- May need to visit a Bank of America branch or schedule a phone appointment to apply.
- Prepayment fees may apply to early repayments.
- Limited information available online.
Max loan amount
$5,000,000
Min. credit score
650
Min. annual revenue
Undisclosed
with Fundera by NerdWallet
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
SBA 7(a) loan
Best for Trucking business SBA loans
Max loan amount
$5,000,000
Min. credit score
650
Min. annual revenue
Undisclosed
with Fundera by NerdWallet
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
Max loan amount
$500,000
Min. credit score
600
Min. annual revenue
$250,000
with Fundera by NerdWallet
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Short-term loans require daily or weekly repayment.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
National Funding - Online term loan
Best for Short-term business loans
Max loan amount
$500,000
Min. credit score
600
Min. annual revenue
$250,000
with Fundera by NerdWallet
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Short-term loans require daily or weekly repayment.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
Max loan amount
$500,000
Min. credit score
660
Min. annual revenue
$50,000
with Fundera by NerdWallet
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Charges an origination fee.
- Must be in business for a minimum of 24 months.
- Minimum credit score is higher than some other lenders.
iBusiness Funding - Online term loan
Best for Long-term business loans
Max loan amount
$500,000
Min. credit score
660
Min. annual revenue
$50,000
with Fundera by NerdWallet
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
- iBusiness Funding also offers SBA loans up to $5 million.
Cons
- Charges an origination fee.
- Must be in business for a minimum of 24 months.
- Minimum credit score is higher than some other lenders.
Max loan amount
$250,000
Min. credit score
580
Min. annual revenue
$150,000
with Fundera by NerdWallet
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Triton Capital - Equipment financing
Best for Trucking business equipment loans
Max loan amount
$250,000
Min. credit score
580
Min. annual revenue
$150,000
with Fundera by NerdWallet
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Max loan amount
$250,000
Min. credit score
625
Min. annual revenue
$100,000
with Fundera by NerdWallet
Pros
- Cash can be available within the same business day (does not apply in California or Vermont).
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Cannot fund North Dakota-based businesses.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Charges origination fee.
OnDeck - Online term loan
Best for Fast funding
Max loan amount
$250,000
Min. credit score
625
Min. annual revenue
$100,000
with Fundera by NerdWallet
Pros
- Cash can be available within the same business day (does not apply in California or Vermont).
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Cannot fund North Dakota-based businesses.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Charges origination fee.
Alternative trucking business lenders
Alternative lenders like community development financial institutions (CDFIs)
Alternatives to trucking business loans
Freight factoring
Trucking business grants
» MORE: SBA commercial vehicle loans
How much money do you need for a trucking business loan?
Ultimately, the amount you need will depend on your business and what stage you’re in, but if you’re thinking about starting a trucking business, there are a few costs to consider:
- Semi truck and semi trailer : Semi trucks and trailers are usually purchased separately. A truck can cost from $35,000 to $200,000, depending on if it’s new or used, and what type of truck it is. On top of that, the trailer may cost between $15,000 and $77,000.
- Commercial driver’s license : Getting a commercial driver’s license (CDL) is similar to getting a regular driver’s license, where you have to get a learner’s permit, go to driving school, take written exams and a road test, among other things. Altogether, it can end up costing between $3,000 and $10,000.
- Insurance : Depending on your business and the type of cargo you’re transporting,
trucking business insurance - Fuel : Fuel is an upfront cost of doing business for trucking businesses, making it important to factor into your total costs. The average national price of diesel retailed at about $4.38 per gallon in August 2023. Assuming the average semi truck gets about 6.5 miles per gallon, and the average owner-operator trucking business drives between 8,000-10,000 miles per month, your monthly fuel costs could total between $5,391 and $6,738.