Best Trucking Business Loans
Best Trucking Business Loans
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Max loan amount
$250,000
Min. credit score
660
Learn More
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.
American Express® Business Line of Credit*
Best for Trucking business lines of credit
Max loan amount
$250,000
Min. credit score
660
Learn More
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
$150,000
Min. credit score
600
Est. APR
36.00-99.00%
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
$150,000
Min. credit score
600
Est. APR
36.00-99.00%
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).
Bank of America
Best for Trucking business bank loans
Max loan amount
$5,000,000
Min. credit score
700
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
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.
SBA 7(a) loan
Best for Trucking business SBA loans
Max loan amount
$5,000,000
Min. credit score
650
Est. APR
10.50-14.00%
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
Est. APR
10.50-14.00%
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
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
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
Est. APR
15.22-45.00%
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
Est. APR
15.22-45.00%
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
Est. APR
6.50-34.99%
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
Est. APR
6.50-34.99%
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
Est. APR
27.20-99.90%
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
Est. APR
27.20-99.90%
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) and credit unions can also be good places to find trucking business loans. For example, TruFund Financial Services, a New York-based CDFI, offers equipment loans between $25,000 and $250,000 for minority- and women-owned businesses, or businesses that are located in a low-to-moderate income area. Greater Texas Credit Union also offers lines of credit and equipment loans for Texas-based businesses.
Alternatives to trucking business loans
Freight factoring
Freight factoring is an alternative type of financing similar to invoice factoring, where you sell your invoices to a third-party company. Doing so allows you to access upfront cash instead of waiting for invoices to be paid by your client. Freight factoring companies will take a percentage, usually between 1% and 5% of your invoice, as a payment for their service.
Trucking business grants
Small-business grants are another alternative to trucking business loans. The National Association for the Self Employed (NASE), for example, offers grants up to $4,000 for business needs like marketing or hiring. There may also be local or state grants available. Texas, for example, offers several grants to update or replace diesel-heavy vehicles to make them cleaner or more fuel efficient.
» 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 can range between $650 and $1,000 per month.
- 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.
Last updated on March 15, 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 and 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.
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