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Here are 8 trucking business loans
| Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
|---|---|---|---|---|
American Express® Business Line of Credit* | 5.0/5 Best for Trucking business lines of credit | $250,000 | 660 | Read Review |
Fundbox - Line of credit | 5.0/5 Best for High-revenue, early-stage trucking businesses | $150,000 | 600 | Read Review |
Bank of America | Best for Trucking business bank loans | $5,000,000 | 700 | Read Review |
SBA 7(a) loan with Fundera by NerdWallet | Best for Trucking business SBA loans | $5,000,000 | 650 | with Fundera by NerdWallet |
National Funding - Online Term Loan with Fundera by NerdWallet | 4.3/5 Best for Short-term business loans | $500,000 | 600 | with Fundera by NerdWallet |
iBusiness Funding - Online term loan with Fundera by NerdWallet | 4.2/5 Best for Long-term business loans | $500,000 | 660 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.0/5 Best for Trucking business equipment loans | $250,000 | 575 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | 4.8/5 Best for Fast funding | $250,000 | 625 | with Fundera by NerdWallet |
Here are 8 trucking business loans
Best for Trucking business lines of credit
Best for High-revenue, early-stage trucking businesses
Best for Trucking business bank loans
Best for Trucking business SBA loans
Best for Short-term business loans
Best for Long-term business loans
Best for Trucking business equipment loans
Best for Fast funding
I'M INTERESTED IN:
Our pick for
Trucking business lines of credit
The American Express Business Blueprint™ program offers lines of credit between $2,000 and $250,000 for small-business owners with fair credit.
American Express® Business Line of Credit*
Max loan amount
$250,000
Min. credit score
660
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*
Max loan amount
$250,000
Min. credit score
660
The American Express Business Blueprint™ program offers lines of credit between $2,000 and $250,000 for small-business owners with fair credit.
The American Express® Business Line of Credit is a good option for business owners with fair credit who want access to working capital.
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.
Qualifications:
- Minimum FICO score of at least 660 at the time of application. The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.
- Must have started your business at least a year ago.
- Average monthly revenue of at least $3,000.
- All businesses are unique and are subject to approval and review.
- American Express® Business Line of Credit offers two loan types, installment loans and single repayment loans for eligible borrowers. All loan term types, loan term lengths, and pricing are subject to eligibility requirements, application, and final approval. This article contains general information about the American Express® Business Line of Credit installment loan type only.
Our pick for
High-revenue, early-stage trucking businesses
Fundbox offers lines of credit for businesses that have been operating for at least six months with at least $100,000 in annual revenue.
Fundbox - Line of credit
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).
May fund quickly
Fundbox - Line of credit
Max loan amount
$150,000
Min. credit score
600
Est. APR
36.00-99.00%
Fundbox offers lines of credit for businesses that have been operating for at least six months with at least $100,000 in annual revenue.
Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.
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).
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: 3 months.
- Minimum annual revenue: $30,000.
May fund quickly
Our pick for
Trucking business bank loans
Bank of America Business Advantage offers both credit lines and term loans for businesses that have operated for at least two years and had a minimum of $100,000 in revenue for the prior year.
Bank of America
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
Max loan amount
$5,000,000
Min. credit score
700
Bank of America Business Advantage offers both credit lines and term loans for businesses that have operated for at least two years and had a minimum of $100,000 in revenue for the prior year.
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.
Qualifications:
- N/A
Our pick for
Trucking business SBA loans
SBA 7(a) loans can be used for a variety of purposes, including short- and long-term working capital and the purchase of equipment.
SBA 7(a) loan
Max loan amount
$5,000,000
Min. credit score
650
Est. APR
10.75-14.25%
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
Low interest rate
SBA 7(a) loan
Max loan amount
$5,000,000
Min. credit score
650
Est. APR
10.75-14.25%
SBA 7(a) loans can be used for a variety of purposes, including short- and long-term working capital and the purchase of equipment.
7(a) loans are issued by private lenders and backed by the SBA. They offer long repayment terms and low interest rates.
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
Qualifications:
- For-profit U.S. business.
- Unable to access credit on reasonable terms from nongovernment sources.
- Financial qualifications determined by individual lender.
Low interest rate
Our pick for
Short-term business loans
National Funding offers unsecured loans to startups and borrowers facing credit challenges. It can provide funding in as little as 24 hours, making it an option for last-minute cash flow gaps.
National Funding - Online Term Loan
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
Max loan amount
$500,000
Min. credit score
600
National Funding offers unsecured loans to startups and borrowers facing credit challenges. It can provide funding in as little as 24 hours, making it an option for last-minute cash flow gaps.
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
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.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
Our pick for
Long-term business loans
iBusiness Funding (formerly Funding Circle) offers small-business loans between $25,000 and $500,000 with terms between six months and seven years.
iBusiness Funding - Online term loan
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.
May fund quickly
iBusiness Funding - Online term loan
Max loan amount
$500,000
Min. credit score
660
Est. APR
15.22-45.00%
iBusiness Funding (formerly Funding Circle) offers small-business loans between $25,000 and $500,000 with terms between six months and seven years.
iBusiness Funding acquired Funding Circle in 2024. Its online term loan is an option for established businesses that are financing an expansion or refinancing debt.
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.
Qualifications:
- Minimum credit score: 660.
- Minimum time in business: 24 months.
- Minimum annual revenue: $50,000.
- No bankruptcies in the past seven years.
May fund quickly
Our pick for
Trucking business equipment loans
Triton Capital offers fast funding for equipment loans up to $250,000. Rates start at 5.99% and terms can range between one and five years.
Triton Capital - Equipment financing
4.0
NerdWallet rating with Fundera by NerdWallet
Max loan amount
$250,000
Min. credit score
575
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
NerdWallet rating
4.0/5
Max loan amount
$250,000
Min. credit score
575
Est. APR
6.50-34.99%
Triton Capital offers fast funding for equipment loans up to $250,000. Rates start at 5.99% and terms can range between one and five years.
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
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.
Qualifications:
- Minimum credit score: 580.
- Minimum time in business: 24 months.
- Minimum annual revenue: $150,000.
Our pick for
Fast funding
OnDeck offers short-term loans and lines of credit that range between $5,000 and $250,000. The online application can be completed in as little as 10 minutes, and if approved, you may be able to get same-day funding.
OnDeck - Online term loan
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.
May fund quickly
OnDeck - Online term loan
Max loan amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%
OnDeck offers short-term loans and lines of credit that range between $5,000 and $250,000. The online application can be completed in as little as 10 minutes, and if approved, you may be able to get same-day funding.
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
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.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: 12 months.
- Minimum annual revenue: $100,000.
- Must have business bank account.
May fund quickly
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.
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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