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Best Trucking Business Loans

By Olivia Chen
Last updated on March 15, 2024
Edited byChristine Aebischer
Fact checked and reviewed
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.

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A trucking business loan most commonly refers to a small-business loan used to purchase a commercial truck, although it can also include funding for working capital and other operational expenses. Trucking business loans can cover everything from semi trucks and plow trucks to dump trucks, service trucks, food trucks, pickups and more. Trucking businesses can be owner-operator businesses that have one truck, or larger companies that operate a fleet of trucks.
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 that can be caused by the trucking payment cycle, short-term loans or a line of credit may work well for you.

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 8 trucking business loans

LenderNerdWallet RatingMax loan amountMin. credit scoreNext steps

American Express® Business Line of Credit

5.0/5

Best for Trucking business lines of credit

$250,000660
Read Review

Fundbox - Line of credit

5.0/5

Best for High-revenue, early-stage trucking businesses

$150,000600
Read Review

Bank of America

Best for Trucking business bank loans

$5,000,000700
Read Review

SBA 7(a) loan

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Best for Trucking business SBA loans

$5,000,000650

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National Funding - Online Term Loan

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4.0/5

Best for Short-term business loans

$500,000600

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Funding Circle - Online term loan

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4.5/5

Best for Long-term business loans

$500,000660

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Triton Capital - Equipment financing

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4.0/5

Best for Trucking business equipment loans

$250,000575

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OnDeck - Online term loan

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5.0/5

Best for Fast funding

$250,000625

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Here are 8 trucking business loans

Best for Trucking business lines of credit

American Express Business Blueprint™

Max Amount

$250,000

Min. Credit Score

660

Best for High-revenue, early-stage trucking businesses

Fundbox

Max Amount

$150,000

Min. Credit Score

600

Best for Trucking business bank loans

Bank of America

Max Amount

$5,000,000

Min. Credit Score

700

Best for Trucking business SBA loans

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

650

Best for Short-term business loans

National Funding

Max Amount

$500,000

Min. Credit Score

600

Best for Long-term business loans

Funding Circle

Max Amount

$500,000

Min. Credit Score

660

Best for Trucking business equipment loans

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

Best for Fast funding

OnDeck

Max Amount

$250,000

Min. Credit Score

625

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
The American Express® Business Line of Credit is a good option for business owners with fair credit who want access to working capital.

Max loan

$250,000

Min. Credit score

660

The American Express® Business Line of Credit is a good option for business owners with fair credit who want access to working capital.

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%
Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.
May fund quickly

Max loan

$150,000

Min. Credit score

600

Apr range

36.00-99.00%

Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.

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.
  • Personal guarantee likely required.
  • Limited information available online.

Max loan

$5,000,000

Min. Credit score

700

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

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

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

Read Review

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Max Loan Amount
$500,000
Min. credit score
600
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

Max loan

$500,000

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

Long-term business loans

Funding Circle offers small-business loans between $25,000 and $500,000 with terms between six months and seven years.

Funding Circle - Online term loan

Read Review

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Max Loan Amount
$500,000
Min. credit score
660
Est. APR
15.22-45.00%
Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.
May fund quickly

Max loan

$500,000

Min. Credit score

660

Apr range

15.22-45.00%

Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.
Read Review

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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 

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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

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

Read Review

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Max Loan Amount
$250,000
Min. credit score
625
Est. APR
27.20-99.90%
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
May fund quickly

Max loan

$250,000

Min. Credit score

625

Apr range

27.20-99.90%

OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
Read Review

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How Much Do You Need?

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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.

Learn more