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.
Here are 8 trucking business loans
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
American Express® Business Line of Credit | 4.6/5 Best for Trucking business lines of credit | $250,000 | 660 | Read Review |
Fundbox - Line of credit | 4.9/5 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 | 4.1/5 Best for Short-term business loans | $500,000 | 600 | with Fundera by NerdWallet |
Funding Circle - Online term loan with Fundera by NerdWallet | 4.5/5 Best for Long-term business loans | $500,000 | 660 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.1/5 Best for Trucking business equipment loans | $250,000 | 575 | with Fundera by NerdWallet |
OnDeck - Online term loan with Fundera by NerdWallet | 4.7/5 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
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.
- Personal guarantee required.
- Complex monthly fee structure makes it difficult to compare costs to other lenders.
American Express® Business Line of Credit
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.
- Personal guarantee required.
- 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.
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
Pros
- Financing available within one business day after approval.
- Simple application with minimal documentation required.
- Startup-friendly — accepts borrowers with a minimum of six months in business.
- Low minimum credit score requirement.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- May require personal guarantee.
- Weekly repayments required over a short term (maximum of 24 weeks).
Fundbox - Line of credit
Pros
- Financing available within one business day after approval.
- Simple application with minimal documentation required.
- Startup-friendly — accepts borrowers with a minimum of six months in business.
- Low minimum credit score requirement.
- No prepayment penalties, account maintenance fees or inactivity fees.
Cons
- Rates are high compared with traditional banks.
- May require personal guarantee.
- Weekly repayments required over a short term (maximum of 24 weeks).
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $100,000.
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
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.
Bank of America
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.
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
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Personal guarantee is required.
- Collateral is typically required.
- Longer processing times than online lenders.
SBA 7(a) loan
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Personal guarantee is required.
- 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.
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
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 - Online Term Loan
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.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
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
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
Cons
- Requires business lien and personal guarantee.
- Must be in business for a minimum of two years.
- Minimum credit score is higher than some other lenders.
Funding Circle - Online term loan
Pros
- Cash can be available within two business days.
- Competitive rates among online lenders.
- Terms up to seven years.
Cons
- Requires business lien and personal guarantee.
- Must be in business for a minimum of two years.
- Minimum credit score is higher than some other lenders.
Qualifications:
- Minimum credit score: 660.
- Minimum time in business: Two years.
- Minimum annual revenue: $50,000.
- No bankruptcies in the past seven years.
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
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Typically requires a personal guarantee and UCC lien.
- Requires high minimum annual revenue.
Triton Capital - Equipment financing
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Typically requires a personal guarantee and UCC lien.
- Requires high minimum annual revenue.
Qualifications:
- Minimum credit score: 575.
- Minimum time in business: Two years.
- Minimum annual revenue: $250,000.
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
Pros
- Cash can be available within the same business day.
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Not available in Nevada, North Dakota or South Dakota.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Requires business lien and personal guarantee.
OnDeck - Online term loan
Pros
- Cash can be available within the same business day.
- Accepts borrowers with a minimum credit score of 625.
- Streamlined application process with minimal documentation required.
- Can be used to build business credit.
Cons
- Not available in Nevada, North Dakota or South Dakota.
- Requires frequent (daily or weekly) repayments.
- Interest rates can be high compared with traditional lenders.
- Requires business lien and personal guarantee.
Qualifications:
- Minimum credit score: 625.
- Minimum time in business: One year.
- Minimum annual revenue: $100,000.
- Business bank account.
Alternative trucking business lenders
Alternatives to trucking business loans
Freight factoring
Trucking business grants
How much money do you need for a trucking business loan?
- 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.
Methodology
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.