Best Trucking Business Loans

Truckers looking to purchase a truck for a trucking business need sizable money to do so. This chunk of financing can be obtained through small business loans, such as equipment financing, to help make the dreams of owning a truck a reality.

trucking business loans
Katie Oelker
Written by:Katie Oelker
Personal Finance Expert

Small business loans for truckers allow them to obtain their own truck without having to pay for it upfront. This is oftentimes considered equipment financing. Equipment financing tends to be easier to obtain than unsecured lending as the equipment itself is held as collateral in the event that the loan payments are not made on time.Other types of financing can help trucking businesses fix up or maintain their trucks, pay employees, cover vehicle registration and taxes, purchase spare parts, and pay for fuel and tolls. This article compares a few popular choices for trucking company loans.

How to Choose the Best Trucking Business Loan

While there are several things to consider when choosing a trucking company loan, a few factors can help narrow the decision. Our experts used these factors to rank lenders:

  • Loan Features: When considering loan features make sure to evaluate the loan terms, options for repayment and the amount of loan available.
  • Application process - Another factor to consider is how invasiven the application process is and what information they require. This also includes if the application has a hard-pull or soft-pull credit score impact, amount of time it takes to receive funds and any distinctively competitive offerings.
  • Interest rates and fees - Loans for truckers can carry different types of fees and interest rates depending on the type of loan. Determining which will work within budget is recommended.
  • Qualification process - One of the biggest factors is what is needed to qualify. Be sure to look at the minimum credit score, annual revenue, and business history requirements before applying.
  • Customer support - When considering loans, make sure to consider the accessibility to a live customer service rep, whether you can receive support online or through a mobile app, and if there is any supplemental information and tools to help you along the way.
  • Online user reviews - Reviews on independent review sites like Trustpilot should be considered. What others have to say about using a loan provider can provide insight through raving reviews or red flags.
  • Perks and Bonuses - Also consider what special options a lender offers such as payment flexibility, advertising transparency, and advanced technology when making a trucking loan decision.

Our Top Picks for Trucking Business Loans

  • Ideal for plenty of industries
  • Approval not solely credit based
  • Early payoff discounts
Credit Score
Min. Credit Score 550+
Loan Amount
Loan Amount $5K-$750K
Loan Repayment
Loan Repayment 4-15 months
Fundbox review
  • No monthly fees or prepayment penalties
  • Same-day or next-day funding
  • Best for business lines of credit
Credit Score
Min. Credit Score 600+
Loan Amount
Loan Amount $5K - $150K
Loan Repayment 6-12 months
Torro review
  • Hundreds of financing options
  • Use the loan for any purpose
  • Fast process
min credit score
Min. Credit Score 680+
loan amount
Loan Amount Up to $575K
Loan Repayment
Loan Repayment 12 - 48 months

Best Trucking Business Loans for 2022 - Full Overview

Our experts have rounded up some of the best loans for truck drivers including the following:

1. Fora Financial - Best for Experienced Truckers

Fora Financial offers small business loans specifically for trucking drivers. Interested borrowers can apply online and receive funds in as little as 72 hours with most applications approved or rejected within 24 hours. With terms up to 15 months, early payoff discounts and no collateral requirements, Fora Financial can be a solid choice for trucking company loans.

Larger loan limit than most competitors
Only 6 months in business required
Early payoff discount up to .10c on the $1
Highest annual revenue required
Must have at least $12,000 in revenue a month
No bankruptcies within past year

Fora Financial business loans require the business to be operating for at least 6 months and have a minimum of $144,000 annual revenue. If a potential borrower qualifies they will be offered a loan from $5,000 to $750,000 depending on their needs.

The Bottom Line

Fora Financial is a great choice for business loans for truck drivers as they specifically offer a trucking business financing option. Having served over 25,000 small businesses, Fora Financial is an experienced lender. Interested borrowers are assigned a Capital Specialist to walk them through their needs, making the process less overwhelming.

2. Fundbox - Best for Newer Businesses

Fundbox offers both term loans and lines of credit for small business financing. Term loans are typically used for financing vehicles and machinery, making it a great choice for truck owners. They also offer a 24 or 52 week payback period for term loans.

Only need $100,000 in annual revenue
No early prepayment or origination fees
Premium membership with unique features
May require a lien on business as collateral
May be reliable personally if business fails
Smaller line of credit versus competitors

Fundbox can give interested business owners a line of credit up to $200,000 if the borrower has a credit score of at least 600 and has been in business for at least 6 months. Qualified borrowers can enjoy rates starting at 4.66% if they have at least $100,000 in annual revenue.

The Bottom Line

Compared to competitors, Fundbox has smaller time in business and annual revenue requirements, at 6 months and $100,000 respectively. This makes it a good option for newer trucking businesses that haven’t been in business as long or made as much money yet.

Try Fundbox

3.Torro - Best for Quick Access to Funds

Starting a trucking business can be an expensive endeavor, and Torro understands that better than most. For new business owners without a business history, excellent credit history, or a large amount of assets, it can be hard to obtain lending. Unlike other lenders, Torro doesn’t require a business appraisal or an asset verification. With little to no paperwork needed to apply, Torro makes it easy for startup trucking businesses to obtain funding.

Proprietary funding system speeds up the process
Same day funding possible
No need for business history
No certain level of assets to qualify
Lower terms for fixed term loan
Potentially higher rates
Smaller loan amounts compared to competitors
Shorter term payoff time

Torro offers trucking businesses two types of financing to meet their needs: fixed term funding and open ended funding. With fixed term funding the limit is $575,000 with payoff set from 3 months to 24 months. There is no penalty for paying debt off early. The open ended funding option gives more flexibility and has a $125,000 loan limit. As borrowers dip into the funds their payment is adjusted. The more funds they use, the higher their payment and vice versa.

The Bottom Line

Because Torro doesn’t require a business appraisal or asset verification they make an excellent choice for truckers looking to purchase their first truck. That combined with paperwork to apply makes Torro an easy choice for those looking to obtain funding for their new trucking business.

4. BlueVine - Best for Lines of Credit

BlueVine offers a business line of credit that you can use for truck financing. A line of credit can be the difference between whether a trucking business can stay afloat during slow times or not. If the truck is experiencing slow months or in an off season, a line of credit from BlueVine can make it possible to afford expenses such as staff, parts, and truck maintenance until business picks up again. BlueVine also offers business banking helping customers keep more of their banking business in one place.

Can pay bills with credit card
Also offers business banking
Pay bills online automatically
Unavailable in Nevada, North and South Dakota
2.9% fee added if paying back by credit card
$15 per transaction if money is wired

In order to qualify for a BlueVine line of credit business owners must have a credit score of at least 600 and be in business for at least 6 months. Their business must also have $120,000 of minimum annual revenue. Rates can be as low as 4.8% for up to $250,000 worth of funding. BlueVine allows borrowers to take out money through their line of credit and pay back each draw with fixed monthly or weekly payments over the course of 6 to 12 months.

The Bottom Line

BlueVine is a good choice for trucking businesses looking for a line of credit with lower rates than competitors with the ability to pay back up to one year. They also allow bills to be paid automatically with a credit card helping borrowers earn rewards or cash back, which is a unique feature to BlueVine.

Try BlueVine

5. Credibly - Best for Poor Credit

Credibly offers several types of business loans including working capital, lines of credit, short term business loans, and SBA loans for truckers. Another good option for truck owners is the equipment financing offering. Interested borrowers can prequalify for Credibly’s equipment financing in as little as 10 minutes, get approved in as little as four hours, and receive funds deposited into their bank account the same day. Besides flexible terms and low interest rates, equipment financing can also help business owners increase their tax efficiency through a Section 179 tax deduction.

No credit score required for equipment financing
No minimum annual revenue required for equipment financing
Can obtain same day funding
Equipment financing loan only to be used for equipment financing
If your equipment needs constant repair, debt may increase
If you default on the loan, your equipment can be collected as collateral

Credibly’s equipment loan does not require a minimum credit score or minimum annual revenue to qualify. This type of loan is typically easier to obtain as the new machinery will be used as collateral. However, if you can no longer repay the loan that equipment will be collected. Rates can start as low as 1.09% and borrowers can obtain as little as $10,000 or all the way up to $10,000,000 depending on the type of business.

The Bottom Line

Credibly has no credit score requirements, which makes them a great choice for businesses or individuals that don’t have credit or have a low credit score. With over 30,000 businesses served and 90% of their applicants getting preapproved for equipment loans Credibly is a reputable company that makes it easy for truck owners to get the funding they need.

6. Biz2Credit - Best for Equipment Financing

Founded in 2007, Biz2Credit has helped more than 225,000 business owners obtain more than $7 billion in financing. The two main types of financing they offer for small businesses are working capital and term loans.

Available for startups
Can use new equipment as collateral
Mobile app for customers to track application
Equipment financing only for actual equipment
Loan may outlive useful life of equipment
Potentially higher interest rates

Borrowers must be in business for at least 13 months to qualify for equipment financing. A great option for startups as interested entrepreneurs can look to borrow $25,000 to $100,000 with rates from 7.99% to 30%. If the business is well established, interested owners can look to borrow more than $100,000 at much lower rates, from 5.99% to 7.5%.

The Bottom Line

As a truck can be used as collateral, equipment financing tends to have lower rates and terms from 7-10 years, compared to only 2-5 years with unsecured lines of credit. Thus equipment financing can be very useful for truck business owners, with Biz2Credit as a top choice.

Best Trucking Business Loans - Features Comparisons

There are several features that can be reviewed when comparing lending companies as noted below:

Company Min. Credit Score Min. Time in Business Min. Annual Revenue Loan Amount Interest Rate
Fora Financial Not disclosed 6+ months $144,000
Up to $750,000 Not disclosed
Fundbox 600+ 6+ months $100,000 Up to $200,000 4.66% to 8.99%+
Torro Not disclosed Not disclosed
Not disclosed $25,000- $575,000 Not disclosed
BlueVine (equipment financing) 550-600 1 year $100,000 Up to $250,000 8-30%
Credibly Not required Not disclosed Not required $10,000- $10 million
Starting at 1.09%
Biz2Credit Not disclosed 13 months Not disclosed $25,000-

What are Trucking Business Loans?

A trucking business loan provides funding to truckers who are looking to purchase their own truck or expand their fleet. Obtaining funding makes it possible for truckers to purchase a truck without having to have the cash upfront or pay for it all at once. Small business loans for truckers can also help pay for things such as maintenance of the truck, payroll for employees, fuel, and parts.

How to get a trucking business loan?

If you’re in the market for a trucking business loan, there are a few things you need to make sure of in order to help yourself have the greatest chance at obtaining financing:

  • Time in business - Lenders prefer to give money to businesses that have established business history. The longer time in business, the greater chances of obtaining financing. Some lenders even have minimum time in business requirements of 6 months to a year or longer.
  • Credit score - Qualifying for truck financing also depends on a company’s credit score. The higher the score, the greater the chance of lower interest rates. While there are some companies that may extend funding without favorable credit, it’s less likely and will cost more in interest in the long run.
  • Annual revenue - When obtaining financing it’s important to have revenue that lenders can see. A business loan for a trucking company may require annual revenue requirements to qualify for funding.
  • Using trucks as collateral - Equipment financing typically requires the truck that is being used as collateral. This means that if the loan payments can’t be fulfilled, the truck can be confiscated or sold and used to pay for the loan.
  • Complete and accurate information - Most lending companies will require at least some amount of paperwork. Having the necessary, and accurate, information available will enable the lender to complete the process as quickly and smoothly as possible, upping the chances of receiving funding.
  • Down payment - Some lenders will require a down payment in order to obtain equipment financing or another type of funding. Having some money available for this purpose may help qualify for the funding that is needed.

Types Of Business Loans For Commercial Truckers

There are several types of business loans that truckers may want to consider including:

  • Equipment financing - Equipment financing is specifically designed to obtain new or used equipment. These loans typically carry lower rates than other types of loans, but the equipment is used as collateral. They can be a great option for trucking companies.
  • Term loans - Term loans are loans that are taken out and paid off over a specified period, or term. These loans can have fixed or variable rates depending on the type and lender. Terms can also depend on the status of the business, how long they have been in operation, how much money they generate, as well as the businesses’ credit score.
  • Invoice factoring - Invoice factoring is a funding system in which outstanding invoices are sold to a third party at a discounted rate. The company is then responsible for collecting payment, and will take part for their service fee. Even though they give up some of their payment, this helps trucking companies get paid faster and can potentially reduce cash flow problems.
  • Merchant cash advance - For a merchant cash advance, a company will receive a one time lump sum payment in exchange for payments based off of credit card sales. These payments are run through ACH and the lower the transactions the less money that is automatically collected.

How Can You Use Trucking Business Loans?

Trucking business loans can be used for a variety of reasons including:

  • Purchasing the first truck - Truckers looking to purchase their very first truck will need an abundant amount of cash to do so, something that loans for truckers can help them accomplish.
  • Adding a new truck to the fleet - Even established truckers may not have the funds to purchase outright a new truck to add to their fleet. Trucking company loans can help provide the funds to growing businesses.
  • Payroll - Loans such as business lines of credit can help truckers bridge the gap between busy seasons to pay for expenses such as staff payroll.
  • Taxes and insurance - Trucking loans can help business owners pay for the taxes and insurance they need to keep their truck on the road.
  • Fuel and toll costs - With the price of gas changing, truckers may need funding to ensure they can keep up with the rising costs of fuel and potentially tolls.
  • Maintenance and parts- While purchasing a truck is one expense, taking care of it is another. The costs of maintenance and parts can add up and funding can help make sure the repairs are completed when needed.
  • Upgrade trucking technology - Equipment funding can help truckers upgrade their trucking technology, such as GPS or automatic logging systems, without digging into their cash reserves.


While owning a truck for commercial business purposes can be a lucrative endeavor, it can also be a costly one to get started. This is where business financing comes in. Truck financing can help make the dreams of truckers a reality, getting their business off the ground or helping them expand. Our experts reviewed lenders that understand the needs of truck owners, giving them options to obtain financing regardless of their situation. With different types of financing available owning a successful trucking business can be within reach to truckers ready to make the jump to truck ownership.

Frequently Asked Questions (FAQ)

Can I get a trucking business loan if I have bad credit?
If you have bad credit, it is still possible to obtain a business loan for a trucking company. Certain providers will work with bad credit businesses, taking a more holistic approach to understand the rest of their business and how they may be able to help. However, taking steps to improve credit is also highly recommended to greater your chances of approval and receiving a more favorable rate.
Can you get an SBA loan to start a trucking company?
There are companies that do offer SBA trucking loans. While they tend to require more paperwork and time to obtain funding, they also can have lower interest rates and more favorable terms. SBA loans for owner-operator loans can require a more favorable credit score, solid cash flow, and a business plan to show in order to qualify.
Should you finance or lease a commercial truck?
While the option to lease a commercial truck is out there, it’s not always advised to do so. When leasing you miss out on the equipment depreciation tax breaks that may be available for truck owners. While monthly payments may be lower with leasing, if you want to purchase the truck after the lease is over you may have to pay a large lump sum to own.

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