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Trucking Business Loans: Best Options to Consider in 2022

Truckers looking to purchase a vehicle for a trucking business need a sizable amount of money. This funding 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
Personal Finance Expert

Reviewed by: Jen Hubley Luckwaldt, Finance Content Writer and Editor


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Small business loans allow truckers to buy their own truck without having to pay for it upfront. Often, truckers will find it easiest to obtain equipment financing. In this type of lending, the equipment is held as collateral. Other types of small business loans for truckers include term loans, invoice factoring, and merchant cash advances. Here, we review the options for your business.

Top Picks for Trucking Business Loans

While there are several things to consider when choosing a trucking company loan, a few factors can help narrow the decision.

In this review we highlight the terms, rates and fees of each lender and explain what makes them a good option. We also share potential downsides of each lender, and provide a methodology you can use to select the best option for your needs.


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. Kabbage - Best for Straightforward Access to Funds

Kabbage offers a business line of credit that provides access to funds for small business owners. The application process is straightforward and funds arrive in a timely manner after approval. In addition, Kabbage gets high marks for qualification leniency. The lender requires a minimum credit score of 640. 

Straightforward application and funds availability
Minimum credit score: 640
Business history requirement: 12+ months
Monthly revenue requirement: $3,000
Multiple fees including maintenance, monthly, and late fees
Potentially high monthly fees

Kabbage offers one loan product: a business line of credit in 6-, 12-, or 18-month terms. The lender has a different fee structure than many of its competitors, charging a monthly fee instead of an APR. Fees vary, depending on the repayment:

  • 6 months: 2-9%
  • 12 months: 7.5-18%
  • 18 months: 15.75-27%

Fees include monthly, maintenance, and late payment fees. Kabbage does not charge origination or prepayment fees.

The Bottom Line

The application process is speedy and funds arrive in a timely manner. Moreover, low credit and time in business requirements make this an accessible loan for many owner-operators. However, total fees can be high and business owners should be aware that each draw is a separate installment loan.

2. National Funding - Best For Working Capital Loans

National Funding offers short-term working capital loans, which can be useful if your trucking business needs money for everyday expenses like fuel, payroll, and taxes. You can borrow up to $500,000.

Fair credit accepted
Early repayment discount
Stellar reputation on Trustpilot
Daily or weekly repayments
Origination fee, which can increase your overall cost of borrowing.
No mobile app

National Funding’s short-term working capital business loans range from $5,000 to $500,000 with repayment terms between 4 months and 2 years. To take out a working capital loan, you’ll need a minimum credit score of 600, a business track record of at least 6 months, and $250,000 or more in annual revenue.

The Bottom Line

If you earn at least $250,000 in annual revenue and need some extra cash to fund your working capital expenses, National Funding should be on your radar. This is particularly true if you’re confident you can pay off your loan in 100 days and secure the early repayment discount.

3. Fora Financial - Best for Experienced Truckers

banner_Fora Financial

Fora Financial offers small business loans and merchant cash advances specifically for trucking drivers. Interested borrowers can apply online and receive funds in as little as 72 hours. Most applications are 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 10 cents on the dollar
Highest annual revenue required
Must have at least $12,000 in revenue a month
No open bankruptcies

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. Fora Financial places no restrictions on how borrowers use their small business loans, making them a flexible option. Merchant cash advances also allow you to borrow against future transactions.

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.

4. Fundbox - Best for Newer Businesses

Banner funbox

Fundbox offers both term loans and lines of credit for small business financing. Term loans are typically used for financing vehicles and machinery, making them 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
Application process takes minutes
May require a lien on business as collateral
May be personally liable if the business fails
Smaller line of credit versus competitors

Fundbox can give interested business owners a line of credit up to $150,000 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

5. Bluevine - Best for Lines of Credit

banner blu vine

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

To qualify for a Bluevine line of credit, business owners must have a credit score of at least 625 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

6. Credibly - Best for Poor Credit

Banner Credibly

Credibly offers several types of business loans including working capital, lines of credit,  term 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 24 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 million 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. Credibly has served over 30,000 businesses. Ninety percent of their applicants get preapproved for equipment loans. Credibly is a reputable company that makes it easy for truck owners to get the funding they need.

7. Biz2Credit - Best for Big Loans

Banner Biz2Credit

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 truckingbusinesses are working capital and term loans. BizCredit’s loans offer a 72-hour turnaround from approval to funding, making them an attractive option for truckers who need cash quickly.

Available for startups
Fast funding time
Mobile app for customers to track application
May require an underwriting fee between $250 and $400
Term loans require a credit score of 660+

Biz2Credit offers higher-than-typical working capital loans ranging from $25,000 to $2 million. These loans are paid back from business receipts, making them an attractive option for trucking businesses that need to scale up quickly. Working capital loans are available to borrowers that have been in business for 6+ months, have annual revenue greater than $250,000, and have a credit score of 575+.

Biz2Credit also offers term loans ranging from $25,000 to $500,000. Rates start at 7.99%. Note that qualification requirements are stricter for Biz2Credit’s term loans. Borrowers must have a business history of 18+ months, annual revenue greater than $250,000, and a credit score of 660+.

The Bottom Line

Biz2Credit’s fast turnaround times and flexible options make them a good choice for trucking businesses. Just be aware that qualification requirements can be stricter than the competition’s, especially for term loans. Read the fine print to make sure you understand pay-back options. For example, their working capital product, like most in this class, requires payment more frequently than once per month. Borrowers can choose daily, weekly, or bi-monthly payment options.

How We Choose The Best Trucking Business Loan

  • 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 invasive the application process is and what information they require. This includes whether the application has a hard-pull or soft-pull credit score impact, the 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. Be sure to take these fees into account when determining your budget.
  • Qualification Process: What will you need in order to qualify for a trucking business loan? Be sure to look at the minimum credit score, annual revenue, and business history requirements before applying.
  • Customer Support: When considering loans, consider whether you will have access 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: Perks and Bonuses: Also consider what special options a lender offers such as payment flexibility, advertising transparency, and advanced technology.


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. This 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.


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 business’s 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. 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 on credit card sales. These payments are run through ACH. The lower the transactions, the less money that is automatically collected.


The Cost of Running a Trucking Business

According to The Trucker Report, the average cost of operating one commercial truck each year is around $180,000. And that’s once you’re up and running.

Starting a truck business can cost as little as $15,000 or as much as $150,000–or more. A lot depends on whether you already own a truck, how many vehicles you want in your fleet, and whether or not you plan to hire additional drivers. Fuel prices alone can have a big impact on your bottom line.

Here are a few expenses to consider:

  • Equipment: New trucks can cost as much as $150,000, while used can cost as much as $80,000. Renting trucks can get expensive quickly–plan on $800-$2,500 per truck.
  • Fuel: Diesel can cost as much as $70,000 per year.
  • Maintenance: Repairs, tires, and other costs add up to about $4,000 per truck per year.
  • Documentation: Plan on spending around $3,000 on documentation, including an MC/DOT number, business fees, a Commercial Driver’s Licence (CDL), United Carrier Registration (UCR), BOC-3 Form, and more. Note that documentation requirements will vary depending on state law and the types of materials you’re transporting.
  • Insurance: As an owner-operator, expect to pay $3,000-$5,000 per year on insurance.
  • Taxes: Typically equal between 25% and 30% of your income and should be paid quarterly.


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. Business loans can help.
  • 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 trucks on the road.
  • Fuel and toll costs: Gas prices fluctuate. Lines of credit and working capital loans can help truckers keep up with rising fuel costs.
  • Maintenance and parts: Purchasing a truck isn’t the only expense you’ll need to worry about. You’ll also need to take care of it. The costs of maintenance and parts can add up quickly. 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.


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 maximize your chances of securing financing:

  • Time in business: Lenders prefer to give money to businesses that have established business history. The longer your time in business, the greater your chances of obtaining financing. Some lenders have a 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 some companies may extend funding without favorable credit, it’s less likely and will cost more in interest in the long run.
  • Annual revenue: When securing financing, it’s important to have revenue that lenders can see. A business loan for a trucking company may come with annual revenue requirements.
  • Using trucks as collateral: Equipment financing typically uses the truck as collateral. This means that if you don’t pay your loan, the lender can confiscate your truck.
  • Complete and accurate information: Most lending companies will require at least some 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.


Main Features of The Best Trucking Business Loans

CompanyMin. Credit ScoreMin. Time in BusinessMin. RevenueLoan AmountInterest Rate
Kabbage64012 months$3,000 monthlyUp to $250,0006-month loan: 2-9%; 12-month loan: 7.5-18; 18-month loan: 15.75-27%
National Funding6006 months$250,000$5,000 to $500,000Not disclosed
Fora FinancialNot disclosed6 months$144,000Up to $750,000Not disclosed
Fundbox6006 months$100,000Up to $150,0004.66% to 8.99%+
Bluevine6256 months$120,000Up to $250,000Starting at 4.8%
CrediblyNot requiredNot disclosedNot required$10,000- $10 millionStarting at 1.09%
Biz2Credit575+6 months$250,000+$25,000 - $2 millon+Term loans start at 7.99%



Trucking businesses can make good money, but it’s expensive to get started. This is where business financing comes in. Truck financing can help owners get their business off the ground or help them expand. Our experts reviewed lenders that understand the needs of truck owners, giving them options to obtain financing regardless of their situation. Truckers who are ready to make the leap to truck ownership may find help in one of these financing options.

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?

Some lenders offer SBA trucking loans. While they tend to require more paperwork and time to obtain funding, these loans 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.

Should you finance or lease a commercial truck?

You do have the option to lease a commercial truck, but it’s not always a good idea to do so. By leasing, you miss out on the equipment depreciation tax breaks that may be available for truck owners. While leasing a truck may lead to lower monthly payments, you will also have to pay a large lump sum if you want to buy the truck once your lease is up.

Katie Oelker

Written by: Katie Oelker

Personal Finance Expert

Expertise in financial topics including budgeting, saving, simplifying investing, life and disability insurance, credit building and maintenance, and credit card travel rewards.

More about me
Jen Hubley Luckwaldt

Reviewed by: Jen Hubley Luckwaldt

Finance Content Writer and Editor

Jen Hubley Luckwaldt is an editor, writer, and content strategist with a focus on personal finance, careers, and DEI. A small business owner for over a decade, Jen helps publications and brands create and optimize B2B and B2C content.

More about me

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