7 Best Trucking Business Loans for 2024

The best trucking business loans should offer competitive rates, excellent customer service, and favorable repayment terms. In addition, some of the best lenders will have more accessible qualification requirements in consideration of criteria such as credit score, time in business, revenue, and required down payment amounts.

We’ve compiled our recommendations for the best small trucking business loans:

• Smarter Finance USA: Best overall for low rates and flexible qualification requirements
• SBG Funding: Best for low credit scores
• National Funding: Best for customer service and custom loan options
• Clarify Capital: Best for multiple loan options
• Commercial Fleet Financing: Best for fast approval and funding speeds
• TopMark Funding: Best for established businesses seeking low rates
• Truck Lenders USA: Best for businesses with good credit scores

Best Trucking Business Loans at a Glance

Smarter Finance USA: Best Overall for Low Rates and Flexible Qualification Requirements

Why We Like Smarter Finance USA

Smarter Finance USA, a broker with nearly 40 lenders in its network, offers equipment financing for a wide range of vehicle types, including semi-trucks, tow trucks, and box trucks. With no minimum requirements for credit score, time in business, revenue, or down payment, it has one of the most flexible qualification requirements in our guide. It can also offer competitive rates, although its best rates will often require your business to be well-qualified.

Applications are reviewed on a case-by-case basis and are accepting of businesses with limited resources and credit history. That said, with such a large network of lending partners, you can have more chances to get approved. Keep in mind that even though there is no minimum credit score requirement, it can be particularly challenging to get approved if your score is under 600.

Smarter Finance USA can issue approvals with no down payment, although it does charge a $399 documentation fee if you decide to move forward with the loan process. To learn more or submit an application, you can visit its website.

SBG Funding: Best for Low Credit Scores

Why We Like SBG Funding

SBG Funding offers various financing options for qualified business owners. With a high loan approval rate of 85%, it extends funding to businesses that meet the minimum eligibility criteria, which is highly accessible compared to other lenders.

Funds from this broker can be used to expand an existing fleet of vehicles and take on more loads. You also have the flexibility to cover any other business equipment needs, such as repairing or replacing machinery, upgrading equipment, and hiring more drivers. Rates for well-qualified businesses start as low as 3.75%, which reflects an average monthly fixed rate. Depending on your business cash flow needs, you can opt for a vehicle lease or purchase.

If you’re interested in learning more or applying, visit the SBG Funding website. There, you can complete an online application in just a few minutes. Required documents as part of the initial application will include the past four months of your business bank statements, a copy of your driver’s license, a voided check for your business account, and an invoice showing the details of the vehicle you intend to purchase. Approval decisioning and disbursement have a quick turnaround time, which is ideal if you need funds on short notice.

National Funding: Best for Customer Service and Custom Loan Options

Why We Like National Funding

National Funding offers equipment financing and leasing options that can be used to fund your trucking business. Qualification requirements are flexible and accessible to businesses that have less than ideal credit or limited time in business. Since it offers its lending product as an equipment loan, funds may not necessarily be restricted to the purchase of a specific vehicle but instead can be used for a variety of other business equipment needs.

This provider keeps the majority of its loans in-house. You’ll be paired with a funding specialist who will learn about your business qualifications and needs to get you a loan suited for your business. It can provide custom loan terms to accommodate any concerns you may have, including monthly payments and monthly cash flow items. Notably, there are no collateral requirements to secure the loan, which is a perk for businesses with limited resources.

National Funding also offers business loans for other purposes. To learn more, head over to its website, where you’ll also have the ability to submit an online application at no cost and no obligation to accept a loan offer. Be prepared to provide an equipment quote from the vendor you’re looking to purchase from to supplement your application.

Clarify Capital: Best for Multiple Loan Options

Why We Like Clarify Capital

Clarify Capital is a loan broker with over 75 lenders in its network. That’s the most out of the list of companies we’ve selected, giving you the highest chance to get approved, as well as multiple options to choose from and the best combination of rates and terms.

Its equipment financing options allow you to borrow up to 100% of the value of the equipment. It has a low credit score requirement and is accessible to businesses that have been operating for a short time. However, there is a monthly revenue requirement to verify that you’re an established business with the ability to repay the loan.

Visit the Clarify Capital website to submit an online application—a process that can be completed in as little as two minutes. As part of your application, you’ll need to provide 3 to 4 months of your most recent business bank statements as proof of revenue. Once it receives a completed application, you’ll be paired with a dedicated advisor to discuss your options and walk you through the process.

Commercial Fleet Financing: Best for Fast Approval and Funding Speeds

Why We Like Commercial Fleet Financing

If you are short on time and need to get funding quickly, Commercial Fleet Financing can be the best fit. It offers an easy one-page application process, approvals that can be issued in a matter of hours, and disbursement of funds within 24 hours. Financing is available for a wide range of vehicle types—including semi-trucks, trailers, tow trucks, and box trucks—and for fleets and construction equipment.

Commercial Fleet Financing is a loan broker, so you’ll have the advantage of being able to qualify for personalized loan options with multiple lenders with just a single application. The downside is that you may not know the exact terms and qualification requirements until after you apply. You’ll have to practice due diligence when presented with your loan options to ensure the lender you choose is a good fit for both your business and your budget.

To learn more about the financing options available, head over to the Commercial Fleet Financing website. There, you can either find the company’s phone number to call for more information or submit an online application.

TopMark Funding: Best for Established Businesses and Low Rates

Why We Like TopMark Funding

TopMark Funding can offer some of the lowest rates, but it will require your business to have strong credit and finances. It also has no specified minimum time for your business to have been in operation, but we recommend at least three years of history of having a commercial driver’s license (CDL) to improve your approval odds.

To get the best rates, you’ll likely need a high credit score of at least 650. Borrowers with lower credit scores can still get approved but may receive higher interest rates. Other eligibility criteria require the vehicle to be less than 10 years old and have fewer than 700,000 miles on the odometer.

With TopMark Funding, you can get financing for semi-trucks, trailers, and commercial vehicles. The company also provides a streamlined application and obligation-free approval process for loan requests of less than $250,000. To learn more or to apply, check out its website.

Truck Lenders USA: Best for Businesses with Good Credit

Why We Like Truck Lenders USA

Truck Lenders USA offers commercial truck financing expertise, as that’s the only financing option it provides. Generally, it’s available to businesses with good credit, although there’s no defined score it’ll lend to. That said, we recommended a score of at least 680 to account for its specialty financing practices.

As a result, this is the highest recommended score in our guide, but you should still apply if you think it may be a good fit for your business needs. Keep in mind that rates will differ depending on your qualifications and can lean more favorably the higher your credit score is.

The company is a direct lender—it is not a broker, so you can be assured that your loan will not be sold or transferred to other companies. If you have questions about your loan, you can always contact Truck Lenders USA directly.

The approval process is generally quite simple and has limited requirements depending on the loan amount you’re applying for. For loans under $125,000, it’s possible to qualify with just bank statements to supplement the application. The company also has a streamlined application-only process for loans between $15,000 and $75,000. Larger loan amounts are available, although additional financial statements may be required.

To get a quote, visit the Truck Lenders USA website. There, you’ll need to provide information about your business and the type of equipment you’re looking to purchase or lease. Once you submit the online application, it will be reviewed by the company to determine your available options.

How We Chose the Best Small Trucking Business Loans

We considered the following items in selecting the best trucking business loans:

• Interest rates and estimated APRs
• Credit score, time in business, and revenue requirements
• Down payment requirements
• Application, approval, and funding speed
• Loan terms, such as loan amount and repayment options
• Amount of documentation required for loan approval
• Broker vs lender options
• Customer reviews and ratings

If you need tips or insights when choosing the best truck loan for your business, check out our article on how to get semi-truck financing to learn more about the process and how to prepare your loan application.

Alternatives to Trucking Business Loans

If you’re having trouble getting a trucking business loan, consider reading our tips for improving your approval odds in our guide on how to get a small business loan. If you are still unable to get funding or are looking for more competitive rates, consider the following alternatives:

• Small Business Administration (SBA) loans: SBA loans offer favorable rates and terms to qualifying small businesses due to their government-backed nature. They’re available to small businesses with a strong business and credit history and can support funding for various business purposes. Check out our top-recommended SBA lenders for options.
• Rollover for business startups (ROBS): A ROBS is a way to access your retirement accounts tax- and penalty-free. It’s not a loan, so you’ll save on interest fees. However, doing a ROBS incorrectly can lead to hefty fines and penalties. As a result, we recommend using the services of one of our leading ROBS providers.
• Small business lines of credit: These act as a revolving credit facility, in which you can request a draw and receive funding on an as-needed basis. They are best for short-term business expenses, as there’s a limited draw period in which the funds can be repaid over time. For recommendations, view our picks for the best small business lines of credit.
• Equipment leasing: An equipment lease is an agreement that allows you to borrow a piece of equipment for a set period to be utilized for business purposes. The lessor receives monthly payments from the lessee for the use of the asset. No ownership rights are transferred, and the asset is returned to the lessor at the end of the agreement period. See our top equipment leasing companies for options.

Frequently Asked Questions (FAQs)

It’s a generally simple process to apply for a trucking business loan. Depending on your qualifications, you may have to shop around a bit to find a lender that can finance your exact business needs; however, it’s worth it to find favorable rates and terms that fit your budget.

If you can’t purchase a vehicle outright, financing it can be expensive and affect your business cash flow. Other factors to consider include repair and maintenance costs since you’ll have ownership responsibilities of the vehicle and value depreciation if you ever plan on trading or selling the asset.

Various lenders offer truck financing, whether it be a traditional brick-and-mortar banking institution, a local credit union, or an online lender. Some lenders may even specialize in truck financing and offer expertise and resources applicable to your business.

Bottom Line

There are plenty of financing options available from a wide variety of lenders. Our guide on the best small trucking business loans can help you determine which lenders you may be eligible for and compare rates and terms applicable to your budget. Before applying to just one, you should shop around for a lender to ensure you get the best loan available that can support your business needs.