Lenders with the top food truck financing programs should be able to provide funding for your food truck and its related costs, such as working capital, inventory, and other equipment. Depending on your specific needs, top lenders should offer a combination of competitive rates, loan terms, and flexible qualifications. They may also have easy application processes, fast funding speeds, and excellent customer service.
I reviewed a wide range of lenders and recommend the following as the best food truck financing options:
- Smarter Finance USA: Best overall for flexible qualifications
- Lendio: Best for multiple financing options
- Clarify Capital: Best for quick access to funding
- QuickBridge: Best easy application process
- National Funding: Best short-term financing for well-qualified businesses
Top Food Truck Financing Companies at a Glance
Provider Name | Maximum Loan | Maximum Loan Term | Starting Interest Rate | Minimum Credit Score | Required Annual Revenue |
|---|---|---|---|---|---|
 | $1 million | 60 months | 10% | None | |
 | $5 million | Varies | Varies | ||
 | $5 million | 24 months | Varies | $120,000 | |
 | $500,000 | 18 months | 1.10x factor rate | 600 | $250,000 |
 | $500,000 | 18 months | 1.10x factor rate | 660 | $250,000 |
Smarter Finance USA: Best Overall for Flexible Qualifications
| |
Rates & Terms | |
Estimated Time from Application to Funding | 2 to 4 days |
Starting Interest Rate | 10% to 20%+ |
Estimated APR | 10% to 20%+ |
Loan Amount | $10,000 to $1 million |
Repayment Term | 24 to 60 months |
Repayment Schedule | Weekly, monthly, seasonal, deferred |
Type of Financing | Equipment financing |
Qualifications | |
Credit Score | None, but 600 is recommended |
Time in Business | None |
Annual Revenue | None |
Why I Like Smarter Finance USA
Smarter Finance USA is the only lender in this guide with no minimum requirements for credit score, time in business, and annual business revenue. For those reasons, I selected it as the overall best food truck financing option for flexible eligibility criteria. Notably, it’s a broker with nearly 40 lenders in its network, something that allows it to shop your loan to multiple providers to give you the best odds of getting approved at the best available rates and terms.
In addition to having flexible qualification requirements, it has a wide range of repayment terms available to suit your specific needs. For example, if your revenue or expenses are cyclical due to fluctuations in customer preferences for food, you can choose a deferred or seasonal payment schedule to line up with your larger income-producing months to make loan repayments easier from a cash flow perspective.
By visiting the Smarter Finance USA website, you can learn more about available programs. An online application is available for those interested in getting the process started, but you can also call the company to speak with one of its lending representatives to get more information.
Lendio: Best for Multiple Financing Options
| |
Rates & Terms | |
Estimated Time from Application to Funding | 1 to 2 days |
Starting Interest Rate | Varies by loan program |
Estimated APR | Varies by loan program |
Loan Amount | Varies, but can be as high as $5 million/div> |
Repayment Term | Varies by loan program |
Repayment Schedule | Varies by loan program |
Type of Financing | Business line of credit, term loan, equipment financing, startup loan |
Qualifications | |
Credit Score | Generally 600, but varies by loan program |
Time in Business | 0 to 12 months, but varies by loan program |
Annual Revenue | $50,000+, but varies by loan program |
Why I Like Lendio
As a broker with over 75 lenders in its network, Lendio is an excellent choice if you want to have multiple financing options. From the perspective of a borrower, this can benefit you by improving your chances of getting approved. It can also ensure you get paired with a lender offering the most competitive rates and loan terms.
One of the downsides, however, is that you may not know the exact qualification requirements until after you apply. Lendio also has nearly a dozen different loan programs. However, despite having so many programs and lenders to choose from, you will have guidance from a dedicated funding manager to assist with the matching process. You will also get help with any required paperwork depending on the lender that is chosen.
Submitting an initial online application will not negatively impact your credit score, so it’s a relatively risk-free process. Doing so will allow you to get a preliminary view of your loan options and the opportunity to speak with a funding manager regarding which program and lender could be best suited for your needs.
Clarify Capital: Best for Quick Access to Funding
| |
Rates & Terms | |
Estimated Time from Application to Funding | As fast as 24 hours |
Starting Interest Rate | Varies |
Estimated APR | As low as 5% |
Loan Amount | Up to $5 million |
Repayment Term | 6 months to 2 years, but may vary by loan program |
Repayment Schedule | Varies |
Type of Financing | Term loan, line of credit, equipment financing |
Qualifications | |
Credit Score | 500+, but may vary by loan program |
Time in Business | 6 months |
Annual Revenue | $120,000 |
Why I LikeClarify Capital
While many other providers in our guide offer fast funding speeds, Clarify Capital has the best combination of application, approval, and funding speeds to give you access to funding in the shortest amount of time. It’s possible to complete an online application in as little as two minutes, and the company advertises the possibility of instant approvals and funding within 24 hours.
Like Lendio, Clarify Capital is a business loan broker with more than 75 lenders in its network. You’ll get guidance from a dedicated loan advisor when it comes to helping you choose not only the right loan program but also the lender best suited to your needs and circumstances. Additionally, loan advisors can help with paperwork that might be required as part of a lender’s requirements to help you get access to funding as quickly as the same day.
I visited the Clarify Capital website and found that the process to see available options is risk-free. There is no cost to apply, nor will applying have any impact on your credit score.
QuickBridge: Best Easy Application Process
| |
Rates & Terms | |
Estimated Time from Application to Funding | 1 to 2 days |
Starting Interest Rate | Factor rates as low as 1.10x |
Estimated APR | Varies |
Loan Amount | Up to $500,000 |
Repayment Term | Up to 18 months |
Repayment Schedule | Daily, weekly |
Type of Financing | Term loans, working capital financing |
Qualifications | |
Credit Score | 600 |
Time in Business | 6 months |
Annual Revenue | $250,000 |
Why I Like QuickBridge
Although specific documentation requirements can vary depending on the complexity of your business and its finances, QuickBridge generally requires minimal paperwork and has an easy online application process. You’ll also get access to lending experts who can guide you through the process from start to finish, along with the ability to obtain custom financing terms unique to your business needs.
Funds from a QuickBridge loan can be used for any business-related expenses. If you’re operating a food truck, this can include things like ingredients, kitchen supplies, and other food and inventory items to develop your menu. Food truck maintenance items can also be covered, as well as any applicable permits, licensing, insurance, and associated backend costs. You can even use funds to purchase another food truck.
QuickBridge touts a 4.8-star rating on Trustpilot with nearly 500 reviews at the time of writing this review, a testament to its dedication to delivering excellent service and quality lending products. Additionally, an internal study found that 80% of returning customers saw their business revenue increase, another indicator of the effectiveness of QuickBridge’s lending programs.
National Funding: Best Short-term Financing for Well-qualified Businesses
 | |
Rates & Terms | |
Estimated Time from Application to Funding | 1 to 2 days |
Starting Interest Rate | Factor rates as low as 1.10x |
Estimated APR | Varies |
Loan Amount | $5,000 to $500,000 |
Repayment Term | Up to 18 months |
Repayment Schedule | Daily, weekly |
Type of Financing | Term loan, working capital, equipment financing |
Qualifications | |
Credit Score | 660 |
Time in Business | 6 months |
Annual Revenue | $250,000 |
Why I Like National Funding
National Funding has the highest requirements in our roundup for credit score and revenue, making it ideal for well-qualified businesses. To further support this, I spoke to one of its representatives who stated that most of its clients are companies performing well financially and primarily looking for additional funding to continue expanding. Eligible businesses, however, can get competitive rates and terms.
The lender offers two main programs:
- Its small business loans can be used for nearly any business-related purpose that applies to your food trucking company.
- Its equipment program can be used to purchase or lease additional food trucks.
It is also another company in this guide that has a track record of delivering excellent service, demonstrated by its 4.8-star rating on Trustpilot through nearly 2,000 reviews. Other notable benefits include early payoff discounts and a $1,000 guarantee that you’ll receive the lowest payment for equipment leases if you meet certain criteria.
How I Chose the Top Food Truck Financing Lenders
I selected the best food truck funding options using the following criteria:
- Allowable uses of funds (as well as any restrictions)
- Rates, loan terms, and qualification requirements
- Application, approval, and funding speeds
- Amount of documentation typically needed for approval
- Number and type of loan programs offered
- Availability of discounts and satisfaction-guaranteed programs
- Customer reviews and ratings
Food Truck Funding Alternatives
In order to get a small business loan, you’ll need to be able to meet a lender’s requirements. However, if you’re unable to qualify for a loan due to your credit or finances, you can consider the following sources of funding for your food truck business:
- Personal loan for business purposes: Many of the best personal loans for business funding consider your personal credit and income as opposed to that of your company. For that reason, it can be easier to get approved if your business is not yet established.
- Business credit card: Similar to personal loans, many of the leading small business credit cards can be issued on the basis of your personal credit and finances. Rates tend to be high, so I don’t recommend carrying a balance month over month. Rather, I suggest using these for daily expenses that you can afford to pay in full once the monthly statements are issued.
- Rollover for Business Startups (ROBS): If all else fails and you’re unable to secure a loan, you can consider a ROBS. A ROBS is not a loan—it’s a way for you to access your own retirement accounts tax- and penalty-free. There can be hefty paperwork requirements as you will need to navigate various aspects of tax regulations to avoid penalties, but the best ROBS providers can assist with this process.
Frequently Asked Questions (FAQs)
Interest rates can range from 8% to 20% or more. Lenders may also charge closing costs from 1% to 4% of the amount being financed. These costs can vary based on your qualifications, which commonly include your credit score, down payment amount, business revenue, and time in business.
This depends on your business needs and goals. In general, buying a food truck carries higher monthly payments but allows you to retain long-term ownership of the food truck once the loan is paid off. A lease, on the other hand, often has lower monthly payments but requires you to return the food truck at the end of the lease.
It can take between one day and several weeks to get financing for a food truck. This depends on how busy the lender is, the complexity of your company’s finances, and the type of financing being applied for. Government loans such as Small Business Administration loans tend to take longer, while non-government term loans and credit lines can be issued more quickly.
Bottom Line
In financing a food truck, the top food truck lenders can provide the funding you need to cover daily expenses. This can include things like inventory, food ingredients, payroll, and other working capital needs. Additionally, funds can be used to expand your business by acquiring additional food trucks. Also, keep in mind that multiple types of loan programs can provide funding, each with varying rates, terms, and payment schedules.
