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 flexible qualification requirements in consideration of criteria such as credit score, time in business, revenue, and required down payment amounts.
Here are 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 large funding needs
- 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
- Truck Lenders USA: Best for industry expertise
- TopMark Funding: Best for established businesses seeking low rates
Get a business loan in 24-48 hours with Clarify Capital. |
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Best Trucking Business Loans at a Glance
Maximum Loan Amount | Maximum Loan Term | Minimum Credit Score | Annual Revenue Requirement | Minimum Time in Business | ||
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 Broker | $1 million | 7% | 5 years | 600 | None | None |
 Provider | Varies | 3.75% | 7 years | 600 | $350,000 | 6 months |
 Provider | $150,000 | 1.10x factor rate | 5 years | 600 | $250,000 | 6 months |
 Broker | $5 million | 6% | 5 years | 550 | $120,000 | 6 months |
 Broker | $1 million | 8% | 6 years | 640 | None | None |
 Provider | $1 million | 6.9% | 5 years | 675 | Varies | 2 years |
 Broker | $1 million | 4.9% to 6.9% | 6 years | 650 | None | 3 years recommended |
Smarter Finance USA: Best Overall for Low Rates and Flexible Qualification Requirements
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | 1 to 2 days |
Funding Speed | 1 to 4 days |
Loan Amount | $10,000 to $1 million |
Estimated APR | 7% to 20% |
Repayment Term | 24 to 60 months |
Repayment Schedule | Weekly, monthly, seasonal, and deferred |
Qualifications | |
Credit Score | None but 600 is recommended |
Time in Business | None |
Annual Revenue | None |
Down Payment | As low as 0% |
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 is our top recommendation due to having some 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 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 Large Funding Needs
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as 48 hours |
Funding Speed | As fast as 24 hours |
Loan Amount | Varies, up to 100% of equipment value |
Estimated APR | 3.75% and up |
Repayment Term | 1 to 7 years |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 600+ |
Time in Business | 6+ months |
Annual Revenue | $350,000 |
Down Payment | As low as 0% |
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 with other lenders on our list. That said, we chose it as the best option for large financing needs since it can finance up to 100% of the equipment value, which can provide businesses with flexible financing options when getting a trucking business loan.
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. In comparison with other providers in this guide, SBG Funding has the longest repayment term available, rivaling Commercial Fleet Financing and TopMark Funding.
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.
National Funding: Best for Customer Service and Custom Loan Options
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | 24 to 72 hours |
Loan Amount | Up to $150,000 |
Estimated APR | Factor rates as low as 1.10x |
Repayment Term | 24 to 60 months |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 600 |
Time in Business | 6 months |
Annual Revenue | $250,000 |
Down Payment | Not stated |
Why We Like National Funding
This provider keeps the majority of its loans in-house. It makes our list as the best pick for customer service and custom loan options due to the fact that 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 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. 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.
While it offers lower financing amounts in comparison to other providers in this guide, it’s still a good option for those who don’t need large financing amounts that can be provided by lenders like SBG Funding and Clarify Capital.
To learn more, head over to National Funding’s 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
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Rates & Terms | |
Application Time | 2 minutes |
Approval Speed | 1 to 2 days |
Funding Speed | 1 to 2 days |
Loan Amount | Up to $5 million |
Estimated APR | 6% |
Repayment Term | 1 to 5 years |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 550 |
Time in Business | 6 months |
Annual Revenue | $120,000 |
Down Payment | As low as 0% |
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, which allows for a variety of financing options to choose from and the best combination of rates and terms. For these reasons, we recommend it if you need multiple loan options.
Like SBG Funding, its equipment financing options allow you to borrow up to 100% of the value of the equipment. It has the lowest credit score requirement of this guide and is accessible to businesses that have been operating for a short time. However, there is a monthly revenue requirement of $10,000 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
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Loan Amount | $10,000 to $1 million |
Estimated APR | Varies but typically 8% and up |
Repayment Term | Varies but typically up to 60 months |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 640+ recommended |
Time in Business | 2 years |
Annual Revenue | Not stated |
Down Payment | As low as 0% |
Why We Like Commercial Fleet Financing
If you are short on time and need to get funding quickly, Commercial Fleet Financing could be the best fit for your trucking financing needs. 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 similar to Clarify Capital and TopMark Funding, 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.
Truck Lenders USA: Best for Industry Expertise
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as same-day |
Funding Speed | 3 to 5 days |
Loan Amount | $15,000 to $1 million |
Estimated APR | 6.9% and up |
Repayment Term | 24 to 60 months |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 675 recommended, but may vary |
Time in Business | 2 years |
Annual Revenue | Varies |
Down Payment | As low as 0% |
Why We Like Truck Lenders USA
Truck Lenders USA offers commercial truck financing as its sole lending product—which is why it’s our top choice for industry expertise. Generally, it is available to businesses with good to excellent credit and, as a result, has the highest recommended credit score in our guide. However, you should still apply if you think it may be a good fit for your business. 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, not a broker like Clarify Capital and Smarter Finance USA. As such, you can be assured that your loan will not be sold or transferred to other companies.
The approval process is generally 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 from $15,000 to $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.
TopMark Funding: Best for Established Businesses and Low Rates
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | 24 to 72 hours |
Loan Amount | $5,000 to $1 million |
Estimated APR | 4.9% to 6.9% and up |
Repayment Term | 12 to 72 months |
Repayment Schedule | Monthly, quarterly, and annually |
Qualifications | |
Credit Score | 650 but may vary |
Time in Business | None but 3 years is recommended |
Annual Revenue | None |
Down Payment | As low as 0% |
Why We Like TopMark Funding
TopMark Funding can offer some of the lowest starting rates of all lenders listed in our guide, but it will require your business to have strong credit and finances—making it our top pick for established businesses. 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, which is the second highest on our list behind Truck Lenders USA. However, 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. It 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.
How We Chose the Best Small Trucking Business Loans
We considered the following criteria 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
When choosing a provider for a trucking business loan, there are a few factors to consider before you sign an agreement. These include:
- Determining your trucking financing needs: You should evaluate just how much you’re looking to borrow when getting a trucking loan. You’ll want to ensure that it fits your budget and that you can afford your repayment obligations inclusive of the applicable interest rates and additional fees.
- Considering your eligibility: Lenders will have varying qualification criteria when reviewing your application. Such criteria can include credit score, time in business, and annual revenue. You should see to it that you at least meet the minimum qualifications before applying to better your odds of approval.
- Comparing rates and terms among lenders: When shopping around for a lender, you should compare rates and terms to ensure you’re getting financing that fits your budget and meets your business needs. Before signing an agreement, it’s best to review all of your options.
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.
Yes. SBA loan programs facilitated through a participating lender can be used to finance the purchase of a truck for your business. These loan programs typically allow funds to be used for a variety of business purposes and are not specific to trucking financing.
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.
