The best trucking business loans should offer competitive rates, excellent customer service, and repayment terms of at least five years. Many of the best lenders will also have easy qualification requirements when it comes to things like credit score, time in business, annual revenue, and required down payment amounts.
Here are our picks for the seven best small trucking business loans for 2023:
- Smarter Finance USA: Best overall for low rates and flexible qualification requirements
- SBG Funding: Best for flexible financing terms
- 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
Need funding for your business? Unsure where to turn for trusted solutions? Fill out our secure online application in minutes to access custom financing options. | ||
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Need funding for your business? Unsure where to turn for trusted solutions? Fill out our secure online application in minutes to access custom financing options. |
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Best Trucking Business Loans At a Glance
Maximum Loan Amount | Estimated Starting Annual Percentage Rate (APR) | Maximum Loan Term | Minimum Credit Score | Annual Revenue Requirement | Minimum Time in Business | |
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 Broker | $1 million | 7% | 5 years | 600 recommended | None | None |
 Provider | $5 million | 15% | 7 years | 500 | $250,000 | 6 months |
 Provider | $150,000 | 10% | 5 years | 600 | $250,000 | 2 years |
 Broker | $750,000 | 6% | 5 years | 550 recommended | Not stated | Not stated |
 Broker | $1 million | 8% | 6 years | 640 recommended | None | None |
 Broker | $1 million | 4.9% | 6 years | 650 | None | 3 years recommended |
 Provider | $1 million | 6.9% | 5 years | 680 recommended | Varies | None |
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 has one of the most flexible qualification requirements in our guide. It’s also able to offer competitive rates, although its best rates will often require your business to be well-qualified.
It reviews applications on a case-by-case basis. With such a large network of lending partners, you can have more chances to get approved. However, take note that even if it has no minimum credit score, it can be particularly challenging to get approved if the 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 Flexible Financing Terms
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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 | $5 million (up to 100% of equipment value) |
Estimated APR | 15% and up |
Repayment Term | 1 to 7 years |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 500 |
Time in Business | 6 months |
Annual Revenue | $250,000 |
Down Payment | As low as 0% |
Why We Like SBG Funding
SBG Funding is a good option to consider if you’re looking for customized financing options tailored to your specific business circumstances. SBG Funding also has a high loan approval rate of 85%, but borrowers should note that meeting the minimum qualification requirements will not guarantee a loan approval.
Funds from this provider can be used to expand an existing fleet of vehicles. You also have the flexibility to cover any other business equipment needs, such as repairing or replacing machinery. 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.
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 | 10% and up (factor rates as low as 1.11x) |
Repayment Term | 24 to 60 months |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 600 |
Time in Business | 2 years |
Annual Revenue | $250,000 |
Down Payment | Varies |
Why We Like National Funding
National Funding offers equipment financing and leasing options that can be used to fund your trucking business. Since it offers its lending product as an equipment loan, funds may not necessarily be restricted to the purchase of a specific vehicle. Rather, you may also have the flexibility to use it for 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.
It 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.
Clarify Capital: Best for Multiple Loan Options
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Rates & Terms | |
Application Time | 2 minutes |
Approval Speed | 24 to 48 hours |
Funding Speed | 7 to 14 days |
Loan Amount | Up to $750,000 |
Estimated APR | 6% |
Repayment Term | 12 to 60 months |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 550 recommended |
Time in Business | Not stated |
Annual Revenue | Not stated |
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, 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 while it does not disclose any specific minimums for time in business or revenue, the company states that most businesses should qualify.
Borrowers should note that Clarify Capital states it can take between seven and 14 days to get funded. As a result, it’s not an ideal fit if you need funds fast.
Visit the Clarify Capital website to submit an online application—a process that can be completed in as little as two minutes. 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 2 business hours |
Funding Speed | 24 hours |
Loan Amount | $10,000 to $1 million |
Estimated APR | Varies but typically 8% and up |
Repayment Term | Varies but typically up to 72 months |
Repayment Schedule | Monthly |
Qualifications | |
Credit Score | 640 recommended |
Time in Business | None |
Annual Revenue | None |
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 can be the best fit. It offers an easy 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 get qualified 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.
To learn more about financing options that could be available to you, 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
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Rates & Terms | |
Application Time | 5 minutes |
Approval Speed | As fast as 24 hours |
Funding Speed | 24 to 48 hours |
Loan Amount | $5,000 to $1 million |
Estimated APR | 4.9% 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 rates, but it will require your business to have strong credit and finances. It also has no specified minimum period of 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 to have a credit score of at least 740. 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 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
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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 | 680 recommended but may vary |
Time in Business | None |
Annual Revenue | Varies |
Down Payment | As low as 0% |
Why We Like Truck Lenders USA
Truck Lenders USA generally looks to work with businesses with good credit. As a result, we’ve listed a recommended score of 680, which is the highest in our guide. However, if you don’t meet this requirement, you can still apply, although you should be aware that you may not qualify for the company’s best rates.
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.
If you decide to work with it, you could also experience an easy approval process. This is because it’s possible to qualify with only bank statements as supporting documentation for loans under $125,000. 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
- Customer reviews and ratings
Trucking Business Loan Alternatives
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 you are looking for more competitive rates, consider the following alternatives:
- Small Business Administration (SBA) loans: SBA loans can offer some of the lowest rates available. However, you’ll typically need good credit and strong business finances to qualify. These loans also tend to take between 30 and 90 days to get funded. See our top-recommended SBA lenders.
- 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 line of credit: This is a revolving credit line that allows you to access funds on an as-needed basis. Funds can be used for any business-related purpose but often require repayment within 12 to 24 months. View our picks for the best small business line of credit companies.
Frequently Asked Questions (FAQs)
It isn’t difficult to get a trucking business loan. Many providers can lend to startup businesses and borrowers with low credit scores. However, only highly qualified businesses can qualify for the lowest advertised rates.
Yes, you can use other types of loans to finance a truck. Some examples include equipment loans, lines of credit, and personal loans for business purposes. However, this can vary among lenders and you should check the loan terms for prohibited uses.
You can get a trucking business loan from banks, credit unions, and online lenders. Lenders that specialize in truck loans, such as Smarter Finance, are more knowledgeable about the nuances of the industry and may be able to improve your chances of getting a loan at a more competitive rate.
Bottom Line
If you need to get a truck for your business, the companies we’ve selected in our guide can offer competitive rates and terms. Many also offer other types of financing that can be used to fund other business-related expenses. Regardless of which lender you choose, we recommend shopping rates with at least several different companies to ensure you get the best loan available.
