The best trucking business loans will be able to provide a range of low rates, industry expertise, expert guidance, flexible qualification requirements, and fast funding speeds. Since business owners each have varying circumstances and needs, I recommend considering which of these characteristics is most important to you when it comes to selecting a loan, as lenders excel in various areas.
I’ve researched a number of different lenders and loan programs and compiled the following list of the best trucking business loans to meet the needs of your company:
- Smarter Finance USA: Best overall for flexible qualification requirements
- Clarify Capital: Best for multiple loan options
- SBG Funding: Best for large funding needs
- Commercial Fleet Financing: Best for quick access to funding
- TopMark Funding: Best rates for established businesses
- Truck Lenders USA: Best for custom programs
- Best Trucking Business Loans at a Glance
- Smarter Finance USA: Best Overall for Flexible Qualification Requirements
- Clarify Capital: Best for Multiple Loan Options
- SBG Funding: Best for Large Funding Needs
- Commercial Fleet Financing: Best for Quick Access to Funding
- TopMark Funding: Best for Established Businesses
- Truck Lenders USA: Best for Custom Programs
- How I Chose the Best Small Trucking Business Loans
- How to Choose a Lender for a Trucking Business Loan
- Alternatives to Trucking Business Loans
- Frequently Asked Questions (FAQs)
- Bottom Line
Best Trucking Business Loans at a Glance
| Max. Loan Amount | Est. Starting APRAnnual Percentage Rate | Max. Loan Term | Annual Revenue Req. | Min. Time in Business | |
|---|---|---|---|---|---|
 Broker | $1 million | 10% | 5 years | None | None |
| Visit Smarter Finance USA | |||||
 Broker | $5 million | 6% | 6 years | $120,000 | 6 months |
| Visit Clarify Capital | |||||
 Provider | Varies | 3.75% monthly | 7 years | $350,000 | 6 months |
| Visit SBG Funding | |||||
 Broker | $1 million | 8% | 5 years | Not stated | 2 years |
| Visit Commercial Fleet Financing | |||||
 Broker | $1 million | 4.9% to 6.9% | 6 years | None | 3 years recommended |
| Visit TopMark Funding | |||||
 Provider | $1 million | 6.9% | 5 years | Varies | 2 years |
| Visit Truck Lenders USA | |||||
Smarter Finance USA: Best Overall for Flexible Qualification Requirements
| |
|---|---|
| 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 | 10% to 20%+ |
| Repayment Term | 24 to 60 months |
| Repayment Schedule | Weekly, monthly, seasonal, deferred |
| Qualifications | |
| Credit Score | None, but 600 is recommended |
| Time in Business | None |
| Annual Revenue | None |
| Down Payment | As low as 0% |
| Visit Smarter Finance USA | |
Why I Like Smarter Finance USA
Smarter Finance USA is my pick as the best overall because it has the most flexible qualification requirements. It’s the only company in this roundup with no minimum requirements for credit score, time in business, or annual revenue. Despite that, it’s still able to offer competitive rates to eligible businesses.
It is a broker with nearly 40 lenders in its network. I spoke with one of its representatives about its eligibility criteria and was informed that it has no minimums because it prefers to evaluate each application on a case-by-case basis. It structures deals in a manner that emphasizes compensating factors and other strengths to maximize the odds of landing an approval within its network of lenders.
The lender specializes in financing and leasing heavy equipment and vehicles. This includes commercial autos, dump trucks, tow trucks, semi trucks, and box trucks.
I visited the company’s website and found that it offers an easy online application process, which its representatives stated can be completed in just a matter of minutes. Preliminary decisions can then be made by a member of the team, and if you decide to move forward with your approval, a $399 documentation fee will apply.
Clarify Capital: Best for Multiple Loan Options
| |
|---|---|
| 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 | Typically 2 to 6 years |
| Repayment Schedule | Monthly |
| Qualifications | |
| Credit Score | 550 |
| Time in Business | 6 months |
| Annual Revenue | $120,000 |
| Down Payment | As low as 0% |
| Visit Clarify Capital | |
Why I 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 I’ve selected, which allows for a variety of financing options to choose from and the best combination of rates and terms. For these reasons, I 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.
SBG Funding: Best for Large Funding Needs
| |
|---|---|
| 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% monthly 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% |
| Visit SBG Funding | |
Why I 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 this list.
That said, I 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 lenders listed here, 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.
Commercial Fleet Financing: Best for Quick Access to Funding
| |
|---|---|
| Rates & Terms | |
| Application Time | 5 minutes |
| Approval Speed | As fast as 2 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% |
| Visit Commercial Fleet Financing | |
Why I 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.
TopMark Funding: Best for Established Businesses
| |
|---|---|
| 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% to 6.9% and up |
| Repayment Term | 12 to 72 months |
| Repayment Schedule | Monthly, quarterly, 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% |
| Visit TopMark Funding | |
Why I Like TopMark Funding
TopMark Funding has the ability to offer the lowest annual starting rates in this roundup. However, in speaking with some of its lending representatives, it was mentioned that eligible applicants must typically have strong requirements, such as a long history of being in business, strong finances, and good credit. Notably, however, the company can work with startups that have great credit, although be aware that you may not qualify for the best advertised rates.
The provider offers financing for semi-trucks, trailers, commercial vehicles, transport vehicles, and much more. I found a list of nearly 50 different types of trucks eligible for financing on its website. Depending on your application’s details, additional eligibility criteria may apply. For example, some programs require vehicles to be less than 10 years old with fewer than 700,000 miles on the odometer.
Like many other lenders, TopMark Funding has an easy online application process. Applying is also relatively risk-free, as you can view your financing options without a hard pull of your credit report that could otherwise negatively impact your credit score. Eligible businesses can get a streamlined application-only process with minimal documentation on loan amounts of $250,000 or less, and those that are approved should expect upfront loan costs to total no more than one regular payment.
Truck Lenders USA: Best for Custom Programs
| |
|---|---|
| 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% |
| Visit Truck Lenders USA | |
Why I Like Truck Lenders USA
Truck Lenders USA is a direct lender, not a broker, and is my pick as the best for custom programs because of its ability to offer customized leasing and financing programs and terms to suit your company’s specific needs. Unlike many other providers, it does not finance any other business equipment or items, allowing it to provide the best rates and terms to a wide range of business types, including those with challenging credit situations.
The company uses a simple approval process with easy requirements depending on what you’re applying for. For instance, loans under $125,000 can have approvals issued based primarily on bank statements. It also has a streamlined application-only process for smaller loans of anywhere 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.
Read our guide on
how to get a small business loan
for tips for improving your approval odds.
How I Chose the Best Small Trucking Business Loans
I 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
If you need insights into choosing the best trucking loan, check out our article on
how to get semi-truck financing
to learn more about the process and how to prepare your application.
How to Choose a Lender for a Trucking Business Loan
When choosing a lender, there are a few factors to consider before you sign an agreement.
- Determine 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.
- Consider 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.
- Compare 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.
Alternatives to Trucking Business Loans
- Small Business Administration (SBA) loans offer favorable rates and terms to qualifying small businesses due to their government-backed nature. They are 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) 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, I recommend using the services of one of our leading ROBS providers.
- Small business lines of credit 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 is a form of financing 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.
