We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 8 trucking business loans
| Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
|---|---|---|---|---|
|
American Express® Business Line of Credit |
5.0/5
Best for Trucking business lines of credit |
$250,000 | 660 | |
|
Fundbox – Line of credit |
5.0/5
Best for High-revenue, early-stage trucking businesses |
$150,000 | 600 | |
|
Bank of America |
Best for Trucking business bank loans |
$5,000,000 | 700 | |
|
SBA 7(a) loan with Fundera by NerdWallet |
Best for Trucking business SBA loans |
$5,000,000 | 650 |
with Fundera by NerdWallet |
|
National Funding – Online Term Loan with Fundera by NerdWallet |
4.0/5
Best for Short-term business loans |
$500,000 | 600 |
with Fundera by NerdWallet |
|
Funding Circle – Online term loan with Fundera by NerdWallet |
4.5/5
Best for Long-term business loans |
$500,000 | 660 |
with Fundera by NerdWallet |
|
Triton Capital – Equipment financing with Fundera by NerdWallet |
4.0/5
Best for Trucking business equipment loans |
$250,000 | 575 |
with Fundera by NerdWallet |
|
OnDeck – Online term loan with Fundera by NerdWallet |
5.0/5
Best for Fast funding |
$250,000 | 625 |
with Fundera by NerdWallet |
Here are 8 trucking business loans
Best for Trucking business lines of credit
American Express Business Blueprint™
Best for High-revenue, early-stage trucking businesses
Best for Trucking business bank loans
Best for Trucking business SBA loans
U.S. Small Business Administration
Best for Short-term business loans
Best for Long-term business loans
Best for Trucking business equipment loans
I’M INTERESTED IN:
Our pick for
Trucking business lines of credit
The American Express Business Blueprint™ program offers lines of credit between $2,000 and $250,000 for small-business owners with fair credit.
American Express® Business Line of Credit
The American Express® Business Line of Credit is a good option for business owners with fair credit who want access to working capital.
Our pick for
High-revenue, early-stage trucking businesses
Fundbox offers lines of credit for businesses that have been operating for at least six months with at least $100,000 in annual revenue.
Fundbox offers a business line of credit to fill a cash flow gap, and qualifying is easier than with other lenders.
May fund quickly
Our pick for
Trucking business bank loans
Bank of America Business Advantage offers both credit lines and term loans for businesses that have operated for at least two years and had a minimum of $100,000 in revenue for the prior year.
Bank of America
Max Loan Amount
$5,000,000
Pros
- Several types of business loans available.
- Competitive interest rates.
- Preferred Rewards program can offer interest rate discounts and other perks.
- Offers specialized commercial real estate, equipment, and health care practice financing.
- Fee discounts available for veteran-owned businesses.
Cons
- Multiple years in business required to qualify.
- May need to visit a Bank of America branch or schedule a phone appointment to apply.
- Personal guarantee likely required.
- Limited information available online.
Our pick for
Trucking business SBA loans
SBA 7(a) loans can be used for a variety of purposes, including short- and long-term working capital and the purchase of equipment.
SBA 7(a) loan
with Fundera by NerdWallet
Max Loan Amount
$5,000,000
7(a) loans are issued by private lenders and backed by the SBA. They offer long repayment terms and low interest rates.
Lowest interest rate
with Fundera by NerdWallet
Our pick for
Short-term business loans
National Funding offers unsecured loans to startups and borrowers facing credit challenges. It can provide funding in as little as 24 hours, making it an option for last-minute cash flow gaps.
National Funding – Online Term Loan
with Fundera by NerdWallet
Borrowers who can’t qualify for more traditional loan options might consider National Funding for fast access to capital.
with Fundera by NerdWallet
Our pick for
Long-term business loans
Funding Circle offers small-business loans between $25,000 and $500,000 with terms between six months and seven years.
Funding Circle – Online term loan
with Fundera by NerdWallet
Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.
May fund quickly
with Fundera by NerdWallet
Our pick for
Trucking business equipment loans
Triton Capital offers fast funding for equipment loans up to $250,000. Rates start at 5.99% and terms can range between one and five years.
Triton Capital – Equipment financing
with Fundera by NerdWallet
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
with Fundera by NerdWallet
Our pick for
Fast funding
OnDeck offers short-term loans and lines of credit that range between $5,000 and $250,000. The online application can be completed in as little as 10 minutes, and if approved, you may be able to get same-day funding.
OnDeck – Online term loan
with Fundera by NerdWallet
OnDeck offers a fast term loan for small-business owners with less-than-stellar credit who want to expand.
May fund quickly
with Fundera by NerdWallet
Alternative trucking business lenders
Alternatives to trucking business loans
Freight factoring
Trucking business grants
How much money do you need for a trucking business loan?
Ultimately, the amount you need will depend on your business and what stage you’re in, but if you’re thinking about starting a trucking business, there are a few costs to consider:
-
Semi truck and semi trailer: Semi trucks and trailers are usually purchased separately. A truck can cost from $35,000 to $200,000, depending on if it’s new or used, and what type of truck it is. On top of that, the trailer may cost between $15,000 and $77,000.
-
Commercial driver’s license: Getting a commercial driver’s license (CDL) is similar to getting a regular driver’s license, where you have to get a learner’s permit, go to driving school, take written exams and a road test, among other things. Altogether, it can end up costing between $3,000 and $10,000.
-
Insurance: Depending on your business and the type of cargo you’re transporting, trucking business insurance can range between $650 and $1,000 per month.
-
Fuel: Fuel is an upfront cost of doing business for trucking businesses, making it important to factor into your total costs. The average national price of diesel retailed at about $4.38 per gallon in August 2023. Assuming the average semi truck gets about 6.5 miles per gallon, and the average owner-operator trucking business drives between 8,000-10,000 miles per month, your monthly fuel costs could total between $5,391 and $6,738.
Last updated on March 15, 2024
Methodology
NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer small-business friendly features, including: transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to business credit bureaus and responsible lending practices. We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.
Learn more
Credit: Source link
