Trucking business loans

Getting a business loan for your trucking business has never been easier now that you’ve found SmallBusinessLoans. No matter which type of hauling you do from Over-the-Road to local delivery, we’ve got you covered through our network of trusted financial partners.

Ready to upgrade, buy or lease a new truck, or expand your operations? We partner with providers who customize the financing so you can do this. If you’re about to do a heavy haul and need to upgrade your rig, you’ll find financing options.

Whether you need emergency repairs, want to upgrade the equipment in the vehicle, need to pay for room and board while freight is in motion, or move from being a driver to owning a fleet, our partners provide the funding for your trucking business no matter what stage you’re in.

Click here and enter a bit of information about your needs. Our platform matches you to the lenders that specialize in trucking, and you’ll be able to apply for a trucking business loan directly with the one that you like the most. Funding can be in your account as quickly as 24 hours³ once you’re approved, so get started today.

While you could take a catch-all small business loan for your trucking business, sometimes you need more money, and an SBA loan with up to $5,000,000 in funding can be better. Or maybe you want to clear the debt off your business credit score faster because you only need to rent equipment temporarily, so a short-term business loan is a smarter choice. There’s no shortage of funding options. Here are a few options to consider based on your needs.

Short-term business loans

When you need to rent equipment temporarily for heavy loads or specialty hauls, a short-term business loan is better than a traditional business loan, a line of credit, or a business credit card. Short-term business loans let you spread the cost of the equipment rental over the term of the loan and likely have lower interest rates than lines of credit and business credit cards, helping to keep cash flow more predictable. Because the payment period is normally 6-18 months,² you can clear the debt faster than with other types of business loans trucking companies take.

SBA loans

If the funding you need for your trucking business is not urgent, or if it’s being used to expand your operations, to change from being a driver to a contractor and dispatcher, or to increase your fleet, SBA loans may be the right option. While alternative and online lenders can approve financing in as quickly as one or two business days, SBA loans can take between 30 and 90 days on average.

While you do have to wait longer for an answer, the loans are backed by the SBA, so the interest rates are capped. This helps keep your cash reserves in a more predictable place, which is important if you’re looking for funding to grow your trucking business. If you have time to wait, SBA loans could be the best option. Just keep in mind that the program is very competitive, as many business owners are applying at any given time.

Working capital loans

For any short-term and operational expense, including repairing forklifts in a warehouse or reefers while a truck is mid-haul; covering payroll, rent, and hotels; and more; working capital loans are the right choice. They’re designed to let you use the financing for any purpose related to keeping operations running. They come with faster approvals too, letting you focus on keeping clients and drivers happy versus stressing over short-term and recurring operational expenses.

Equipment financing

One of the most popular types of loans for trucking businesses is equipment financing as it can be used to replace, upgrade, or repair both new and used pieces of equipment and vehicles. This includes trucks, parts and modifications like lowboys, machinery used in the warehouses like pallet jacks, and the systems used to power the logistics for larger fleets.

One of the benefits of equipment financing for trucking companies over other types of funding is the equipment or vehicle can be used as collateral rather than requiring you to leverage other assets. This keeps your cash flow and other assets in the clear, so there’s less stress if something goes wrong and you need a short-term business loan to cover a repair or other funding need.

The funding you get for your trucking business from our partners can be used for just about any purpose including:

• Purchasing trucks, hotshot trailers, or other necessary equipment for your business.
• Financing repairs, upgrades, or maintenance whether it’s regularly scheduled or to respond to an emergency that happens while you’re en route.
• Hiring new drivers, administrative staff, and paying for professional service providers like accountants and bookkeepers.
• Training, licensing, operations, insurance, inspections, and other operational expenses.
• Advertising and marketing to bring on new accounts, especially for local shippers.
• Growing your business by acquiring competitors, investing in a building for your dispatchers and admin staff, purchasing or leasing equipment, and other investments that will help you expand.

When you apply for trucking company funding with our partners, your financing will be customized around your needs. Find the best provider for your trucking business loan in seconds with our streamlined platform.

The requirements to qualify for a trucking business loan vary by financing provider. Traditional lenders, credit unions, government agencies, and alternative online lenders are all going to have certain minimum requirements that applicants need to meet to get funded. These may include a minimum amount of time in business (i.e., six months to a year), a minimum amount in annual revenue, and an established credit score (from poor to excellent).  

Regardless of the amount of time you’ve been in business, your annual revenue, and your FICO score, SmallBusinessLoans has solutions for you through our extensive network of trusted partners. Click here to see your matches now.