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Whether you’re looking to purchase trucks or invest in new fleet management software, there are plenty of loans for the trucking business.
We’ve driven down this road before and are ready to help take your trucking company to the next level. With multiple loan options available, you can find the best structure to suit your needs.
Trucking business loans can help you grow and expand your existing operations. Overcome challenges and be ready for new opportunities with reliable financing in hand.
Apply in just 15 minutes and get funded in as little as 24 hours
Get personalized support throughout the funding process. Your funding manager will be with you every step of the way to answer your questions and advocate for you.
Compare loan offers from multiple lenders. With over 75+ lenders in our network, your funding manager will work with you to ensure you get the best rates and terms for your business.
Answer just a few questions about your business to see which lending products you qualify for. We’ve partnered with over 75 lenders, allowing us to find the best option or your business.
One of our funding specialists will reach out to you to get to know your business better. Since every business is unique, we want to make sure we find the loan type that’s perfect for your needs.
Compare different offers curated for your business. Select the capital amount and rate that will help take your business to the next level.
We work with lenders that can fund you fast. Once you’re approved, you’ll be able to access your capital in as little as 24 hours.
With asset-based financing, a funder purchases an invoice from the borrower at a discounted rate, which the business will then pay back to the funder as the business collects on the invoice. Revenue-based financing, also called a cash advance, is similar, because it gives you a lump sum based on future revenue.
Many business loans are considered term loans. They come with a fixed rate and repayment term. Plus, the funds can be used for almost anything. SBA business loans for truckers are also helpful for both operating expenses and purchasing fleet vehicles and other equipment.
A business line of credit often comes in handy for trucking companies. Similar to a credit card, the company draws on the account to borrow only the funds needed at the time. As you make payments, your credit line is replenished. This is a strategic tool for managing cash flow to ensure consistent capital for operating expenses.
Instead of a trucking business loan, companies in the industry can apply for equipment financing or leasing to purchase vehicles and other hard assets. Some lenders have higher minimum approval requirements for the trucking industry, so work with your funding manager to find the best option for you.
In the fast-paced trucking industry, reliable and efficient trucks are essential. A business loan can help you buy new or used trucks, make repairs, or upgrade your fleet.
Adopting high-tech solutions enhances your operations and gives you a competitive edge. With a trucking business loan, you could invest in GPS navigation, freight management software, or digital logistics platforms.
Growth is an ongoing goal for any successful business. A trucking business loan could provide the capital you need to open new routes, expand to new markets, or even start a new branch of your business.
In the ever-evolving trucking industry, continuous learning is key. Using a business loan, you could fund training programs to ensure your drivers and staff are up-to-date with the latest industry standards and regulations.
Remember, we’re here for you every step of the way. With our guidance and your determination, securing that trucking business loan will be a smooth ride.
A trucking business loan provides a company with working capital to either smooth out inconsistent income or grow and expand the business. Lending platforms like Lendio don’t provide industry-specific loans. Instead, we match you up with the best financing option for your company’s individual needs.
Both small, independently owned trucking companies and larger fleets can apply for different types of financing to meet their business goals. A small business loan for trucking may be repaid over the short-term for smaller borrowed amounts, or over the long-term for major capital purchases like real estate.
Each lender has its own eligibility requirements. Lendio’s platform gives applicants access to over 75 lenders. In order to apply, there are a few minimum qualifications a trucking company must meet:
Once you submit an application, you can compare multiple offers to choose the best one for your company’s needs.
Generally speaking, there are no limits on how the funds can be used for term loans, SBA loans, business lines of credit, or invoice factoring. Equipment financing, on the other hand, is tied directly to the specific piece of equipment being purchased since that asset is used as collateral.
Online lending platforms come with quite a few benefits. First, the application process is fast and stress-free. The marketplace gives you access to many lenders at once, and a funding manager is available to help you through the application process.
Backed by the U.S. Small Business Association, an SBA loan lets trucking companies access capital when they might not otherwise get approved. Rates are competitive, but SBA lenders do typically charge some financing fees. There’s also a down payment required to ensure the company is financially invested in the funding. One major perk of SBA loans is that there are large loan limits available for eligible companies. There are also options to purchase commercial real estate, which is perfect for warehouses, mechanic facilities, and offices for support staff.
There are three primary types of SBA loans to consider for your trucking company. The most common is the SBA 7(a) loan, which can be used for just about anything and is repaid over five to 10 years. Another option is the SBA 504 loan, designed specifically for asset purchases, like land or buildings, trucks, trailers, and other machinery your business may need. Finally, an SBA microloan lets smaller companies borrow up to $50,000 and is ideal for less established truck companies.
*based on 136 Lendio employees who responded to an internal poll
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