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Small Business Loans for Trucking Companies
Fuel your trucking business with loans tailored for truck companies
Small Business Loans for Trucking Companies
Ready To Move Your
Business Forward?
By clicking this box, I agree to Advance Funding’s Solutions Privacy Policy.
Types of Trucking Loans
Whether you're a trucking business owner or an owner-operator, strengthen your business or scale your
trucking initiatives with small business financing from Advance Funding.
Small Business Loans
Secure operating capital for daily
expenses, materials, payroll and
more.
$5,000 to $500,000
Equipment Financing
and Leasing
Purchase or lease equipment for
your trucking business.
Up to $150,000
How to Use Loans for Commercial Trucking Businesses
The commercial trucking industry is thriving. This creates a need for your business to have reliable drivers and continuous
capital flow to compete with other trucking companies. Positioning your business to meet the current demand for
trucking services requires financial resources. Trucking business loans can provide the necessary capital to maintain a
fleet of trucks, hire drivers, and update logistics. Trucking loans offer solutions to not only keep businesses running
smoothly but also help propel them to the next level. Getting funds can be challenging, but with Advance Funding, you
can easily obtain efficient trucking financing to drive your business forward.
Whether you're a trucking business owner or an owner-operator, strengthen your business or scale your trucking
initiatives with small business financing from Advance Funding.
Keep Trucks on the Road
- Commercial trucking loans can be used to pay for maintenance costs to keep your fleet functional and on the road
- Repair the trucks in your fleet using loan funds for common fixes and vehicle maintenance
Cover Administrative Costs
- Commercial trucking loans can be used to pay registration and certification fees related to mandatory trucking laws
- A truck loan can cover the cost of business insurance as well as insurance for your physical trucks
Hire and Train Competent Drivers
- Commercial truck loans allow you to hire more CDL drivers when demand goes up
- Use the trucking financing to cover important truck driver training courses and safety seminars for drivers
Add Trucks to Expand Your Business
- Commercial truck loans give you the chance to finance or lease new or used trucks for your fleet
- Expanding the trucks in your fleet allows you to take on more business and make more efficient deliveries
Ratings & Reviews
How to Apply
Qualifying for a trucking business loan is straightforward. Typically, Advance Funding requires at least $250,000 in
annual sales and at least six months in operation. Our application process is simple and requires as few documents as
possible – you’ll provide your business bank statements and we'll do a soft credit pull.
or call
Benefits of Commercial Trucking Business Loans
A truck loan can provide you with funds to help you improve your business. There are many benefits to using a trucking
business loan to propel your business forward, including:
Preserves Working Capital
Maintain daily business operations without depleting your cash flow with business loans for truckers. This type of
commercial trucking financing provides capital to use on maintaining day-to-day operations such as vehicle maintenance,
purchasing truckers’ equipment, gas costs, and other critical business expenses. It can help you save working capital that
can be used by business owners to cover unforeseen costs related to accidents or changes in demand. Extra working
capital can keep your business on the road no matter your circumstances.
Improves Competitive Edge
By providing your trucking business with funds to help you purchase, maintain, or improve your trucks, a commercial
truck loan allows you to take your business to the next level. Grow your business by acquiring more trucks and drivers
and fulfill a greater demand with additional capital. Commercial trucking business loans can provide your company a
realistic edge over competitors and help meet rising demands so your business can become more profitable.
Flexible Business Financing Options
Going with a commercial trucking business loan instead of a traditional loan may allow you to have more financing
options and flexibility with your financial arrangements to best meet your business needs. Working with a lender that
specializes in loans for trucking business owners and owner-operators provides better, more customized financing
solutions to best help your business thrive.
How to Get a Loan for Your Trucking Business
The process of getting a trucking loan if fairly simple:
Figure out the financial needs of your business: Does your trucking company need financing for leasing trucks or
requires capital to manage everyday business operations? Knowing what your business needs helps you figure out the
loan amount and type of loan that might be right for you.
Reach out to lenders who specialize in business loans for truckers: Working with lenders that customize loan options
for truckers will help you with flexibility of loan use along with repayment terms that are favorable for your business.
Understand the lender’s loan qualification criteria: Every lender has their own loan qualification requirements. Some
might need you to put down your leased truck as collateral while some might be stringent about credit score or age of
your trucking business. Assess these lender criteria to choose the best loan option for you.
Get financial documents of your trucking business in order: Gather income statement, income tax returns, and other
critical financial documents that a lender might need for trucking loan approval.
Submit the loan application: Depending on the lender, you might have to fill out a simple or extensive loan application
and submit it online or mail it to the lender's office.
Be patient through the approval process: Once the application is submitted, the lender evaluates your personal and
business credit score while analyzing your risk profile. In this stage, a trucking business owner has to wait for the
lender to get back to them.
Negotiate the terms and conditions of your trucking loan: If your loan application is approved, you will receive the
terms of the loan such as loan amount offered, interest rate, repayment period, etc. As a trucker, you may have the
option to negotiate these terms depending on the lender’s flexibility.
Receive the loan and make payments as per the signed agreement: Once you accept the loan terms and sign an
agreement, the loan would be disbursed to your bank account. Utilize the trucking business loan wisely while keeping
up with regular payments towards the loan as per the legal agreement.
Best Commercial Trucking Loans for Your Trucking Company
With so many lenders and trucking financing options available, it can be confusing for owners and owner-operators to
select the best trucking loan for their business needs. Here are some questions that will help you determine the right
financing option for your trucking business
What is your personal and business credit score?
If your credit score is poor, you might need a lender who specializes in bad credit loans for truckers
What is the age of your trucking business?
Most lenders work with trucking companies that have been in operation for at least 6 months. If you are just starting
your business, you might need to look for lenders that offer loans for start-up trucking businesses.
Can your business afford to put down collateral?
If the lender requires collateral to secure the trucking loan and you can’t offer one, unsecured business loans are your
best bet.
How will you use the commercial trucking loan amount?
Having a plan for loan usage helps you figure out what type of loan is right for your needs. Depending on your loan usage
requirements, you can choose from working capital loans, payroll loans, equipment financing loans, or customized
trucking loans tailored for your business.
How much and how often can you afford to make payments towards the trucking loan?
This will help you determine the interest rate, loan duration, loan amount as well as repayment process that are best
suited for your business.
Where to Get Trucking Business Loans
As an owner or owner-operator, you should be aware of different types of lenders in the market to get the trucking
business loan for your trucking company. The most common ones include: SBA Loans:
Offered by the Small Business Administration, SBA 7(a) loans are government-funded loans that provide
financial help to trucking small businesses.
Traditional Lenders: Large national banks as well as small regional banks fall under the category of traditional lenders
offering loans for trucking businesses.
Alternative Lenders: Compared to traditional lenders, alternative lenders like Advance Funding are more flexible with
commercial trucking loan options. Check out our range of trucking financing solutions that can be customized to your
business needs.
Why Advance Funding?
As a trucking business owner, you know that securing commercial truck financing for purchases for purchases or
logistics software isn’t always easy. Many traditional lenders tend to shy away from providing funds to the trucking
industry. At Advance Funding, we’re committed to helping truckers and fleet managers get the most out of their
business. We won’t make you wait weeks to learn if you’ve been approved or not. In fact, we make getting started
simple with an online application.
We Know Trucking Businesses
Experience supporting trucking business
owners
Trusted by Businesses Like Yours
Over $4.5 billion in funding to more than
75,000 businesses nationwide
Personalized Experience
Lending solutions and payment options
tailored to your specific needs
Fast & Easy Application Process
No-cost, no-obligation application with
funding in as few as 24 hours
Funding Specialists Who Care
Experienced Funding Specialists help you
make the right decision
Worry-Free Lending
No collateral requirements, plus simple,
automatic payments3
Trucking Business Resources
Running your trucking business requires you to stay organized and be ready to make decisions at any time. You never
know what’s going to happen when your drivers set off to make a delivery. Foul weather or unexpected delays can
cause a lot of stress on your trucks and your company. Luckily, commercial truck loans and other financial
management practices can help you keep the financial side of your business under control. We’ve provided you with a
few tips and resources to help you keep your trucking business moving.
How Expanding Your Truck Fleet Can Lead to Business Growth
Adding another truck to your fleet may sound like an
unnecessary expense. After all, new commercial trucks are
expensive. You’ll need to hire a new driver as well, which just
adds to the expense. However, increasing the number of
trucks in your fleet has its upsides. Read this article to learn
how adding more trucks can actually lead to business
growth.
Top 10 Commercial Truck Insurance Companies
It’s important to have the right insurance for your business
to cover contract disputes, employee injury, weather
damage, and product liabilities. Check out these 10 top
insurance companies for trucking businesses and find one
that’s right for you.
Could I Owe Taxes for Selling Used Trucking Equipment
If your trucking business has an older truck that it doesn’t
need, or heavy equipment it’s no longer using, it may make
sense to sell it. You might have upgraded your fleet for
newer commercial trucks and now need to get rid of the old
ones. This post will walk you through the tax implications of
selling used commercial trucks and equipment.
FAQ: Trucking Loans
What is a commercial truck business loan?
A commercial truck business loan provides funding for trucking companies or companies that use trucks for their business. This loan can be used towards purchasing or financing new trucks, maintaining trucking equipment, or hiring new truck drivers.
How long can you finance a commercial truck?
The term, or length of time to repay, for a commercial truck loan varies depending on the loan type, loan amount, and business. Our Loan Specialists will work with you to determine what loan term is best for you and your business needs.
What credit score is needed to get a commercial truck loan?
Advance Funding is an alternative lender that has more flexibility when it comes to lending, including looking past credit scores. Since Advance Funding looks at more than just your credit score, no specific credit score is required to qualify for a commercial truck loan. Even those who feel they have a bad credit scores are considered because we look at your business financing and business potential for qualifications for a loan, not just old history. Apply today to see what our Loan Specialists determine is best for you and your commercial trucking business.
Find Out How Much Funding You Qualify For
From equipment financing to working capital loans, we’ve helped business owners from many industries receive the
business funding they need. You’ll receive expert support and answers to your business lending questions while
working with a friendly Funding Specialist. Advance Funding is a trusted lending partner. You can rely on us to help
finance your working capital and growth.
Speak to a Funding Specialist
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Products offered by Advance Funding Inc. and affiliates are business products only. The products may be provided by third parties and subject to lender approval. In California, products made or arranged pursuant to a California Financing Law License.