Trucking Business Loans

• Starting at 7.99%
• $25,000 – $5,000,000
• up to 10 years
• 24 - 48 hours

With this type of financing, the equipment bought with the funding will serve as the guarantee for the loan. The bank or lending company can seize the trucks if you fail to meet the agreed payments. The upside is that since the truck or other equipment you bought will serve as collateral, you can enjoy better terms and low interest rates.

You also have the choice of leasing your equipment, which would require less upfront cash. However, between the two, purchasing the trucks is a much more reasonable investment since you’ll get to own the truck once you complete the payments.

• Starting at 12%
• $25,000 - $10,000,000+
• 6 – 24 Months
• 24 - 48 hours

It’s common for many trucking companies to experience some cash flow gaps because of unpaid customer invoices. The needed cash is vital since it helps them meet their day-to-day operational costs and cover other important business expenses. However, with the help of invoice factoring, companies can sell their customer’s invoices to the factoring company to get an immediate infusion of cash they need.

With this arrangement, the financing company will take the invoices and collect payments themselves. Once customers have made their payments, the factors (lenders) will deduct the payment from the cash advance, including the fees, and send the remaining amount back to the borrowers. With invoice factoring, trucking companies don’t have to lift a finger to collect customer payments.

• Starting at 8.99%
• $10,000 to %5,000,000
• Revolving
• 24-48 Hours

Business lines of credit (LOCs) work much like a credit card. The trucking business owner is given a credit limit, and he can take out the money he needs and pay it back until his credit limit is restored. LOCs are extremely helpful for trucking companies, considering they constantly have to keep up with the supply demands of the industry.

Because of this, they need to have immediate access to cash whenever they need it.

A line of credit also comes with advantages. For one, your credit limit can be stretched if you pay your dues on time. Aside from that, LOCs also have lower interest rates than other types of loans. With an open credit line, you can meet the demands of the industry without any worries.

• Starting at 8.99%
• $25,000 – $5,000,000
• 2 – 10 years
• 5 to 7 days

Term loans provide a lump sum of money you repay over a specified term, often with fixed monthly payments. These loans suit various business needs, such as expanding your fleet, covering operational expenses, or managing cash flow. Term loans usually have predictable repayment schedules and interest rates. They are a good choice if you have a specific investment in mind and want a structured repayment plan.

• Starting at 8.5%
• $100,000 - $10,000,000
• 10 – 25 years
• 30-60 days

SBA loans are government-backed loans designed to support small businesses, including trucking and transportation companies. These loans often come with favorable terms and lower interest rates compared to traditional loans. They can be used for various business purposes, such as purchasing new vehicles, refinancing existing debt, or expanding operations. SBA loans can require more documentation and have longer approval processes, but they offer competitive terms that can benefit your business in the long run.

• Starting at 7.99%
• $250,000 – $10,000,000+
• Revolving
• 30-60 days

Asset-based loans use your business's assets, like accounts receivable, inventory, or equipment, as collateral. In the trucking industry, this could mean using your fleet of trucks as collateral to secure the loan. These loans are helpful if you have valuable assets and want to access funding based on the value of those assets. Interest rates and terms can vary, but asset-based loans provide flexibility and can be a good option if you need working capital.