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Commercial Trucking Business Loans -  Drive to Success

Do you need a new truck, trailer or working capital for your trucking business?  We have the commercial trucking financing tools you need to grow.  Compare trucking loans with Upwise.

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Commercial Trucking Business Loans: How They Can Help You

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The financial side of running a commercial trucking business, along with keeping trucks on the road and hiring drivers can be a daunting task.  A trucking business loan can provide your trucking business with the capital you need to purchase a commercial truck.  Exploring commercial truck financing options for transportation and logistics companies can give your business the resources it needs to address the biggest challenges your trucking company faces.  Regardless of your credit score, there is an option for you.

We all rely on trucking to move products across the country

Therefore, it’s in your best interest to take advantage of financial resources to position your business ahead of the competition.  You’ll need funds to maintain a fleet of trucks and drivers, while keeping logistics software up to date and organized.   

What can a Commercial Trucking Business Loan be used for?

Purchase New or Used Trucks

  • Importantly, expanding the trucks in your fleet allows you to take on more business
  • Commercial trucking loans can be taken advantage of to finance or lease new or used trucks for your fleet

Hire More Drivers

  • With trucking loans, you can address the need for hiring more CDL drivers during busy times of the year
  • Apart from financing hiring, you may also use funds from a trucking loan for driver training and safety costs

Administrative Costs

  • Use a commercial trucking loan to pay registration and certification fees related to mandatory trucking laws
  • You can also cover the cost of insurances for both your trucks and the business using a trucking business loan

Manage Cash Flow

  • Maintain your capital cash flow to manage expenses when experiencing unforeseen trucking issues
  • Utilize trucking working capital financing for almost any purpose or use

Repairs & Upgrades

  • You can use a trucking business loan to repair the trucks in your fleet, since it is vital to keep your trucks on the road
  • Use the loan funds to cover basic vehicle maintenance and common fixes to ensure top performance

Seasonality

  • Put yourself ahead of the competition using a commercial trucking business loan throughout the different seasons
  • Have the extra funds to acquire additional drivers or staff in advance to meet your customers demand

6 Best Business Loan Options for Commercial Trucking

The trucking industry has unique challenges when it comes to managing cash flow and working capital.  Undoubtedly, staffing, payroll, and repairs are some of the issues we see truckers face.  Therefore, you can use a working capital trucking loan to bridge the gap between the time you receive payment and meeting your capital needs.  Working capital loans provide a fixed amount of money, with a fixed cost which are paid back over a term of 3-18 months.

Equipment Financing for Commercial Trucking

100% of Equip ValueUp to 8 year terms
Finance or Lease New or Used Equipment
Equipment Used as Collateral
Leverage Equity in Existing Equipment
Monthly Payment Terms

An equipment financing loan can be a great option for a truck loan, especially if you are looking to lease or finance new vehicles or trailers.  Many truckers utilize new trucks to their fleet to take on more jobs and increase delivery time.  Therefore, a new vehicle or piece of equipment can certainly have a huge impact on the growth of the business.  A business loan for trucking equipment is usually structured as a lease to purchase or a fixed-term loan.

Line of Credit for Commercial Trucking

Up to $250K6 mo - 2 year terms
Draw When You Need Funds
Only Pay Interest on What you Draw
Save on Interest by Early Repayment
Monthly Payment Terms

Trucking business lines of credit have the flexibility that other loans do not.  Similar to a credit card in the sense that it’s a revolving line of credit which allows you to draw funds as you need it.  Also, you only pay interest on the funds that you draw.  Additionally, early repayment discounts work great for truckers because once you’ve finished using the money, you can pay it back and save drastically on interest.

Term Loan for Commercial Trucking

$25K - $20M5-30 year terms
Used for Many Business Purposes
Set Repayment Term Length
Fixed Interest Rates
Weekly & Monthly Payment Terms

A business term loan is another great option for transportation industry companies.  Term loans are meant for those established trucking companies.  In other words, those that are showing a profit on their most recent tax returns, have been in business at least 2 years and have a good credit score.  The proceeds from this type of trucking loan can be used for a multitude of business purposes such as marketing, expansion or repairs.

SBA Loans for Commercial Trucking

Up to $5M5-30 year terms
Longest Payment Terms
Guaranteed by the SBA
Low Interest Rates
Must Have Good Credit

A Small Business Administration loan or SBA loan is a loan guaranteed by the Small Business Administration.  On the contrary, the SBA is not the lender, but they do guarantee the loan through an approved SBA lender.  Even so, a trucking SBA loan is a highly desirable financing product, however the process is long with many paperwork requirements and high credit standards.  See how an SBA loan for a retail business can help you. 

Invoice Financing for Commercial Trucking

Up to $2MUp to 3 year terms
Larger Loan Sizes
Interest Only & Monthly Payments
May Require Appraisal
Lower Interest Rates

Invoice financing can be a great option for a commercial trucking business loan, especially if you have unpaid invoices affecting your cashflow.   You sell your invoices to a lender at a discount.  The discount goes to the lender for providing a fee, while the remainder goes into your pocket.   For instance, if you don’t want to seek other types of financing, invoice financing can be a great option for you.  Invoice financing also has lower credit score and business requirements than other loan products.

How to Apply for a Commercial Trucking Business Loan

Commercial Trucking Funding Solutions
to Boost your Success

Small business trucking loans are easy to secure.  It only takes a few minutes to apply, and Upwise will present you with options.

Applying won’t impact your credit score.

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Why Upwise for Trucking

Types of Trucking Companies We Serve

commercial truck loans - logistics company loan - transportation business loans

We offer trucking business loans to a wide range of industries and companies.  You deserve options.  Therefore, Upwise provides trucking working capital, lines of credit for trucking companies, commercial loans, small business loans for truck drivers, trucking equipment financing, business term loans, real estate financing and other trucking business financing options, to meet all your needs.  So, here are some of the logistics and transportation companies we’ve worked with:

Compare All Retail Store Business Loan Options

  • Business Term Loan
  • Line of Credit
  • Equipment Financing
  • Invoice Financing
  • Short Term Loan
  • Working Capital Bridge
  • SBA Loan
  • Real Estate
  • Account Receivables

Max Loan Amount

$25K to $20MM

Profitability

Shown on Tax Returns

Loan Term

5 to 30 Years

Credit Score

620+

Interest Rate

7 % - 30 %

Time in Business

Greater than 2 Years

Speed

As Fast As 2 Days

Annual Revenue

Over $200K

Term Loan

A traditional business term loan is a lump sum of capital that you pay back with regular repayments at a fixed interest rate.  The “term” in “term loan” comes from its set repayment term length, which will typically be one to five years long. Most business owners use the proceeds of term loans to finance a specific, one-off investment for their small business.

Loan Amount

$5K to $250K

Unsecured Line of Credit

Loan Amount

$100K to $10MM

Secured Line of Credit

Loan Term

6 Months to 2 Years

Credit Score

500+

Secured Line of Credit: 620+

Interest Rate

7 % - 25 %

Time in Business

Greater than 1 Year

Speed

As Fast As Same Day

Annual Revenue

$150K+

Business Line of Credit

A revolving business line of credit gives access to a pool of funds to draw from when a business owner needs capital. Unlike a traditional business loan, you have the flexibility to borrow up to a set amount, repaying only the amount you withdraw, plus interest.

Max Loan Amount

100% of Equipment Value

History

Good Financial History

and Tradelines

Loan Term

1 to 8 Years

or Expected Life of Equipment

Credit Score

500+

Interest Rate

As Low As 4 %

Time in Business

6 Months +

Start Ups Encouraged to Apply

Speed

As Fast As 2 Days

Annual Revenue

100K+

Equipment Financing

Equipment financing helps you finance up to 100% of the new or used equipment you need for your business. A fast and easy way to finance the purchase of all types of equipment.  With a secured loan against your equipment, you can take advantage of the equity in your existing equipment, or use newly-purchased equipment as collateral.

Max Loan Amount

Up to 100% of Invoice Amount

Invoices

From Credible Clients

Repayment

When Customer Pays Invoice

Credit Score

Over 600+

Factor Rate

8 % - 30 %

Time in Business

Greater than 1 Year

Speed

As Fast As Same Day

Annual Revenue

150K+

Invoice Financing

Invoice financing is a type of asset-based financing that allows business owners to free up unpaid invoices. With invoice financing, you can get a fast advance of about 85% of the value of your invoices, with most of the other 15% paid to you later.

Loan Amount

$5K to $5MM

History

Positive Payment History

Loan Term

3 Months to 2 Years

Credit Score

500+

Interest Rate

9.99 % - 24.99%

Time in Business

6 Months +

Speed

As Fast As Same Day

Annual Revenue

120K+

Short Term Loan

Short-term business loans are lump-sum loans that are designed to be paid back in less than 18 months. They can be a flexible financial tool, best used for financing short-term needs—including managing cash flow, dealing with unexpected needs for extra cash, bridging larger financing options, paying off expensive debt, or taking advantage of unforeseen business opportunities.

Loan Amount

$5K to $5MM

History

Positive Payment History

Loan Term

3 to 18 Months

Credit Score

500+

Factor Rate

1.10 - 1.36

Time in Business

Greater than 3 Months

Speed

As Fast As Same Day

Annual Revenue

120K+

Working Capital Bridge Loan

With this product, you are advanced cash in exchange for a percentage of your daily credit card and debit card sales, or your monthly revenue. Working Capital can be a quick and easy way to get a business cash advance with no need for collateral, even if you don’t have a good credit score.

Loan Amount

$5K to $5MM

Loan Amount

$350K

SBA 7(a) Small & Express Loans

Loan Term

5 to 30 Years

Credit Score

650+

Interest Rate

Starting at 6.75 %

Time in Business

Greater than 2 Years

Speed

As Fast As 2 Weeks

Annual Revenue

Over $200K

SBA Loan

SBA loans are the government-backed loans your business needs.  The U.S. Small Business Administration (SBA) is a federal agency designed solely to help small businesses get the funds they need. The SBA doesn’t actually lend you any cash, yet it establishes guidelines and guarantees portions of those loans by an approved SBA lender.