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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
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
Working Capital 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
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
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
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
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
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.
Why Upwise for Trucking
- We Know the Trucking Industry
- Trusted by Companies Like Yours
- Personalized Experience
- Fast & East Application Process
- Loan Specialists Who Are Wiser & Care
- Transparent Terms & Automatic Payments
Types of Trucking Companies We Serve
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:
- For Hire Truckload Carriers
- Private Fleets
- Less Thank Truckload Carriers
- Household Movers
- Inter-modal
- Heavy Haul or Specialized
- Business to Business (B2B)
- Door to Door
- Temperature Controlled
- Tractor, Dump Truck, Garbage Trucks
- Tanker Trucks
- Rental Companies
Compare All Retail Store Business Loan Options
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.
- Bi-Weekly & Monthly Payments
- Longer Payment Terms
- Lower Interest Rates
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.
- Weekly or Monthly Payments
- Only Pay Interest on the Funds you Draw
- Save on Interest by Paying Back Early
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.
- Avoid large upfront costs for equipment purchased
- Equipment used as collateral
- Monthly Payments
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.
- No Need to Wait for Invoice from Customers
- Low Interest Rates
- Invoice is used as Collateral
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.
- Bad Credit Accepted
- Minimal Paperwork & Fast Funding
- Prepayment Discounts for Early Payoff
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.
- Minimal Paperwork, Easy Approval & Fast Funding
- Prepayment Discounts for Early Payoff
- Bad Credit Accepted
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.
- Monthly Payments
- Longest Payment Terms
- Low Interest Rates