Trucking & Transportation Business Loans
Top Funding Options for Trucking and Logistics
- Up to $5M funded within 24 to 48 hours
- APR as low as 6%
- 6-month to 24-month loan terms
- Both unsecured and secured loan options
- Flexible payment plans
Won’t impact your credit
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Quick online application
Dedicated funding advisors
Best Business Loans for Trucking & Transportation Companies
Benefits of Trucking & Transportation Loans
No Collateral Needed
Best APR Available
With interest rates as low as 7%, lenders in our marketplace offer competitive rates for trucking companies and freight brokers. No down payment is needed to secure transportation financing.
Transparent, Flexible Terms
Same-day Approval and Funding
Applying for a business loan takes two minutes, and get money in the bank in as little as 24-48 hours. Transportation loans at Configure Capital offer fast financing when you need it the most.
Any Credit Score Can Be Approved
Both good and bad credit ratings are applicable to our marketplace. Poor credit history is not a problem to get approved for funding. We recommend business owners have a credit score of at least 550.
Payment Plan Tailored to Your Cash Flow
We provide complete flexibility in the amount of capital you want to borrow and the repayment terms based on your loan amount and existing cash flow for a monthly payment that works for your business plan.
Meet your Configure Capital advisors
We make sure you’re getting the best fast business loan, and set your company up for success. See how it works →
Minimum Requirements
These are the basic things needed for qualifying for a trucking business loan with Configure Capital. Even if you have bad credit, your funding advisor will guide you through the process and your eligibility to get it done.
$10,000 in monthly revenue
Your business must be earning at least $10,000 per month in gross monthly revenue.
500+ Credit Score
You can get approved for a transportation business loan with any credit score. But the better your score, the better the interest rates lenders can offer.
Time in Business Is Over 6 Months
Your company should be operational for at least six months. This signals to our lenders that your small business is established and won’t default on the loan.
Have a Business Bank Account
You will need to provide 3-4 months of your most recent business bank statements as proof of revenue.
Small Businesses ❤️ Configure Capital
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5 Best Business Loans for Trucking & Transportation
Having funded over 10,000 companies, we know that a traditional loan isn’t for everyone. We’ve found the following five financing options to work best for small business owners for trucking and transportation. Our advisors will walk you through the pros and cons of each loan program to identify the best fit for your unique business needs.
1. Equipment Financing for Trucking Companies
An equipment loan is a great fit for transportation business owners seeking to buy or replace trucks and trailers. You can finance up to 100% of the cost of equipment leasing or buying. With competitive rates and minimal paperwork needed, you can secure business funding quickly. There are no prepayment penalties or collateral requirements apart from the vehicle itself. The structure of the financing is similar to that of consumer car loans.
Equipment Financing at a Glance
- Equipment financing is available to applicants with both good and bad credit.
- The vehicle you’re purchasing serves as collateral, so no additional collateral is needed.
- These loans often offer low interest rates, starting at around 7%.
- They typically require minimal documentation, simplifying the application process.
2. Short-Term Loan for Trucking Companies
When you think of a small business loan in the traditional sense, you are thinking of a term loan. You borrow a fixed amount of money at a specific interest rate that you pay back based on a loan term length. You don’t need any collateral or personal guarantee to get approved for a short-term loan. This type of financing is the most popular borrowing option for transport businesses.
Term Loans at a Glance
- These loans often provide instant approval and funding, speeding up the process.
- Closing typically occurs within 24-48 hours, giving you quick access to capital.
- They usually don’t require collateral, reducing your personal financial risk.
- Bad credit is generally acceptable, though we recommend a minimum score of 550+.
3. Business Line of Credit for Trucking Companies
A business line of credit is a flexible funding option to have working capital always available when needed. Lines of credit have competitive interest rates and are structured similarly to a business credit card. You have a maximum limit from which you can withdraw funds and only pay interest on the amount of money you use.
Business Line of Credit at a Glance
- It offers flexible, on-demand capital, allowing you to access funds as needed.
- Interest is only charged on the amounts you withdraw, helping to manage costs effectively.
- There’s typically no prepayment penalty, giving you the freedom to repay early without extra fees.
- Using this type of credit responsibly can help improve your personal credit score over time.
4. B2B Invoice Financing for Trucking Companies
If you run a B2B commercial trucking business, you likely have outstanding invoices that are yet to be paid. Invoice financing, also called invoice factoring, allows you to get up to 100% of the invoice value from a lender as a lump sum payment. But what if your business is not B2B? In that case, we recommend equipment financing, term loans, or a business line of credit.
Invoice Financing at a Glance
- Invoice financing provides quick access to working capital, often within 24 hours.
- It eliminates the need to wait for customers to pay their invoices, improving your cash flow.
- Your personal credit score is typically not a factor in approval decisions. Instead, lenders look at the credit rating of the customer who owes you money.
5. SBA Loans for Trucking Companies
The Small Business Administration provides financing backed in part by the agency (up to 80%). The two most popular SBA loan options are the 7(a) and Microloan programs. Among all loans available for transportation companies, SBA 7(a) loans have the longest time to be approved. This is due to the high paperwork and credit score requirements by the SBA and its approved lenders and providers. If you need qualifications for an SBA loan, Configure Capital advisors help you streamline the application process.
Invoice Financing at a Glance
- The federal government agency guarantees up to 80% of the loan amount.
- These loans typically offer low Annual Percentage Rates (APRs), making them cost-effective.
- We recommend this option if you need capital for future projects or expansion.
Types of Transportation Business Loans
We offer many different funding solutions for trucking and logistics companies. Your Configure Capital advisor will guide you through all options so you can make the best choice.
You deserve low rates and an honest trucking lender who has your back.
From our humble beginnings in 2018, we remain committed to helping American businesses achieve success. We keep trucking business loans simple, convenient and transparent. Read our manifesto →
FAQs about Trucking Loans
When it comes to truck financing, you’ve got questions, we’ve got answers. Dive into our FAQ to understand the route ahead.
How Does a Commercial Trucking Loan Work?
What Types of Loans Are Available for Truck Drivers?
Common financing types include the following: equipment financing, short-term loans, a business line of credit, invoice factoring, and SBA loans. Each funding option has advantages and disadvantages. Speaking with a lending professional can help guide your decision.
Can I Get a Trucking Loan with Bad Credit?
How Long Is a Transportation or Trucking Loan?
Types of Businesses We Fund
Configure Capital provides instant loans to all logistics businesses located in the United States. Here are just a few such industries:
- Trucking companies
- Shipping companies
- Owner-operators
- Freight brokers
- Medical transport
- Taxi and limousine services
- Moving van businesses
- Bicycle rentals
- Air transport
- Marine shipping
Ready for a Trucking Business Loan?
Get online approval in less than two minutes. Interest rates start as low as 6%. Flexible repayment options are available for credit scores over 550..
