We’re here to keep you on the road.
Business owners love that Lendio helps them get funding without the headaches.
Apply for financing today to build your business, upgrade your equipment, or fund your next project.
Business owners love that Lendio helps them get funding without the headaches.
Get the answers and the funding you need with support all along the way.
in small business funding facilitated in the last decade.
21,000 Trustpilot® reviews.
50% repeat customers.
providing broad coverage for small business lending.
*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
Not sure what you need or what funding options are best for you? Use our simple calculator to get a rough idea of your options with no commitment, and apply when you’re ready.
With Lendio, you can explore different financing structures to findthe one that fits your company’s next big move. Use funds to:
These are the most popular types of funding that other trucking-based businesses qualify for through Lendio.
Access available funds whenever you need them, and only pay interest on what you draw.
Access funding based on your future revenue and repay with regular payments.
Cover everyday expenses with revolving credit and earn rewards for your spending.
Freight factoring, also known as invoice factoring, is a financial solution specifically designed for the needs of trucking companies. Essentially, it allows them to sell their unpaid invoices to a factoring company at a discount, thereby obtaining immediate cash. This can alleviate the stress of waiting for clients to pay, which can sometimes take up to 90 days. The factoring company then takes on the responsibility of collecting the invoice payments, allowing trucking businesses to maintain a steady cash flow and focus on their core operations.
A business cash advance is a financing option where a lender provides an upfront cash amount to a business in exchange for a portion of its future revenues. Unlike a traditional loan, repayment of a business cash advance is done through an automatic withdrawal from the business’s bank account. It’s a flexible way to secure funding without requiring collateral or a high credit score.
A term loan is a type of business financing that involves borrowing a lump sum of money upfront, which is then repaid over a set period, or ‘term’, with interest. A term loan is typically used for significant investments or expenditures, such as buying new equipment, expanding operations, or refitting locations. Because the repayment schedule is fixed, businesses can plan their budgets accordingly. The term length and interest rates can vary based on factors such as the lender’s policies, the borrower’s credit score, and the overall economic climate.
An SBA loan, or Small Business Administration Loan, is a type of financing that is guaranteed by the U.S. Small Business Administration. By vouching for businesses that may not meet traditional lending requirements, the SBA makes it easier for these businesses to secure funding. This type of loan can be used for various purposes, such as working capital, purchasing equipment, or expanding an existing business. SBA loans typically offer competitive terms, including lower interest rates and more extended repayment periods, making them an attractive option for small businesses.
A business line of credit gives you access to capital when you need it, rather than delivering one lump sum from a loan. It’s similar to a credit card in that you have a maximum credit line you’re able to draw from. As you borrow funds and repay your balance, your credit line is replenished and you can borrow again as needed. One of the major benefits is that interest only accrues on your outstanding balance, not the credit line limit. Using a business line of credit for your trucking financing can help iron out cash flow issues throughout the year, ensuring you always have enough for payroll, truck repairs, fuel, and other expenses that may ebb and flow.
Instead of a trucking business loan, trucking companies can apply for equipment financing or leasing to purchase vehicles and other hard assets. An equipment loan will typically require a down payment while you may be able to get 100% financing through equipment leasing. Some lenders have higher minimum approval requirements for trucking companies, so work with your funding manager to find the best equipment financing option for you. Visit this page for more information on semi-truck financing.
Find answers to some commonly asked questions in the trucking industry.
Each lender has its eligibility requirements. Lendio’s platform gives applicants access to over 75 lenders. To apply, there are a few minimum qualifications a trucking company must meet:
Once you apply, you can compare multiple offers to choose the best one for your company’s needs.
Generally speaking, there are no limits on how the funds can be used for term loans, SBA loans, business lines of credit, or invoice factoring. Equipment financing, on the other hand, is tied directly to the specific piece of equipment being purchased since that asset is used as collateral. Common use cases for a trucking loan include semi-truck financing, insurance, and fuel and maintenance costs.
There are three primary types of SBA loans to consider for your trucking company. The most common is the SBA 7(a) loan, which can be used for almost anything and is repaid over five to 10 years. Another option is the SBA 504 loan, designed specifically for asset purchases, like land or buildings, trucks, trailers, and other machinery your business may need. Finally, an SBA microloan lets smaller companies borrow up to $50,000 and is ideal for less established truck companies.
Lenders will evaluate your personal and business credit score when considering you for a loan. Minimum credit score requirements will vary by lender and loan type. If you have a lower credit score, equipment financing, a business cash advance or invoice factoring may be easier to qualify for.
See what you can qualify for on the Lendio Marketplace.