Running a trucking company comes with hefty costs—fuel, truck maintenance, driver salaries, or fleet expansion can strain your finances. Whether you need $40,000 for repairs or $100,000 to add trucks, small business loans can keep your business on the road. With $650 billion in small business lending in 2024 and the trucking industry projected to reach $18.09 billion in 2025, financing options abound for companies with 620–650 credit scores and $160,000 in revenue. This guide walks you through choosing the best small business loan for your trucking company, even on a tight 3-week timeline. 

Why Choosing the Right Loan Matters

The wrong loan can burden your trucking business with high rates or unmanageable payments, while the right one can fuel growth without breaking the bank. From equipment financing for quick repairs to SBA loans for long-term expansion, understanding your options ensures you meet your goals—whether it’s $40,000 for a truck overhaul or $100,000 for a bigger fleet. Here’s how to make the smart choice in 2025.

Key Factors to Consider When Choosing a Loan

1. Identify Your Funding Needs

Start by clarifying why you need the loan and how much:

  • Repairs or Upgrades: $40,000 for truck repairs or diagnostic tools, aiming for ~$300/month payments.
  • Fleet Expansion: $100,000 to add trucks or acquire routes.
  • Cash Flow: Funds to cover fuel, payroll, or slow-paying clients.
    Ask: What’s the purpose? How urgent is it (e.g., 3 weeks)? What monthly payments fit your budget? A $40,000 loan at 8% over 7 years yields ~$300/month, ideal for tight budgets.

2. Assess Your Eligibility

Lenders evaluate credit score, revenue, and time in business:

  • Credit Score: 620–650 qualifies for equipment financing, online term loans, or freight factoring; SBA loans often need 680+.
  • Revenue: $160,000 annual revenue supports most loans, with 3–4 months of bank statements required.
  • Time in Business: 3 years meets most criteria, common for trucking companies.
    Check your profile against loan requirements. For a 620 credit score, equipment financing or freight factoring are accessible; for $100,000, online term loans work well. See lender feedback on Biz2credit.

3. Compare Loan Types

Different loans suit different needs:

  • Equipment Financing: Best for $40,000 truck repairs. Rates: 6–15%. Funding: 1–5 days. Great for 3-week timelines and 620 credit.
  • Online Term Loans: Ideal for $40,000–$100,000 needs. Rates: 10–30%. Funding: 1–3 days. Accepts 600+ credit.
  • SBA 7(a) Loans: Suited for $100,000 fleet expansion. Rates: 8–10%. Funding: 30–90 days. Needs 680+ credit.
  • Freight Factoring: Perfect for cash flow with delayed invoices. Fees: 1–5%. Funding: 1–2 days. Works with 550+ credit.
  • Merchant Cash Advance: Quick $40,000–$100,000 for high-revenue businesses. Factor rates: 1.2–1.5. Funding: 1–3 days.
    Match the loan to your timeline and goal. For 3-week urgency, prioritize equipment financing or freight factoring.

4. Evaluate Lenders and Marketplaces

Research lenders to find the best fit:

  • Specialty Lenders: Truck Lenders USA for equipment financing or altLINE for freight factoring.
  • Fintech Lenders: National Funding or Funding Circle for fast online term loans.
  • Marketplaces: Clarify Capital or National Business Capital connect you to 75+ lenders, streamlining applications for $40,000–$100,000 loans.
    Check fees, as marketplaces may charge extra. Read user experiences on Loans for Small Business to assess reliability, especially for Clarify Capital or GUD Capital.

5. Calculate Costs and Terms

Compare rates, fees, and repayment terms:

  • Equipment Financing: $40,000 at 8% over 7 years = ~$300/month, affordable for $160,000 revenue.
  • Online Term Loans: $100,000 at 12% over 3 years = ~$3,300/month, requiring strong cash flow.
  • Freight Factoring: 2% fee on a $40,000 invoice = $800 cost, no monthly payments.
  • Merchant Cash Advances: $40,000 with a 1.3 factor rate = $52,000 total repayment, deducted daily.
    Use a loan calculator to confirm affordability. Avoid high-cost options like merchant cash advances unless cash flow supports it. Check Loans for Small Business for fee-related feedback.

Steps to Secure Your Loan

  1. Gather Documents: Prepare tax returns, bank statements (showing $160,000 revenue), CDL licenses, and a business plan outlining loan use.
  2. Apply Strategically: Use marketplaces for multiple offers or go direct to lenders like Truck Lenders USA for equipment.
  3. Negotiate Terms: Ask about lowering fees or rates, especially with marketplaces like National Business Capital.
  4. Track Progress: Follow up within 1–2 days for online loans or freight factoring to meet 3-week timelines.
  5. Consult Experts: Work with an SBA counselor or financial advisor for complex loans like SBA 7(a).

Success Story: A Trucking Company’s Breakthrough

Ahmed, a trucking company owner with a 620 credit score and $160,000 revenue, needed $40,000 for a truck engine overhaul. He chose equipment financing from Truck Lenders USA, approved in 3 days with a 7-year term at 9% APR (~$300/month). The repaired truck boosted his delivery capacity by 15%, growing revenue. Ahmed’s success shows how the right loan can transform a business. Read similar stories on Loans for Small Business.

FAQ on Trucking Company Loans

Can I get a $40,000 loan with a 620 credit score?
Yes, equipment financing or freight factoring accept 550–620 scores, perfect for repairs.

How fast can I get funds in 3 weeks?
Equipment financing, online term loans, or freight factoring fund in 1–5 days.

Are marketplaces like National Business Capital reliable?
They connect to 75+ lenders, but fees vary. 

Can I afford $300/month for a $40,000 loan?
Yes, a 7-year loan at 8–12% APR fits this budget. Use a loan calculator.

What documents are needed?
Business plan, financial statements, tax returns, bank statements, and proof of $160,000 revenue.

Find Your Perfect Loan in 2025

Choosing the right small business loan can keep your trucking company thriving, whether it’s $40,000 for repairs or $100,000 for expansion. With options for 620–650 credit scores and $160,000 revenue, from fast equipment financing to low-rate SBA loans, 2025 is your year to grow. Explore lenders and read real reviews on Loans for Small Business to make an informed decision.

Ready to roll? Apply for a small business loan today and drive your trucking business to new heights!