Trucking & Transportation Business Loans
Best funding options for truckers, transportation and logistics companies.
Designed for the unique needs of transporters.
Up to $5M funded within 24 to 48 hours
Low APRs
6-month to 24-month loan terms
Both unsecured and secured loan options
Flexible payment plans
Best Business Loans for Trucking & Transportation Companies
Trucking business operators know just how critical it is to keep their fleet of trucks maintained and emergency capital available for unforeseen expenses. Commercial trucks and trained drivers are a financially intensive venture.
That's where transportation business loans with Wize comes in to help. Our network of 75+ lenders provide the money needed for all aspects of running a top-notch transport business on your terms.
Our mission is to help truckers pursue the American dream. Whether you have good or bad credit, we can provide the assistance needed to get funding to withstand seasonal business trends, buy new vehicles and logistics tools, maintain your fleet, and hire more trained drivers.
Benefits of Trucking & Transportation Loans
Shipping & Logistics is a $700 billion dollar industry annually. To capitalize on your profitable market, your trucks and trailers need regular maintenance, yearly registration paperwork, and licensed drivers at a minimum. When you add on the need for insurance, fuel, and tolls fees, having financing is key to business success.
No collateral needed
Better manage cash flow during seasonal demands with a working capital loan. Have access to funds when you need them the most to bridge demand gaps.
Best APR available
During high-demand seasons, it's critical to have extra inventory to maximize your sales potential. Funding from Wize makes it easy.
Transparent, flexible terms
With retail financing, you can lease or buy a great location for your store. You shouldn't have to compromise on a location due to costs. We've got you covered!
Same day approval and funding
How your retail location looks can affect your sales numbers and help drive new business. Renovate an existing location to attract more customers.
Any credit score can get approved
Our network of 75+ lenders competes to offer you the best APRs in the lending industry. Interest rates start as low as 7% for short-term loans.
Payment plan tailored to your cash flow
Your dedicated Wize adviser tailors a payment plan based on your specific cash flow requirements and business goals. We take pride in having the most flexible payment options for retail companies.
5 Best Business Loans for Trucking & Transportation
Having funded over 10,000 companies, we've found the following five financing options to work best for transportation business owners. Whichever option you choose, our advisors will walk you through the pros and cons of each to identify the best fit for your unique capital needs.
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 buying or leasing a new rig. With competitive rates and minimal paperwork needed, you can secure funding quickly. There are no prepayment penalties or collateral requirements apart from the vehicle itself. Structure of the financing is similar to consumer car loans.
Equipment financing at a glance:
✓ Both good and bad credit can get approved
✓ Vehicle being purchased serves as collateral (no other collateral needed)
✓ Low interest rates
✓ Low documentation
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 over a loan term length. You don't need any collateral or personal guarantee to get approved for a short-term loan. It's the most popular borrowing option for transport businesses.
Short term loans at a glance:
✓ Instant approval and funding
✓ Closing within 24-48 hours
✓ No collateral required
✓ Bad credit is okay (we still recommend at least 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 card. You have a maximum limit you can withdraw funds from and only pay interest on the amount of money you use.
Business line of credit at a glance:
✓ Flexible, on-demand capital
✓ Interest only charged on amounts withdrawn
✓ No prepayment penalty
✓ Helps improve your personal credit score
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:
✓ Quick access to working capital within 24 hours
✓ No need to wait for invoices to be paid by customers
✓ Your credit score is not a factor -- lenders look at the credit rating of the business whose invoice you have outstanding.
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 loans have the longest time to approval. This is due to the high paperwork and credit score requirements by the SBA and it's approved lenders. If you need qualifications for an SBA loan, Wize's advisors help you streamline the application process.
SBA loans at a glance:
✓ Guaranteed up to 80% by the federal government agency
✓ Low APRs
✓ Recommended if your needs for capital are farther out into the future
Types of transportation businesses we fund
Wize provides instant loans to all logistics business located in the United States. Here's just a few such industries:
✓ Trucking companies
✓ Shipping companies
✓ Owner operators
✓ Freight brokers
✓ Medical transport
✓ Taxi and limousine services
✓ Moving van businesses
✓ Specialty transportation
✓ Livestock transportation
✓ Air transportMarine shipping
✓ Bicycle rentals
Types of transportation businesses we fund
Wize provides instant loans to all logistics business located in the United States. Here's just a few such industries:
✓ Trucking companies
✓ Shipping companies
✓ Owner operators
✓ Freight brokers
✓ Medical transport
✓ Taxi and limousine services
✓ Moving van businesses
✓ Specialty transportation
✓ Livestock transportation
✓ Air transportMarine shipping
✓ Bicycle rentals
FAQs about Trucking Loans
When it comes to trucking loans, you've got questions, we've got answers. Dive into our FAQ to understand the route ahead.
How does a commercial trucking loan work?
There are different financing options available, depending on your preferences and needs. Once you determine which funding type you desire, you will receive funds that can be used to purchase your vehicle. Most business owners choose to finance by using their truck as collateral.
What type 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?
Yes. Don't be deterred if you have low credit. Equipment financing, for example, is a good choice for truckers who have below average scores. You can learn more about equipment financing offered by Wize
How long is transportation or trucking loan?
On average, most commercial truck loans tend to be 60 months, or 5 years in duration. Keep in mind some funding options require longer or shorter repayment windows, and this time frame will vary based on the lender.
"Hold My Hand" credit repair
If your credit is stopping you from obtaining funding, we have a done-for-you credit repair program.
Results in less than 60 days, an online account to watch us work, and a satisfaction guarantee.
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