515 N Flagler Dr Ste P300, West Palm Beach FL 33401-4326
For personal assistance, call
Get Started

If you’re in commercial trucking, you may have found that acquiring the financing you need can be… a bit difficult.

Trucking companies tend to have a hard time with obtaining loans through traditional lending channels as they’re generally considered high-risk.

The reasons traditional lenders typically give for that rating include:

Even without the above, however, it can still be hard to obtain financing through a traditional lender.

Commercial trucking business owners can be hit with a variety of issues when attempting to obtain funding due to having no personal collateral to pledge, poor credit, no credit, or low cash flow.

Rest assured, though, there are accessible funding options available even if one or more of those does describe you.

Get the capital your trucking business needs. Apply with Excel Capital today: Apply Now

Best Trucking Business Loans: Alternative Lending Options


When it comes to alternative lending options, you have a few great options to choose from.

Each of these offers unique pros and cons, but the one central theme is that they don’t have the same overly strict qualification conditions as traditional lending vehicles.

Beyond that, which is the best loan for your business purposes is completely up to you:

Term Loan

A term loan is an unsecured business loan designed to solve immediate, short-term capital needs.

The repayment period of the loan can vary depending on the terms, but all term loans are designed with this central idea in mind.

It’s the most straightforward option and most like a traditional business loan, making it a common choice for those looking for a commercial truck loan. 

Once approved, the loan can be used for anything your business needs, so you have complete freedom as to how you use the funding. 

To be approved for a term loan with Excel Capital, you’ll need:

Learn more about Excel Capital’s term loans here or click to apply below:

Apply for a term loan with Excel Capital: Apply Now

Equipment Financing

Equipment financing, or an equipment loan, is designed to offer short-term funding specifically for large equipment purchases.

This funding method is unique because the new piece of equipment itself acts as the collateral, meaning you’re not required to put any additional form of collateral down to be approved.

To be approved for equipment financing with Excel Capital, you’ll need:

*Other paperwork may be requested after submitting your application.

Learn more about Excel Capital’s equipment financing here or click to apply below:

Apply for equipment financing with Excel Capital: Apply Now

Business Line of Credit

As opposed to a term loan or equipment financing, a business line of credit is a revolving balance that provides continuous access to funding when you need it.

Provided you regularly pay down your balance, an unsecured business line of credit offers an incredible amount of flexibility, allowing you to tap into funds whenever you need them.

This makes it a popular choice for larger commercial trucking businesses who need access to business financing more regularly. 

To be approved for an unsecured business line of credit with Excel Capital, you’ll need:

Learn more about Excel Capital’s unsecured business line of credit here or click to apply below:

Apply for an unsecured business line of credit with Excel Capital: Apply Now

What Can You Use a Trucking Business Loan For?

The great thing about these commercial truck financing options is that the capital obtained after funding can be used for anything as long as it pertains to the trucking business.

Here are a few popular uses for small business loans:

How to Get a Trucking Business Loan


The great thing about the commercial truck financing options is that the application, approval, and funding process is quick and simple.

Generally, lenders that provide these financing options only require a simple, one-page application, four months of recent business bank statements, and four months of business credit card processing statements to get started.

Once these pieces of documentation (and maybe a few others) are received, you can be presented with an approval and funded in as little at three business days.

But before we jump too far ahead, let’s quickly go over how to get a business loan for your trucking company from step 1:

1. Identify Your Business’ Needs

First things first, why does your business need a loan in the first place?

Sit down with your core staff members, financial advisors, or simply yourself to determine your business’ needs and how a quick business loan could help.

Do you need to purchase inventory, hire additional staff, catch up on bills?

Having a plan of execution once the loan is acquired is essential for success, as well as a plan for paying the loan back.

2. Do Your Due Diligence

You may hear the phrase, “do the due diligence” a lot when researching quick business loans. In simpler terms, this means doing the necessary research before applying and accepting an offer with a lender.

There are thousands of lenders and brokers out there – traditional and alternative. Don’t take everything at face value. Learn as much as you can about each lender you are interested in, compare pricing, read reviews, ask questions, and follow your gut if something just doesn’t seem right.

You have the right to protect yourself and your business. The last thing you want to do is put your business in more of a financial bind or have setbacks. Research and knowledge is key. Do your due diligence.

3. Choose the Best Loan Option

Maybe you did this when identifying why your business needs a quick business loan, but it’s a good idea to confirm again the type of loan product your business truly needs.

Speak with your chosen lender to go over all of your options and get a better understanding of each financing option and how everything works.

4. Find Out What’s Needed to Qualify and Apply

All lenders have different business loan qualification guidelines.

Depending on your business’ financial standing the amount of money you are looking to obtain, the documentation needed to be presented with an approval will vary.

It is a good idea to at least have your last six months of business bank and credit card processing statements available, as well as additional financial documents like your P&L, balance sheets, and tax returns easily accessible.

Commercial Trucking Business Loan Options from Excel Capital

Excel Capital offers trucking businesses which have been operating for a minimum of three months a chance to grow their business by flexibly and strategically granting them working capital and merchant financing loans.

They are no restrictions on what you can or cannot do once the loan is credited to your account and you can use it as you please.

Here are some of the benefits of acquiring a working capital loan from Excel Capital:

Many trucking companies are looking for truck overhaul financing or working capital to help them get through the various business stages associated with the trucking industry.

We understand that every business is different and that challenges arise, but that shouldn’t keep you from obtaining the funding you need to push forward.

How to Obtain a Trucking Business Loan with Excel Capital

We believe that obtaining a business loan for your trucking business doesn’t have to so hard.

With Excel Capital, you get lightning fast approval and funding times paired with fair underwriting requirements that don’t require perfect credit.

Apply for a loan with Excel Capital and see what you can be approved for today:

Apply for a trucking business loan with Excel Capital: Apply Now