The truck transportation sector is in a high growth stage in Florida, according to TRIP, a nonprofit national transportation research organization. In fact, TRIP estimates that from 2022 to 2050, freight moved annually by trucks in Florida will increase 94% by value and 58% by weight.
To support this growth, trucking and transportation businesses in Florida need access to a wide variety of business funding, such as commercial real estate loans, equipment financing, lines of credit and more. Check out our top picks for trucking business loans in Florida, including a variety of loan choices and options for borrowers with a range of credit scores.
Best truck transportation business loans
Best for comparing business loans
Lendzi
When you want to explore multiple loan types and lenders at once, a business loans marketplace like Lendzi is a good place to start. It offers a range of financing for trucking businesses, including SBA loans, equipment financing, business lines of credit, term loans and more, and it has over 60 lending partners to compare. Plus, it has highly rated loan specialists to help you find the right financing for your business, no matter what your credit score is. But rates vary widely, depending on the lender and loan type, and some financing options are more expensive than others, like merchant cash advances (MCAs) and invoice factoring.
| Loan amount | $5,000 – $20,000,000 |
|---|---|
| APR | Varies by lender |
| Min. Credit Score | 580 |
Best for SBA loans
Live Oak Bank SBA loans
Live Oak Bank offers SBA 7(a) and 504 loans to cover almost any need a Florida trucking business runs up against. It offers loan amounts as high as $15 million and financing up to 90% or more of the project. It’s an SBA preferred lender, meaning it can significantly shorten the time to loan approval. It also has an Express loan option for up to $500,000 if you need faster access to capital.
| Loan amount | Up to $15 million |
|---|---|
| APR | Varies |
Best for a business line of credit
Backd
If your trucking and transportation business is looking for a more flexible form of financing, you may want to consider a business line of credit from Backd. It offers revolving lines of credit (LOCs) up to , and your credit limit automatically replenishes as you pay it back. But it doesn’t disclose its rates, and the longest loan term is only 12 months.
| Loan amount | $10,000 to $750,000 |
|---|---|
| APR | 29% to 62% |
| Min. Credit Score | 600 |
| Loan amount | $10,000 to $750,000 |
|---|---|
| APR | 29% to 62% |
| Min. Credit Score | 600 |
Best for invoice factoring
FundThrough Invoice Factoring and Financing
As a business-to-business (B2B) company, your trucking and transportation business is a good candidate for invoice factoring, and FundThrough can finance up to 100% of your invoices. It’s also a good option if you need fast funding and prefer not to take on any new debt. Plus, FundThrough offers transparent pricing, and there’s no contract. But invoice factoring is still an expensive form of funding, and it gets pricier the longer your customers take to pay.
| Loan Amount | Up to $10 million |
|---|---|
| Fee for Terms | 2.75% to 8.25% |
| Loan Amount | Up to $10 million |
|---|---|
| Fee for Terms | 2.75% to 8.25% |
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Best for equipment financing
National Funding business loans
Vehicles are the staples of trucking and transportation businesses, and National Funding specializes in equipment funding up to $150,000. It finances up to 100% of the purchase price, meaning you may not have to come up with a down payment. It’s also a good option for startups because you only need to be in business for six months to qualify. But its maximum loan amount is lower than some competitors.
| Loan amount | Up to $150,000 |
|---|---|
| APR | Not stated |
| Min. Credit Score | 600 |
Best for a merchant cash advance
Credibly business financing
Credibly offers merchant cash advances up to $600,000 for truck transportation businesses, with factor rates as low as 1.11. Funding is possible the same day you apply, and you only need a 500 credit score to qualify. But it may require daily repayments and you must bring in at least $15,000 a month.
| Loan amount | $5,000 to $600,000 |
|---|---|
| Starting Factor Rate | 1.11 |
| Min. Credit Score | 500 |
| Loan amount | $5,000 to $600,000 |
|---|---|
| Starting Factor Rate | 1.11 |
| Min. Credit Score | 500 |
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Methodology: How we chose these lenders
Finder’s business loan experts analyzed dozens of lenders that provide financing for Florida businesses in the truck transportation sector. We ultimately chose lenders that offer multiple financing products, competitive rates and terms and those that consider borrowers with a range of credit scores, annual revenues and time in business.
Some of the criteria we evaluate include:
- Interest rates
- Additional fees
- Loan amounts
- Loan terms
- Repayment plans
- Turnaround times
- Credit score requirements
- Time in business requirements
- Revenue requirements
- Reputation of the lender
- Better Business Bureau and Trustpilot reviews
How to compare trucking business loans
Consider these factors when comparing business loan types and lenders:
- Loan type. Choose the financing that aligns with your immediate business needs, such as equipment financing or a business line of credit.
- APRs. Rates for business financing vary depending on the type of loan and the lender. For example, SBA loans usually have some of the best rates but can be difficult to qualify for. MCAs or invoice factoring, by contrast, are easier to get, but they’re expensive.
- Fees. Some loans — like business lines of credit — tend to come with multiple fees, which makes the financing pricier. But you can save by searching for lenders that don’t go overboard with fees.
- Loan terms. Check your budget to see how much you can afford in repayments each month — this can help you decide what loan term makes sense for your business.
- Turnaround time. Online lenders and no-doc loans usually have faster funding than banks or credit unions, but the convenience usually translates to higher rates.
- Lender requirements. Most business lenders have minimum credit score, revenue and time in business requirements. Check to make sure you meet the basic criteria before you apply.
Compare other truck transportation financing in Florida
What is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product’s interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate – this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you’re comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Read the full Finder Score breakdown
Types of transportation and trucking business loans
Here are the most common types of financing for trucking businesses, including common loan amounts, terms and who they’re best for.
| SBA Loans | $13,000 to $5 million | Up to 25 years | Established businesses with good credit that don’t qualify for other types of funding |
| Equipment financing | Up to 100% of the cost of the equipment | 3 to 10 years | Businesses that need heavy equipment or other expensive machinery |
| Term loans | Up to $2 million | 1 to 10 years | Businesses with good credit looking for large loan amounts and predictable monthly payments |
| Business lines of credit | $2,000 to $250,000 | 6 months to 5 years | Businesses looking for fast, short-term funding or want a renewable lending source |
| Microloans | $500 to $50,000 | Up to 6 years | Startup businesses or women- or minority-owned firms |
| Invoice factoring | 70% to 90% of unpaid invoices | 1 to 3 months | B2B companies with a lot of outstanding invoices |
| Invoice financing | 70% to 80% of unpaid invoices | 1 to 3 months | B2B companies with a lot of outstanding invoices |
| Merchant cash advance | $5,000 to $200,000 | 3 to 12 months | Retail businesses or others that have a lot of credit card sales |
How to qualify for trucking and transportation financing in Florida
Each lender has specific criteria to qualify, and it also depends on the loan type and amount you want to borrow, but these are the general requirements you’ll need to meet.
- Time in business. Traditional banks and credit unions usually prefer businesses that have been operating for at least two years, but online lenders are typically more lenient.
- Minimum revenue. Revenue requirements often vary depending on how much you want to borrow, but most lenders require at least around $10,000 in monthly revenue.
- Credit score. Credit score requirements also vary widely by lender, although most want to see personal scores of at least 600. But the better your score, the more competitive rates and terms you’ll qualify for.
How to apply for truck transportation financing
Follow these steps to apply for business trucking loans.
- Check your credit. Knowing your credit score can help you narrow down lenders that work with borrowers in your credit range.
- Compare lenders. Compare rates, fees and loan terms to find the best deal.
- Prequalify. If possible, get prequalified with a few different lenders to get a better idea of the rates and terms you may qualify for.
- Apply. Fill out your loan application and submit the required documentation.
- Review and sign. If approved, go over your contract to verify your rate and loan terms before signing.
Frequently asked questions
Is Florida a good state for a trucking business?
Yes! It was eighth in the country for moving the largest amount of freight by value in 2022, and transportation and warehousing is one of the top three fastest-growing industries in Florida.
What credit score is needed to finance a semi-truck?
It really depends on the lender. However, since semi-truck loans are usually secured by the vehicle, lenders are typically more willing to accept lower credit scores than they would for an unsecured loan. Still, if your credit score is lower than 670, you may pay a higher interest rate.
What’s the best SBA loan for trucking businesses?
The 7(a) loan is the most flexible SBA loan — because you can use it for practically any business purpose — so it often makes the most sense for trucking and transportation businesses. SBA 504 loans are more for commercial real estate or other large fixed assets.
