Trucking Business Loans - NexGen Lending

Short answer: Most trucking companies finance tractors and trailers with equipment financing, use a line of credit or revenue-based financing to cover fuel, repairs and insurance while waiting on brokers and shippers to pay. Lenders focus on your operating authority, time in business, revenue per truck, customer payment terms and the equipment itself.

At a glance

Best for trucks: Equipment financing (tractors, trailers, reefers)
Best for slow payers: Line of credit or revenue-based financing
Best for fuel and repairs: Business line of credit
NexGen amounts: $10,000 to $20,000,000 across programs
Approval speed: Typically 1 to 24 hours for many programs
Credit: 650+ on most programs; 500+ for revenue-based financing; 700+ for SBA loans

Trucking runs on expensive equipment and slow payments. You cover fuel, tolls, insurance and driver pay as loads move, then wait for brokers and shippers to pay, often 30 days or more later. One major repair can take a truck off the road at the worst time. This guide covers financing for owner-operators, small fleets, regional and long-haul carriers, flatbed, reefer and dry van operators, and local delivery companies.

At NexGen Lending, we help trucking businesses nationwide compare equipment financing, lines of credit and working capital with one application.

What is the best financing for a trucking company?

Short answer: Equipment financing is usually best for buying trucks and trailers because the vehicle secures the loan. A business line of credit covers fuel, repairs and insurance premiums while you wait on slow-paying brokers and shippers, and revenue-based financing works for carriers that don’t yet qualify for a line.

Financing type	Best for
Equipment financing	Semi tractors, trailers, reefer units, box trucks
Revenue-based financing	Working capital that repays as revenue comes in
Business line of credit	Fuel, repairs, tires, insurance down payments
Term loans & unitranche debt	Adding a yard, a shop, or expanding the fleet

How does truck equipment financing work?

Short answer: The lender finances the truck or trailer and holds it as collateral while you make fixed payments. NexGen equipment financing runs from $10,000 to $10,000,000, with up to 100% financing and no down payment for qualified borrowers, and used trucks can often qualify with terms based on age and mileage.

Have the year, make, model, mileage and VIN ready, along with the seller’s invoice. Newer equipment usually gets longer terms.

How do I cover expenses while waiting on brokers to pay?

Short answer: A business line of credit lets you draw for fuel, tolls and driver pay, then repay when brokers and shippers settle. NexGen lines go up to $1,000,000 for carriers with 12+ months in business, $10K+ monthly revenue and a 650+ credit score. Revenue-based financing starts at a 500 credit score.

What is a revolving line of credit? It’s a credit limit you can draw from, repay and draw again. You pay interest only on what you use, which fits the stop-and-start cash cycle of hauling loads and waiting to get paid.

What do lenders look for in a trucking business?

Short answer: Lenders look at your USDOT number and operating authority, time in business, monthly revenue and deposits, customer and broker payment history, safety record, insurance, personal credit and the condition of the equipment being financed. Established authority and steady loads open the most options.

USDOT number and operating authority (MC number) where required
Time in business and time under your own authority
Monthly revenue and revenue per truck
Broker and shipper payment terms
Safety record and insurance coverage
Personal credit score and existing equipment debt

How do I qualify for a trucking loan?

Short answer: Keep your authority, insurance and safety record in good standing, run all freight payments through a business account, track revenue and cost per mile, and have equipment details ready. Showing steady loads from reliable brokers or shippers makes approval much easier.

Keep compliance current. Authority, insurance and safety records matter to lenders.
Know your cost per mile. Fuel, maintenance, insurance and payments per mile show profitability.
Document your customers. Rate confirmations and contracts show where revenue comes from.
Get the equipment details. VIN, mileage and price speed up equipment financing.
Use the right tool. Equipment financing for trucks, a line of credit for fuel, repairs and slow-paying loads.
Compare offers. See how we compare lender offers.

Can a new trucking company get a loan?

Short answer: Yes, though new authorities face more scrutiny. Equipment financing is often the easiest place to start because the truck secures it, especially with a down payment, driving experience and solid personal credit. Revenue-based financing becomes available once deposits build, and some lenders want time under your own authority first.

Once you have a few months of deposits under your own authority, NexGen can match you with equipment, working capital and line-of-credit programs from our lender network.

How fast can a trucking company get funded?

Short answer: Many NexGen programs approve in 1 to 24 hours, which matters when a truck is down for repairs. An open line of credit can be drawn on right away, while larger fleet expansions, term loans or real estate deals take longer to close.

Frequently asked questions about trucking financing

Can owner-operators get financing?

Yes. Owner-operators commonly use equipment financing for their truck and a line of credit or revenue-based financing for fuel, repairs and slow-paying loads.

Can I finance a used semi truck?

Usually, yes. Lenders look at the year, mileage and condition. Older, higher-mileage trucks may get shorter terms.

Is a line of credit or revenue-based financing better?

A line of credit usually costs less and suits carriers with 12+ months in business and a 650+ credit score. Revenue-based financing starts at a 500 credit score and repays as revenue comes in, which can suit newer carriers.

How do I cover a big repair bill?

A business line of credit can move quickly. Keeping a line open before you need it is the best protection.

What if my credit isn’t perfect?

With a 500 to 649 credit score, revenue-based financing is the main option, since it leans on sales more than credit. Most other NexGen programs, including equipment financing and lines of credit, require 650+, and SBA loans require 700+. Below 500, NexGen's business credit guidance can help you understand your credit profile and build toward approval.

Ready to add a truck or speed up your cash flow? Apply now or call (908) 639-4361.

This article is for general informational purposes only and is not financial, legal, or tax advice. NexGen figures come from NexGen’s service pages as of October 2026. Operating authority requirements depend on the type of freight and where you operate. Loan terms, rates, and eligibility vary by lender and program and are subject to approval. Availability varies by state.

Trucking Business Loans: How Carriers and Owner-Operators Get the Right Financing