7 highly ranked business loans for 2023
Financing best for flexible, low-interest rates + more
You want it, we’ve got it!
Two weeks ago we hit your inbox with information on SBA loans. And since you loved it, today we’re adding some juicy details on what types of lenders offer trucking loans and the 7 most highly ranked business loans for small trucking companies.
Plus, we’ve got some interesting insights on self-driving fleets that are going to blow your mind. 🤯
Lenders who offer trucking business loans
The short answer to that is online lenders, banks, and credit unions. However, it's a huge advantage to find a lender who focuses on truck loans, because they have a better understanding of the trucking industry and might be able to offer you a loan with a lower interest rate.
2023 best trucking business loans
The small business finance professionals have spoken! According to their research, there are 7 best trucking business loans for 2023. Those being:
Smarter Finance USA: Best overall for low rates and flexible qualification requirements
SBG Funding: Best for flexible financing terms
National Funding: Best for customer service and custom loan options
Clarify Capital: Best for multiple loan options and low rates
Commercial Fleet Financing: Best for fast approval and funding speeds
TopMark Funding: Best for established businesses seeking low rates and no hard inquires
Truck Lenders USA: Best for businesses with good credit scores and fast approvals
Get a glance at each lenders specific requirements, application process, approval speed, funding speed, rates, and terms HERE.
2022 deal to 2023 launch
In October 2022, Kodiak won a 2-year, $50 million contract from the Defense Department to help develop automated combat vehicles for the army. This is all a part of a larger plan to help develop autonomous vehicle technology to navigate complex terrain, diverse operational conditions and GPS-challenged environments, while also providing the Army with tools to remotely operate vehicles when necessary.
Specifically, Kodiak is utilizing this deal by partnering with Maersk and creating remote driving capabilities to increase the flexibility of these autonomous vehicles, while further reducing risk for soldiers.
As of October 5, Maersk announced that both parties have launched the first commercial autonomous trucking lane between Houston and Oklahoma City. This freight lane marks an expansion between Kodiak and Maersk since November 2022, and continues to execute their project for automated vehicles.
"We are proud to have the opportunity to leverage our cutting-edge self-driving technology for defense applications, and believe our work with DIU and the U.S. Army will both help strengthen national security and hasten our path to commercial deployment. We owe a debt of gratitude to the servicemen and women who step into harm's way to keep us safe; keeping them safe in return is an honor we take seriously." — Don Burnette, CEO and Founder of Kodiak
Tips to get your small business loan approved
1️⃣ Reduce your debt-to-income ratio.
2️⃣ Keep your daily bank balance as high as possible.
3️⃣ Tidy up your personal credit.
4️⃣ Create a rock-solid business plan to share with lenders.
5️⃣ Know lender's requirements prior to applying.
6️⃣ Know your business and personal credit scores.