See some of the best companies where you can access food truck loans and finance
Food truck finance can be a complicated process due to the sheer volume of commercial lenders out there which all have different types of lending criteria, loans, and interest rates.
However, an excellent place to start is with food truck manufacturers who also provide finance to new start-ups for things like food trucks and equipment. They can offer additional advice, which traditional lenders such as banks cannot, on things like mobile catering units and the industry in general, which can be especially helpful when starting out.
Financial institutions that have dedicated food truck business loan webpages are another good source for applying for business loans as they may be able to offer some advice for new start-ups and access loans specifically for the mobile catering industry.
So to help you on your way I’ve put together a combination of 14 food truck manufacturers that offer finance and non-traditional financial institutions which specialize in food truck financing.
Contents:
- Food Truck Lender
- Concession Nation
- United Food Truck
- Trailer King Builders
- Legion Food Trucks
- California Cart Builders
- Truck Loan Center
- GUD Capital
- Rangewell
- Excel Capital
- iCapital Funding
- Payment Cloud
- Fast Capital 360
- National Business Capital
1. Food Truck Lender
Food Truck Lender specializes in food truck finance and provides unsecured loans of between $1000-$40,000 for new food trucks and equipment. Their interest rates vary between 5.99% and 35.36 % which can be repaid over 1, 3, or 5 years.
Their website states that the loan application is quick and you can get an answer in just minutes.
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- How To Get Financing For A Food Truck
2. Concession Nation
Concession Nation is a company that specializes in food trucks and equipment and through its partnership with Leaf Commercial Capital also offers food truck finance.
This is aimed at new start-ups and can provide loans to people with a credit rating of A-D, which means it may offer a loan to people with a bad credit history. There are also no fees to apply with a quick decision turnaround.
3. United Food Truck
United Food Truck is a food truck and concession trailer manufacturer that specializes in building high-quality units and the commercial catering equipment that goes inside them.
They also offer financing options where you can get a loan from between $25k and $100k, with payment terms of either 5,7 or 10 years. Loans from United Food Truck start at a 4% interest rate and can be secured with a 0% deposit.
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4. Trailer King Builders
Trailer Kings is a food truck and concession trailer manufacturer and supplier of equipment based in Texas.
They also provide finance and work with a couple of commercial lenders, such as Ascentium Capital and Clicklease which can provide funding for new start-ups.
Ascentium offers both financing and leasing options for up to $2 million with 0% or very low down payments and Clicklease advertises instant approvals up to $20,000.
5. Legion Food Trucks
Legion Food Trucks is another food truck and concession trailer manufacturer based out of California and specialize in custom-built mobile catering units and equipment.
They have partnered with Ford Financial to help their customer get started in the food truck industry by accessing start-up capital.
To apply for a loan from Ford it does state you must have a good credit score and make a down payment.
6. California Cart Builders
California Cart Builders manufacture and supply a wide range of food trucks throughout the US and internationally and work with several finance providers to help customer fund their new businesses.
It states on its website that individuals must have a credit score of over 640 to apply.
7. Truck Loan Center
The Truck Loan Center traditionally provides small business loans for heavy trucks and equipment in the trucking industry. However, they now offer food truck loans and leasing options to people looking to get started in the mobile catering industry.
They have connections with a wide range of lenders that can offer both traditional and non-traditional lines of credit for food truck loans and food truck leasing.
8. GUD Capital
GUD Capital is one of the leaders in the commercial finance industry and helps to provide finance to small, medium, and large businesses. They have a network of 4000 commercial lenders where they can leverage a range of loans based on your particle needs.
They have a page on their site tailored to potential food truck business owners looking to get a business loan which outlines all the different finance options available.
9. Rangewell
Rangewell is a financial brokerage service that has access to a wide range of lenders who provide finance for a wide range of businesses and circumstances.
They have a webpage dedicated to the mobile catering industry where they outline a range of different funding options you can choose from.
10. Excel Capital
Excel Capital was founded in 2013 and helps the small business community access easier working capital. They differ from some other lenders as they focus on current business performance and earnings as opposed to credit scores alone.
They have a webpage for current food truck owners looking to access working capital for things like buying new equipment or expansion.
11. iCapital Funding
iCapital Funding provides a wide range of financing options for small businesses, from SBA and small business loans to short-term and bad credit business loans.
They have a section on their website dedicated to potential food truck start-ups and existing food truck owners looking to access finance and outline all the different loan options available for this type of business.
12. Payment Cloud
Payment Cloud is similar to iCapital in that it helps small businesses access capital and has a webpage dedicated to the food truck industry, which outlines all the different loan options available. These include things like SBA Microloans, business credit cards, equipment leases, and loans.
They advertise as offering quick approval, minimal paperwork, and no-collateral loans.
13. Fast Capital 360
Fast Capital 360 offers a wide range of loan options, such as small business loans, short-term loans, and equipment financing for a range of different industries.
One industry they focus on in particle is the food truck industry where they provide a complete guide to food truck loans and financing.
They advertise that people can apply for up to $500k with estimated payment terms of 1-5 years and interest rates starting at 7%.
14. National Business Capital
National Business Capital is a financial technology company (fin-tech) that advises and helps entrepreneurs secure funding for new start-ups and existing businesses.
Their platform helps people to access a wide range of funding such as small business loans and lines of credit in one place through an easy online application.
