Food Truck Financing

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Food Truck Loans

Food Truck Business Loans

Food trucks have become an increasingly popular way to run a food and drink business, with lower overheads than a restaurant and far more flexibility. They were also able to weather the pandemic more easily than restaurants thanks to the ease of social distancing, so if you’re thinking of starting or expanding a food truck business, now may be the perfect time. Of course, food trucks aren’t cheap, so you may need to use a food truck business loan to get your business up and running.

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What is food truck financing?

A food truck business loan is a type of financing available to small businesses that wish to operate a food truck. These loans can be used for equipment purchases and renovations as well as working capital or the purchase of a truck.

How does food truck financing work?

A food truck loan is usually an unsecured loan you get to help you start or expand your food truck business. In most cases, you’ll get a lump sum that you’ll need to pay back, plus interest, over a term of months or years.

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Funding: Borrow $5,000 - $250,000
Minimum Credit Score: 600
Loan term: 6-12 months
Funding turnaround: 24-48 hours

With BlueVine, borrowers can get approval as fast as 24 hours and obtain a business line of credit for short term capital needs while only paying interest on the funds you borrow.

FundBox Business Loans


Funding: Borrow $2,500 - $150,000
Minimum Credit Score: 600
Loan term: 12-24 months
Funding turnaround: as fast as next business day

Fundbox requires minimal documentation and access to a revolving line of credit without origination or maintenance fees. Borrowers are not required to have collateral (with exception of larger credit lines which are subject to a personal guarantee).

SBA 7a

SBA 7(a) loan

Funding: Borrow up to $5,000,000
Minimum Credit Score: 650
Best For: SBA loans
Funding turnaround: Varies.

The SBA 7(a) program features lenders such as Wells Fargo in their network and provides capped interest rates and long repayment term flexibility. Term loans and lines of credit access available. Typically, collateral will be required with a personal guarantee. Funding times vary and may be longer than most other lenders.

What are the benefits of starting a food truck business?

  • Work on your own schedule
  • Set up wherever is popular or where there is a gap in the market
  • You can do events
  • It’s much easier to start as a side hustle
  • Your van will hold resale value, unlike renting a premises

Can you get a business loan for a food truck?

Yes, but it can be difficult to do so if you’re a new business. If you are a business with 2+ years of business under your belt, you’ll have a wide range of choice of different types of business loans you can use to purchase a food truck, but if you’re setting up a new business, you may need to look into personal loans or equipment loans.

What are the different types of loans for starting a food truck business?

  • Equipment loans: these business loans are secured against the equipment you buy with them, so this is one of the best choices for starting a food truck business. They’re generally easier to get than other forms of loan, with reasonable rates if you have good credit.
  • Crowdfunding: Crowdfunding allows you to raise the funds through your customers and supporters, which can also be a great way to test your market and ensure there are people out there hungry for what you have to offer. Crowdfunding isn't often a loan you’ll have to pay back, but you will have to fulfill your promises or you’ll have to give the money back.
  • SBA Microloans: If you are an established business looking to expand with a food truck, an SBA microloan may be the right choice for you. The Small Business Administration works with large and small financial institutions to offer loans of less than $50,000 to small businesses. You will need to have been in business for 2 years or more to qualify.
  • Business credit cards: Business credit cards are a good choice if you aren’t looking to fund the truck itself, but smaller expenses like purchasing food for recipes, marketing, funding additional staff, and so on. They generally have higher interest rates but are a good choice if you’re looking for a flexible way to borrow for just a few weeks at a time.
  • Business term loans: Another good choice for established businesses are business term loans. This is where you borrow a lump sum and pay it back over a fixed term, most commonly 1-5 years. Bank loans and those guaranteed by the SBA have the lowest rates, but you’ll need to have a strong business background to get them. Online lenders have more flexible requirements but higher rates.
  • Personal loans: If you’re just starting your business and you need funds to invest in your truck, consider keeping your job for a little while longer and get a personal loan. If you have a good income and a good or excellent credit score, you may find this a particularly easy and affordable way to borrow. The terms of your personal loan won’t be that you have to stay in employment, so you can leave your job when you’re ready to go full-time with your food truck business.
  • Friends and family: If you have a supportive group around you, consider asking friends and family for a loan. You do need to go into this carefully, as borrowing money from people you love can become a messy affair if not done right. Make sure you set it down on paper the terms of the loan and any interest they may choose to charge.

What are the pros & cons of food truck loans?


  • You can get your food truck business up and running quickly
  • You can support your business with more working capital
  • You can take advantage of new opportunities
  • You can generally use the money for whatever you need in your business


  • You may have to give a personal guarantee to get the loan
  • The application process can be lengthy
  • If something happens you may find it difficult to keep up your repayments
  • Interest rates may be high

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Is it hard to get financing for a food truck?

It can be, but it depends on what route you plan to go to get your funding and your personal circumstances. For example, if you’re an established successful restaurant and have been in business for 10 years, you will likely find it relatively easy to find funding. Similarly, if you have an excellent credit score and high income, you’ll likely find it easy to find a personal loan to cover your needs.

However, if you have bad credit and no business history, it’s going to be difficult for you to find financing through traditional means.

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How much does it cost to get a food truck business loan?

This depends entirely on what kind of loan you choose. Some SBA loans and equipment loans will require a down payment to secure the loan, and some alternative forms of funding will charge a setup fee, but in general, the biggest cost is the interest, which is around 5-35% APR depending on your creditworthiness and the lender you choose to work with.

What credit score do I need to get a food truck business loan?

Most loans require a minimum personal credit score of 600 or more.

5 tips for finding the best food truck financing

  • Know your costs inside out: don’t start looking for financing until you know exactly how much you need to take your next steps in your business. Knowing the purpose and allocation of the loan may help in the application process.
  • Do your research to determine the best type of financing for you: it can be tempting to apply for whatever form of financing you hope you’ll get, but you need to think carefully about which works best for your purposes. Most lenders require a business plan, so they’ll appreciate seeing why the form of financing you’re applying for works well for your business.
  • If you don’t have a business plan, consider working with an expert: there are business plan writers out there who can work with you to put your plans into the best words and format to help you get the funding you need. It’s an additional cost, but it can be the difference between getting the loan you need and not.
  • Get your other documentation organized: you’ll likely need to submit your profit and loss sheet, proof of revenue, and financial forecast, so make sure these documents are ready to share before you start your application.
  • Try to get the best rates: the lower the interest rate, the more affordable the loan will be and the easier you’ll find it to pay off. Make sure you spend some time comparing rates so you can get the best one available to you.

How to get a food truck business loan

Now that you know about the different types of loan available to you and what you need to apply, it’s time to start comparing rates. Follow our tips above to ensure you’re in the best position to get approved and then apply. The lender will guide you through everything you need to get approved, and once approved, you’ll often have the funds within 48 hours. With the right knowledge and preparation, you’ll soon have the funds you need to start or expand your food truck business.

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