This is some text inside of a div block.

Best Food Truck Financing For Good & Bad Credit

This is some text inside of a div block.


Best Food Truck Financing For Good & Bad Credit

This is some text inside of a div block.

How To Get Financing For a Food Truck

Lenders for food truck financing


  • Best for food truck financing with bad credit 
  • Minimum credit score 500

Credibly offers a variety of loan products for food truck businesses. Whether you need equipment or everyday working capital, Credibly can help. For bad credit, they can also offer merchant cash advances which offer significant flexibility. With the ability to get prequalified quickly online, you can skip the headache of a bad credit score and get on your way to growing your business faster. 

Rapid Finance 

  • Best for fast food truck financing
  • Minimum credit score 620

Rapid Finance is a top choice for food truck businesses that need to get things cooking quick. With the ability to fund loans the same day as approval, funds can be in your hand faster. While this may come at a cost, you’ll need to determine what’s most important and proceed with a decision from there. Rapid Finance offers a variety of loan products so you have the opportunity to explore. They are a direct lender but also partner with other lending partners to provide even more options. 

Fora Financial

  • Best for food truck startups 
  • Minimum credit score 500

With many lenders requiring a minimum of two years in business, startups can struggle to obtain financing. With Fora Financial, businesses only need a minimum of 6 months in business to  receive funding of up to $1,400,000. Get your growth cooking faster with a loan from Fora Financial. Other benefits of working with Fora Financial include prepayment discounts and flexible requirements. 

Food trucking financing lender highlight: Fora Financial

  • Minimum credit score 500
  • Loans up to $1,500,000
  • Repayment period up to 15 months
  • Funding times as soon as 72 hours on approved applications


  • Fast funding available 
  • Prepayment discounts available 
  • No collateral required 
  • Low minimum credit score requirement 


  • Does not report loans to credit bureaus 
  • Factor rates instead of interest rates which can make offers hard to compare 
  • Longest term available is 15 months
  • Only two types of loans available (short term business loans and merchant cash advances)

Lender for food truck financing  with bad credit: Credibly 

  • Minimum credit score 500
  • Loans up to $10 million (unsecured loans up to $400,000)
  • Repayment periods between 3-24 months
  • Funding times as son as 24 hours of approval 


  • Low minimum credit score requirement offers opportunity to bad credit borrowers
  • Fast approvals and funding available 
  • Network of lending partners to provide businesses more options


  • Smaller loan amounts for unsecured loans 
  • Daily or weekly auto payments may be required 
  • Fees may not be fully disclosed online 

Lender for fast food truck financing: Rapid Finance

  • Minimum credit score 620
  • Loans up to $600,000 (business term loan)
  • Repayment periods between 6-24 months (business term loan)
  • Same day as approval for funding in some cases


  • Offers a variety of lending products 
  • Fast funding available 
  • Available in most states 


  • May not be the cheapest option
  • Transparency may be an issue 
  • You may need to speak to a live representative to get the information you need

What is food truck financing?

Food truck financing simply refers to the process of obtaining financial support for starting or expanding a food truck business. This type of financing can come in the form of loans, grants, investments, or crowdfunding. The acquired funding can be used to purchase or rent a food truck, buy necessary cooking and serving appliances, or cover operating expenses such as food, fuel, and insurance. 

When considering the best options, refer to mySMBscore for your food truck financing search. Keep reading to learn more about food truck financing.  

How to get financing for a food truck & how does it work?

Essentially, food truck financing typically works when you, the borrower, obtain a loan or other form of financing from a lender, such as a bank, credit union, online lender, or alternative lender. Here is a general overview of the process for getting financing for a food truck.

  1. Determine the financing needs. The first step in the financing process is to determine the amount of funds needed to start or expand the food truck business. You should also determine specifically what the funds are needed for. 
  2. Research financing options. The next step is to research different financing options and compare the terms, interest rates, repayment terms, and other features to find the best option for the business. Your needs can impact the type of loan that’s best. For example, if you need equipment then an equipment loan might be best. If you need to purchase the food truck itself then a secured commercial vehicle loan may be best. 
  3. Prepare a business plan. A well-written business plan that outlines the goals and strategies of the food truck business can be helpful in convincing a lender to provide financing. It also demonstrated that careful thought and thorough research have been carried out prior to requesting a loan. 
  4. Apply for financing. Once the borrower has found the best financing option, they can then apply for financing. This usually involves completing a loan application and submitting financial statements, tax returns, and other required documentation.
  5. Review and approval. The lender can then review the loan application and make a decision on whether to approve the financing. If approved, the lender can provide the funds and the borrower can use them to start or expand the food truck business.
  6. Repayment. The borrower must then repay the loan, usually with interest and fees, according to the terms and conditions of the financing agreement.

The specific terms and conditions of food truck financing can vary depending on the lender, the type of financing, and the creditworthiness of the borrower. You should carefully consider the terms and conditions of a financing agreement before signing on the dotted line. During your research, refer to mySMBscore for personalized loan offers and intel that can help you secure the most competitive loan.

What can I use food truck financing for?

Food truck financing can be used for a variety of purposes related to starting or expanding a food truck business. Some common uses of food truck financing include the following. 

  • Purchasing a food truck. The funds can be used to purchase a new or used food truck, or to convert a van or other vehicle into a mobile kitchen.
  • Equipment and supplies. The financing can be used to purchase or lease cooking and serving equipment, such as grills, ovens, refrigeration units, and serving counters.
  • Operating expenses. The funds can be used to cover the costs of food, fuel, insurance, and other operating expenses.
  • Marketing and advertising. The financing can be used to promote the food truck business, such as by creating a website, printing menus and flyers, and participating in food truck events.
  • Expansion. If the food truck business is successful, the financing can be used to expand the business by purchasing additional trucks, hiring staff, or opening a brick-and-mortar restaurant.

What credit score is needed to buy a food truck?

The minimum credit score needed to buy a food truck can vary depending on the lender and the type of financing. Generally, lenders prefer borrowers with a good or excellent credit score, which is typically considered to be 680 or higher on the FICO credit score scale. However, some lenders may consider borrowers with lower credit scores, especially if they have strong collateral or a co-signer.

For traditional bank loans, a good credit score is often necessary to get approved and to secure a competitive interest rate. Alternative lenders, such as online lenders and peer-to-peer lenders, may be more flexible and may consider borrowers with lower credit scores. However, these lenders may also include higher interest rates and fees to compensate for the higher risk.

Having a good credit score is not the only factor that lenders consider when evaluating a loan application. Other factors, such as the amount of the loan, the length of the repayment term, the type of collateral, and the financial health of the business, can also play a role in the approval decision. If you have a lower credit score, you may need to provide additional documentation, such as tax returns and financial statements, to demonstrate your ability to repay the loan.

To understand how a lender might view your financials  and to identify any improvements that you can make over time, refer to  mySMBscore. 

How can I get food truck financing with bad credit?

If you have bad credit, it can be more difficult to secure food truck financing from traditional lenders such as banks and credit unions. However, there are alternative financing options that may be more accommodating for borrowers with bad credit. 

To better position your business for a loan, unlock valuable insights at mySMBscore. We can help business owners identify ways to improve eligibility and connect with lenders willing to help. Business owners with bad credit may need to use secured loans or apply with a co-business owner with good credit. 

What is the cheapest investment to start a food truck?

The cheapest investment to start a food truck can vary depending on a number of factors, including the size and type of food truck, the equipment and supplies needed, and the location of the business. However, there are a few steps you can take to keep costs low when starting a food truck:

  • Purchase a used food truck. Buying a used food truck can be significantly cheaper than purchasing a new one. Used food trucks can often be found at auctions, online classifieds, or from private sellers.
  • Rent or lease equipment. Instead of buying all of the equipment needed for a food truck, consider renting or leasing what you need. This can help to reduce upfront costs and can be a good option if you only plan to operate the food truck for a short period of time.
  • Utilize public spaces. Rather than renting a commercial kitchen, consider using public spaces, such as parks and other public areas, as your base of operations. This can save money on rent and utilities.
  • Limit menu offerings. Offering a limited menu can help to keep food costs low, as it allows you to purchase ingredients in bulk and minimize waste.
  • Do-it-yourself renovations. Consider doing some of the work yourself, such as painting or installing equipment, to save on labor costs.

While starting a food truck can be less expensive than opening a traditional restaurant, there are still significant costs involved. You can carefully consider your financial situation and invest what you can afford.

How profitable is a food truck?

The profitability of a food truck can vary widely depending on the size and type of the truck, the location of the business, the type of food being served, and the competition in the area. Some food truck owners are able to generate significant profits within the first couple of years, while others struggle to break even. 

Despite the potential challenges, many food truck owners have found success and have built profitable businesses. With careful planning and management, a food truck can be a profitable venture for those who are willing to put in the time and effort required to make it successful.

What are the best food truck loans?

Discovering the best food truck loans may be dependent on your credit score, finances, and other factors. It can be challenging to review all the different offers you qualify for, especially if you’re not sure what option is the best fit for you and your business. It can be significantly easier to initiate your search with a business financing marketplace, since these platforms compile multiple offers into one readable location. 

In a perfect world, you’ll want to find a financing option with low-interest rates, high funding amounts, and longer repayment terms. Of course, there can be some variations depending on the reasons you need funding.

To navigate the complex world of food truck financing visit mySMBscore. mySMBscore utilizes AI to help business owners find loan offers that are tailored to meet their needs. Beyond that, business owners can see their business the way lenders do. An understanding of how lenders view your business can help you negotiate or fight for better terms. With advanced technology both lenders and borrowers can make more informed decisions. 

How do I buy a food truck with no money?

Starting a food truck business without any money can be challenging, but it is not impossible. Here are a few strategies you can consider. 

  • Partner with someone. Finding a partner who has the financial resources to invest in the food truck can help you get started without having to come up with all the money yourself. You can agree on a mutually beneficial arrangement, such as splitting profits or responsibilities.
  • Crowdfunding. Crowdfunding platforms allow you to raise funds from a large number of people to help finance your food truck. You can create a campaign and set a goal, and people can make donations to help you reach your goal.
  • Get a loan from friends or family. If you have friends or family members who are willing to lend you the money you need to start your food truck, this can be a great option. 
  • Start small. You may not be able to afford a brand new food truck right away, but you can start small by purchasing a used food truck or trailer. You can gradually save up money to upgrade or expand your business as you start to make a profit.

Remember, starting a food truck business takes time, hard work, and dedication. Be prepared to put in the effort and make sacrifices in order to make your business successful. For additional financing options and empowering information, visit mySMBscore to fasttrack the road to unlocking capital for your food truck business venture. 

What type of food trucks are most profitable?

The most profitable type of food truck will depend on a variety of factors, including your local market, the type of food you serve, and your business operations. Good food is the key ingredient for success in the food truck world. Research your market to determine what opportunities may exist. 

Is food truck financing a good investment?

Food truck financing can be a great investment for the right individual and business. Here are some factors to consider to determine if it’s the right investment for you or not. 

  • Market demand. If there is high demand for food trucks in your local market and the demand is expected to continue, food truck financing can be a good investment. However, if there is little demand or too much competition, it may be more challenging to make a profit.
  • Business plan. A well-researched and well-executed business plan is crucial for the success of a food truck business. Make sure to take into account all costs, including food, supplies, equipment, and labor, to ensure that your business is financially viable.
  • Personal skills and experience. Starting and running a successful food truck business requires a wide range of skills, including cooking, customer service, marketing, and financial management. Consider whether you have the necessary skills and experience to run a food truck business before investing in food truck financing.
  • Location. The location of your food truck can have a significant impact on its success. Make sure to research the best locations for your food truck, taking into account factors such as foot traffic, competition, and accessibility.

If you have done your research, have a solid business plan, and are confident in your skills and experience, food truck financing can be a good investment. However, it’s important to remember that starting a food truck business involves risk and requires a significant amount of hard work and dedication.

Where do you find food truck financing?

You can find a food truck loan with traditional lenders like banks or online lenders. Banks tend to offer lower interest rates, but they can enforce rigid requirements. Many businesses have experienced major difficulties when financing at banks, especially if the business is less than 2 years old or has a poor credit history. 

Online lenders can be more lenient and flexible. Plus, online lenders can offer a wider range of funding options. If you’re worried about spending more with an online lender, it can be helpful to compare interest rates and different offers. Compare multiple offers in one place at mySMBscore. Our platform utilizes AI to tailor loan offers and advice to the needs and financial position of your business. 

How do you qualify for food truck financing?

To qualify for food truck financing, you will typically need to meet certain eligibility criteria set by the lender. Here are some common requirements.

  • Credit score. Most lenders will check your credit score to determine your creditworthiness. A good credit score, typically above 680, can help you qualify for better interest rates and loan terms. 
  • Business plan. A well-researched and well-prepared business plan can help you secure food truck financing. The business plan should outline your business concept, target market, competition, operating costs, and revenue projections.
  • Financial statements. Lenders will likely want to see your personal and business financial statements, including your income tax returns, bank statements, and balance sheets. This information can help the lender assess your ability to repay the loan.
  • Collateral. Some lenders may require collateral to secure the loan, such as a personal guarantee or a lien on your assets.
  • Experience. Lenders may prefer to provide financing to food truck businesses with a track record of success, or to individuals with experience in the food industry.
  • Legal compliance. Make sure that your food truck business is in compliance with all local and state regulations, including health and safety regulations and business licensing requirements.

It’s important to carefully review the requirements and eligibility criteria of different food truck financing options and to compare interest rates, fees, and repayment terms before making a decision. 

How do you apply for food truck financing?

Here are the general steps you can follow to apply for food truck financing:

  1. Research and compare different financing options. Compare interest rates, fees, repayment terms, and eligibility criteria to find the best option for your business.
  2. Prepare your business plan and financial statements. Your business plan should outline your business concept, target market, competition, operating costs, and revenue projections. 
  3. Gather supporting documents. Prepare a list of supporting documents that the lender may require, such as identification, proof of income, and proof of business ownership.
  4. Submit your loan application. Once you have gathered all the required documents, you can submit your loan application. 
  5. Wait for approval. After submitting your loan application, you will need to wait for the lender to review your application and make a decision.
  6. Receive funding. If your loan application is approved, you will receive the funds, which you can use to purchase or lease a food truck, cover operating expenses, or make equipment upgrades.

You’ll want to be prepared, organized, and professional when applying for food truck financing. Make sure to follow the lender's instructions and provide all the information and documentation requested. Once you’re ready to take this incredible jump to set your business up for success, go to mySMBscore to review personalized offers and advice that can help you secure the most competitive loan possible.

Top Loans