Food truck financing is key to setting your plans in motion. While food trucks generally require relatively lower startup costs than a full-blown restaurant - you still need to be prepared for future expenses.

Without a brick-and-mortar location, you won’t have to worry about large capital expenditures and huge overhead. However, you’ll still need to purchase equipment, renovate and decorate your vehicle, hire staff, pay for permits, manage utilities, and more.

On the lower end, you should expect these costs to come in around $50,000 - but they can often reach much higher. That’s where a food truck loan can help.

Food truck financing gives you the capital you need to launch your food truck business and tackle any potential issues you may run into along the way. Choose between flexible payment options and different types of food truck loans.

Learn more about the best food truck business loans to scale your company today!

FAQ

What kind of loan can I get for a food truck?

There are multiple different types of funding options available for food trucks. You can choose between term loans, lines of credit, cash advances, equipment loans, and more.

Each of these funding types can have some variations when it comes to structure. They may also be better suited for certain purposes over others. If you’re unsure which funding type would work best, make sure to discuss your options with your lender. 

Will a bank finance a food truck? 

It might. Traditional banks are known for having strict requirements and low approval rates that can shut out many businesses. However, you can still access funding from a bank if you meet its requirements.

This will typically include a credit score of at least 680, at least 2 years of business history, and strong revenue. If you are rejected from a bank for one reason or another, you can always turn to alternatives - such as online lenders. 

How can I start a food truck with no money?

Chances are, you will need to have at least some money in order to get your food truck up and running. Even if you’ve been rejected from a bank or don’t have any savings of your own, you can still look into other funding solutions. For example, online lenders tend to be very flexible and may be willing to help you foot the startup costs. 

Is it hard to finance a food truck?

Not necessarily. You will need to meet certain qualifications depending on the type of lender you choose to work with. If you go with banks, you need good credit, strong revenue, and typically collateral. In some cases you may also need to provide a down payment.

Online lenders can be more flexible and willing to help you find options based on your criteria. Keep in mind that when you’re looking to finance the vehicle or truck itself, the equipment will most likely be able to constitute collateral for your loan. 

How much does it cost to finance a food truck? 

The total cost of financing a food truck largely depends on the interest rates and fees you’ll need to pay. To access the lowest interest rates, it helps to have strong financial credentials, like good credit and a sizeable down payment. It’s also worthwhile to browse different food truck loans and financing solutions through a fintech marketplace like National.