Truck financing with a new authority

Updated October 2026

Many lenders prefer borrowers with two or more years in business. When your authority is brand new, you have fewer options, but you're not shut out. Some lenders specialize in startups; they usually ask for a larger down payment and charge a higher rate.

Ways new owner-operators get started

Put more money down. It's the most common way a startup gets approved. Lease onto an established carrier first. You run under their authority while you build a track record, then get your own authority later. Buy a less expensive truck. A smaller loan is easier to get and easier to pay. Show your driving history. Years of CDL experience help, even if your company is new.

Getting your own authority

Running under your own authority means registering with the FMCSA for a USDOT number and operating authority (an MC number), naming a process agent (the BOC-3 filing), and having the required insurance on file. Depending on where you run, you'll also deal with the Unified Carrier Registration (UCR), apportioned plates (IRP) and fuel tax reporting (IFTA). Budget for these before you buy the truck; the startup cost calculator can help.

Cash flow matters most

Brokers often pay in 30 days or more, while fuel and the truck payment are due now. That gap is where many new carriers get into trouble. Factoring can close it by paying you on your invoices within a day or two, for a fee.

Run your numbers: Owner-operator startup costs

Educational information only, not financial or legal advice. Lender requirements and terms vary.