Best Semitruck Financing in December 2025
We compared lenders to find the best options for common commercial trucking needs. For personalized results, get matched from LendingTree’s network of 30+ business lenders.
Best semitruck financing lenders: More details
What is a commercial truck loan?
A commercial truck loan, also referred to as semitruck financing, is a loan borrowers use to purchase a commercial truck.
A commercial truck loan is similar to equipment financing, allowing you to break up the cost of the truck over regular installments to be paid back over time. Since it’s a form of asset-based financing, the truck will act as collateral if you default on the loan.
Banks, direct lenders and online lenders can offer commercial truck loans, with some willing to work with startups and borrowers with fair to bad credit.
How does semitruck financing work?
Semi-truck financing is similar to a small business term loan. Borrowers receive a lump sum of money upfront to help pay for a commercial truck. A repayment term is determined with fixed payments that include interest and principal. Payments are typically made monthly, but some lenders are more flexible.
Similar to a personal auto loan or a business equipment loan, commercial truck financing uses the vehicle as collateral to secure the loan. If you fail to pay the loan, the lender could repossess your commercial truck.
Some lenders charge origination fees and require a down payment for semitruck loans.
Commercial truck financing vs. leasing
Many lenders offer semitruck financing and leasing. While both options can help you save on the upfront costs of a commercial truck, there are some key differences to be aware of.
For example, while commercial truck financing will result in full ownership of the vehicle, semitruck leasing essentially means paying to use the truck for a certain period of time. The right option for you will depend on several factors, including how the truck fits into your short- and long-term business plans.
To decide whether it makes more sense to purchase or lease a semitruck, consider the following factors:
| Semitruck financing | Semitruck leasing | |
|---|---|---|
| Definition | The owner-operator finances the cost of buying the commercial truck outright | The owner-operator signs a contract giving them permission to use the commercial truck for a set period of time |
| Payment terms | Semitruck loans are typically repaid, with interest, in monthly installments over a set term | Semitruck leases are usually repaid in weekly or monthly installments over a specified term |
| Ownership | Borrower owns the semitruck | Lender owns the semitruck |
| Down payment | Typically required, though some lenders may offer financing with no money down for creditworthy borrowers | Not typically required |
| Costs | Higher upfront costs, but generally costs less over time | Lower upfront costs, but generally costs more over time |
| Depreciation | Typically tax deductible | May be tax deductible depending on the type of lease |
Semitruck financing requirements
Requirements for semitruck financing will vary by lender. However, there are certain criteria you’ll want to aim for when applying.
Down payment
The most common down payment requirement for financing is 20% but it can be higher, often reaching up to 30% or 40% for borrowers with poor credit. However, there are some lenders that don’t require a down payment at all.
Credit score
Lenders typically like to see a credit score at least in the high 600s, but some may approve a loan with poor credit as low as 500. Higher credit scores usually come with better rates and more flexible terms.
Personal guarantee
Borrowers with a personal guarantee are personally responsible for their debt if the loan should default. If you’re willing to sign a personal guarantee, lenders might look at your application more favorably, especially if you don’t have a solid business credit history. However, signing a personal guarantee also puts your personal assets at risk.
Time in business
Many lenders have minimum requirements for how long you’ve been in business. Most require at least two years, but others who work with startups may only require six months or less of business history.
Lenders that offer semitruck financing may also have specific requirements about the truck being purchased, including its condition, age and mileage.
Types of commercial truck loans: Banks vs. direct lenders vs. online lenders
Borrowers can get commercial truck loans from several different types of lenders. Here are the most common sources for semitruck financing:
- Banks: As the most traditional financing option, bank loans tend to come with lower interest rates but higher eligibility standards that include an excellent credit score and high annual revenue. Banks also tend to lend to established businesses more often than startups.
- Online lenders: In contrast to banks, online lenders tend to be more lenient with eligibility requirements and provide fast approval and funding. However, these types of lenders can also come with higher interest rates and shorter repayment periods.
- Direct lenders: These are lenders with extensive expertise in trucking, such as and , that work specifically with semitruck financing. These lenders tend to work with a variety of borrowers, potentially including those with less-than-stellar credit.
- SBA lenders: You may be able to use SBA loans for commercial trucks. These working capital loans can come with longer terms and capped interest rates, but you’ll likely need a high credit score to be approved. Plus, you may need to offer a personal guarantee, along with your new truck, as collateral.
Commercial truck financing can be used to purchase new or used semitrucks, but most lenders have specific criteria trucks will need to meet to be eligible for financing. This criteria dictates the age, condition and mileage of trucks that can be financed.
Different lenders may set different criteria, but in general, purchasing a truck that is more than 10 years old with more than 700,000 miles will be difficult. This is because the truck is used as collateral to secure the loan, and older trucks have a higher risk of breaking down.
However, used semitrucks that are only a few years old may be a good investment, especially if they’re in good condition. While newer trucks may come with more advanced features, they also have a higher price tag, costing up to $250,000+ depending on the make and model. By comparison, used semitrucks generally cost $100,000 or less. Used trucks may also be easier to finance for startups and borrowers with bad credit.
How to finance a semitruck
Borrowers looking for a semitruck financing solution can follow a few simple steps to get started.
1. Find a truck
Financing a semitruck begins with finding a commercial truck to purchase. Once you know the cost of the vehicle, you can determine what you can afford by estimating your projected profits plus the money you have saved up.
2. Plan for a down payment
While some lenders may require a down payment, others may not. However, even if it is not required, a down payment could make you look more attractive to lenders if you have less than excellent credit. A down payment can also lower your monthly payments and shorten the loan’s repayment term.
3. Compare lenders and apply
When shopping for lenders, it’s important to compare rates, terms and loan amounts. You’ll also want to learn about the eligibility criteria with each lender to understand which products you might qualify for.
If you already have a truck in mind to purchase, you’ll also need to pay attention to commercial truck requirements with each lender. For example, some lenders set specific criteria for the type of truck being purchased, and others only work with a limited list of truck vendors.
Once you find a lender, you’ll need to gather certain documents to apply, which can include bank statements, a bill of sale of the truck and your commercial driver’s license.
Frequently asked questions
Lenders typically favor borrowers with a credit score of at least 640. However, some lenders provide semitruck financing to borrowers with bad credit, though rates may be higher and the loan might come with a hefty down payment.
Leasing a semitruck may be a good option if you don’t have a lot of money to put down and don’t want to wait too long for a loan to be approved.
In contrast, financing may require a down payment, but you will be the owner of the truck rather than leasing it. You’ll also likely make monthly payments with a loan rather than weekly installments during your lease.
The repayment term will depend on the lender and your financial history. Typically, semitruck financing can have a repayment term of up to 84 months with some lenders extending it even longer.
Our methodology: How we chose our picks
We reviewed more than a dozen lenders to determine the best commercial truck financing options. To make our list, lenders had to meet the following criteria:
- Rates and terms: We prioritized lenders with competitive interest rates, flexible loan amounts and terms lasting a minimum of 12 months.
- Repayment experience: We considered each lender’s reputation and business practices, favoring lenders that report to all major credit bureaus and offer reliable customer service.
- Other perks and features: We gave additional points to banks, lenders and alternative providers offering unique perks that provide additional value to borrowers, such as quick turnaround times, financing for engine overhauls and more.