Best Semi-Truck Financing

The best semi-truck financing can fund your trucking business with high loan borrowing amounts and low-interest rates.

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Find commercial truck loans for January 2024

By Carissa Chesanek | Edited by Abigail Bassett and Janet Schaaf| December 28, 2023
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderBest forMax. loan amountTerm lengthMin credit score
Low starting ratesFrom $25,000Up to 60 monthsNot disclosedGet business loan offers
No down payment$1,000,00024 to 60+ monthsNot disclosedGet business loan offers
Multiple funding options$250,000Up to 84 monthsNot disclosedGet business loan offers
Fast funding$10,000 to $1,000,00060 months640+Get business loan offers
Bad creditNot disclosedNot disclosedNot disclosedGet business loan offers
Fair credit$15,000 to $1,000,00024 to 60 months675Get business loan offers
Startups$5,000 and $2,000,00012 to 72 monthsNoneGet business loan offers
Learn more about how we chose our picks.

Best semi-truck financing lenders at a glance

Bank of America: Best semi-truck financing for low starting rates

Loan amountsStarting at $25,000
Starting interest rate7.50%
Term length (months)Up to 60 months
Minimum credit scoreNot disclosed
Minimum time in business2 years

US Bank: Best semi-truck financing for no down payment

Loan amountsUp to $1,000,000
Starting interest rateNot disclosed
Term length (months)24 to 60+ months
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed

Truist: Best semi-truck financing for multiple funding options

Loan amountsUp to $250,000
Starting interest rateNot disclosed
Term length (months)Up to 84 months
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed

Commercial Fleet Financing: Best semi-truck financing for fast funding

Loan amounts$10,000 to $1,000,000
Starting interest rateNot disclosed
Term length (months)60 months
Minimum credit score640+
Minimum time in businessAt least two years in business

CAG Truck Capital: Best semi-truck financing for bad credit

Loan amountsNot disclosed
Starting interest rate10.00% APR
Term length (months)Not disclosed
Minimum credit scoreNot disclosed
Minimum time in businessNot disclosed

Truck Lenders USA: Best semi-truck financing for fair credit

Loan amounts$15,000 to $1,000,000
Starting interest rateNot disclosed
Term length (months)24 to 60 months
Minimum credit score675
Minimum time in businessAt least two years

First Capital Business Finance: Best semi-truck financing for start-ups

Loan amounts$5,000 and $2,000,000
Starting interest rateNot disclosed
Term length (months)12 to 72 months
Minimum credit scoreNone (with a large down payment)
Minimum time in businessSix months to one year

What is a commercial truck loan?

A commercial truck loan, also referred to as semi-truck 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 is asset-based financing, the truck purchased will act as collateral for the loan.

Banks, direct lenders, and online lenders can offer commercial truck loans, with some willing to work with start-ups and borrowers with fair to bad credit.

How does semi-truck 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, typically ranging from 24 to 60 months (sometimes longer), will be 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, semi-truck financing uses the vehicle as collateral to secure the loan. If you fail to repay the loan, the lender could repossess your commercial truck.

Some lenders can charge origination fees and require a down payment for a commercial truck loan.

Semi-truck financing requirements

Requirements for semi-truck 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%.
  • 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.
  • 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 start-ups may only require six months of business history.

Lenders that offer semi-truck 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 semi-truck 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 start-ups.
  • Direct lenders: These are lenders with extensive expertise in trucking, such as CAG Truck Capital, and work specifically with semi-truck financing. They also tend to work with a variety of borrowers, including those with less-than-stellar credit.
  • 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.
  • SBA lenders: You may be able to use SBA loans for commercial trucks. These loans can come with longer terms and capped interest rates, but you’ll likely need a high credit score to be approved and may need to put up existing equipment along with your new truck as collateral.

How to finance a semi truck

Borrowers looking for semi-truck financing can follow a few simple steps to get started.

1. Find a truck.

The first thing is to find 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 and then look for lenders who can help with financing.

2. Plan for a down payment.

Some lenders may require a down payment, while others may not. Regardless of whether it’s required, it’s important to consider a down payment since it could help you look more attractive to lenders if you don’t have great 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 the specific requirements to see which products you’re eligible for. 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.

How we chose our picks

In order to appear on our list of best semitruck financing options, lenders had to meet the following criteria:

  • Offer loans for equipment financing or loans specific to financing commercial trucks
  • Loan amounts of at least $10,000
  • Terms of at least 12 months

Frequently asked questions

Lenders typically favor borrowers who have a credit score of at least 640. However, some lenders provide semi-truck financing to borrowers with bad credit — rates may be higher, though, and the loan might come with a hefty down payment.

Purchasing a commercial truck can be expensive and difficult if you don’t have a lot of extra money on hand. Semi-truck financing can be helpful so you aren’t paying for the entire purchase all at once. Leasing a semi-truck 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.

Bank of America offers an interest rate of 7.09%, the lowest on our list, making it a good option when looking for semi-truck financing. Keep in mind that borrowers with higher credit scores are usually able to get the best rates.

The repayment term will depend on the lender and your financial history. Typically, semi-truck financing can have a repayment term of up to 60 months, with some lenders extending it even longer.