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Here are 9 of the best semi truck financing companies
| Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
|---|---|---|---|---|
National Funding - Equipment Financing with Fundera by NerdWallet | 4.6/5 Best for new owner-operators | $150,000 | 600 | with Fundera by NerdWallet |
SBA Express loan with Fundera by NerdWallet | Best for government loans | $500,000 | 650 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.0/5 Best for drivers with bad credit | $250,000 | 575 | with Fundera by NerdWallet |
JR Capital Equipment Financing with Fundera by NerdWallet | 4.1/5 Best for zero money down financing | $10,000,000 | 620 | with Fundera by NerdWallet |
Balboa Capital - Equipment Financing | Best for fast financing | $500,000 | 620 | Read Review |
Bank of America - Equipment loan | 4.4/5 Best for low-interest semi truck loans | $750,000 | 700 | Read Review |
CAG Truck Capital Commercial Truck Financing | Best for used semi truck financing | Undisclosed | Undisclosed | |
Commercial Fleet Financing Equipment Financing | Best for flexible financing | $1,000,000 | 640 | |
U.S. Bank Equipment Financing | Best for covering total costs | $1,000,000 | Undisclosed | |
Here are 9 of the best semi truck financing companies
Best for new owner-operators
Best for government loans
Best for drivers with bad credit
Best for zero money down financing
Best for fast financing
Best for low-interest semi truck loans
Best for used semi truck financing
CAG Truck Capital
Max Amount
Undisclosed
Min. Credit Score
Undisclosed
Best for flexible financing
Commercial Fleet Financing
Max Amount
$1,000,000
Min. Credit Score
640
Best for covering total costs
U.S. Bank
Max Amount
$1,000,000
Min. Credit Score
Undisclosed
I'M INTERESTED IN:
Our pick for
new owner-operators
You only need a minimum of six months in business to qualify for commercial truck financing from National Funding, making it a good choice for drivers still early in their journey. With maximum funding of up to $150,000, you’ll likely be limited to financing a used semi truck or a new basic model that doesn’t come with all the bells and whistles.
National Funding - Equipment Financing
Max loan amount
$150,000
Min. credit score
600
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
National Funding - Equipment Financing
Max loan amount
$150,000
Min. credit score
600
You only need a minimum of six months in business to qualify for commercial truck financing from National Funding, making it a good choice for drivers still early in their journey. With maximum funding of up to $150,000, you’ll likely be limited to financing a used semi truck or a new basic model that doesn’t come with all the bells and whistles.
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
Our pick for
government loans
Because SBA Express loans are partially backed by the U.S. government, they tend to offer much more generous terms and interest rates compared to other semi truck financing options. For example, you may be able to secure a payment term of up to 10 years, which can help keep monthly loan costs for big purchases, like a commercial vehicle, in check.
SBA Express loan
Max loan amount
$500,000
Min. credit score
650
Est. APR
10.50-14.00%
Pros
- Can choose between term loan and line of credit.
- Competitive interest rates and long repayment terms.
- Faster turnaround times than other SBA loans.
- Government guarantee makes it somewhat easier to qualify compared to conventional business bank loans.
Cons
- Loan amounts max out at $500,000.
- Can still be difficult to meet minimum eligibility requirements.
- May still take a total of 30 days or more to receive funding.
SBA Express loan
Max loan amount
$500,000
Min. credit score
650
Est. APR
10.50-14.00%
Because SBA Express loans are partially backed by the U.S. government, they tend to offer much more generous terms and interest rates compared to other semi truck financing options. For example, you may be able to secure a payment term of up to 10 years, which can help keep monthly loan costs for big purchases, like a commercial vehicle, in check.
SBA Express loans are available in amounts up to $500,000 as either a term loan or line of credit. These loans typically fund faster than standard 7(a) loans.
Pros
- Can choose between term loan and line of credit.
- Competitive interest rates and long repayment terms.
- Faster turnaround times than other SBA loans.
- Government guarantee makes it somewhat easier to qualify compared to conventional business bank loans.
Cons
- Loan amounts max out at $500,000.
- Can still be difficult to meet minimum eligibility requirements.
- May still take a total of 30 days or more to receive funding.
Qualifications:
- Be a for-profit U.S. business.
- Unable to access credit on reasonable terms from nongovernment sources.
- Financial qualifications determined by individual lender.
Our pick for
drivers with bad credit
Triton Capital can provide semi truck loans to borrowers who have a minimum credit score of 575 or higher, making it a good choice for those with limited loan options due to a bad credit score. While you may have to pay more in interest, there’s no penalty for paying the loan off early.
Triton Capital - Equipment financing
4.0
NerdWallet rating with Fundera by NerdWallet
Max loan amount
$250,000
Min. credit score
575
Est. APR
6.50-34.99%
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Triton Capital - Equipment financing
NerdWallet rating
4.0/5
Max loan amount
$250,000
Min. credit score
575
Est. APR
6.50-34.99%
Triton Capital can provide semi truck loans to borrowers who have a minimum credit score of 575 or higher, making it a good choice for those with limited loan options due to a bad credit score. While you may have to pay more in interest, there’s no penalty for paying the loan off early.
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Qualifications:
- Minimum credit score: 580.
- Minimum time in business: 24 months.
- Minimum annual revenue: $150,000.
Our pick for
zero money down financing
You can finance a range of used or new trucks, trailers or vans with no down payment required. With many lenders requiring at least 10% to 20% of the loan amount upfront, JR Capital is a good option for cash-strapped drivers who want to save that cash for other expenses.
JR Capital Equipment Financing
4.1
NerdWallet rating with Fundera by NerdWallet
Max loan amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
JR Capital Equipment Financing
NerdWallet rating
4.1/5
Max loan amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
You can finance a range of used or new trucks, trailers or vans with no down payment required. With many lenders requiring at least 10% to 20% of the loan amount upfront, JR Capital is a good option for cash-strapped drivers who want to save that cash for other expenses.
JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
Qualifications:
- Minimum credit score: 620.
- Minimum time in business: Typically 24 months, but can prioritize industry experience in some cases.
- No minimum annual revenue requirement.
Our pick for
fast financing
Balboa Capital can provide same-day funding for used or new commercial truck purchases so you can hit the road faster. You’ll need to have been in operation for at least a year and be making $100,000 annually.
Balboa Capital - Equipment Financing
Max loan amount
$500,000
Min. credit score
620
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Balboa Capital - Equipment Financing
Max loan amount
$500,000
Min. credit score
620
Balboa Capital can provide same-day funding for used or new commercial truck purchases so you can hit the road faster. You’ll need to have been in operation for at least a year and be making $100,000 annually.
Borrowers with fair credit may consider Balboa Capital to get fast funding, especially for equipment loans.
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Qualifications:
- Minimum credit score: 620.
- Minimum time in business: One year.
- Minimum annual revenue: $100,000.
Our pick for
low-interest semi truck loans
Bank of America can provide competitive interest rates on its semi truck financing. Preferred Rewards members may also qualify for interest rate discounts. You can complete an application over the phone or in-person, but you’ll need to have been in operation for at least two years.
Bank of America - Equipment loan
Max loan amount
$750,000
Min. credit score
700
Pros
- Competitive interest rates.
- Longer repayment periods.
- Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.
- Fee discounts available for veteran-owned businesses.
Cons
- Charges an origination fee.
- Prepayment fees may apply to early repayments.
- Can be slow to fund.
- Application cannot be completed online.
Bank of America - Equipment loan
Max loan amount
$750,000
Min. credit score
700
Bank of America can provide competitive interest rates on its semi truck financing. Preferred Rewards members may also qualify for interest rate discounts. You can complete an application over the phone or in-person, but you’ll need to have been in operation for at least two years.
Bank of America offers equipment loans starting at $25,000 with no set limit and loan terms of up to 5 years when secured by business assets.
Pros
- Competitive interest rates.
- Longer repayment periods.
- Bank of America’s Preferred Rewards program can offer interest rate discounts and other perks.
- Fee discounts available for veteran-owned businesses.
Cons
- Charges an origination fee.
- Prepayment fees may apply to early repayments.
- Can be slow to fund.
- Application cannot be completed online.
Qualifications:
- Minimum time in business: 24 months.
- Minimum annual revenue: $250,000
Our pick for
used semi truck financing
CAG Truck Capital specializes in commercial truck loans, offering a unique program dedicated to financing used, high-mileage vehicles. This makes it a good choice if you’re just starting out and wish to work with experienced representatives privy to the challenges you face.
CAG Truck Capital Commercial Truck Financing
Max loan amount
Undisclosed
Min. credit score
Undisclosed
Est. APR
10.00%
Pros
- Specialty direct lender with over 40 years of experience in truck financing.
- Can fund startups and borrowers with bad credit.
- Offers a dedicated program for financing high mileage trucks, with engine overhaul included.
Cons
- Minimum down payment of 20% required; may be higher based on your qualifications.
- Limited information about interest rates, terms and qualifications disclosed online.
CAG Truck Capital Commercial Truck Financing
Max loan amount
Undisclosed
Min. credit score
Undisclosed
Est. APR
10.00%
CAG Truck Capital specializes in commercial truck loans, offering a unique program dedicated to financing used, high-mileage vehicles. This makes it a good choice if you’re just starting out and wish to work with experienced representatives privy to the challenges you face.
CAG Truck Capital can offer commercial truck financing for borrowers who may not qualify for more traditional options.
Pros
- Specialty direct lender with over 40 years of experience in truck financing.
- Can fund startups and borrowers with bad credit.
- Offers a dedicated program for financing high mileage trucks, with engine overhaul included.
Cons
- Minimum down payment of 20% required; may be higher based on your qualifications.
- Limited information about interest rates, terms and qualifications disclosed online.
Qualifications:
- CAG Truck Capital can work with startups, borrowers with challenged credit and companies with previous bankruptcies.
- These businesses may require an additional down payment and face higher interest rates, however.
Our pick for
flexible financing
CFF provides customizable semi truck financing, offering loans across a variety of industries. Its Fresh Start program also provides options for borrowers with credit challenges. CFF is an established business with many positive Google reviews and offers specialized support.
Commercial Fleet Financing Equipment Financing
Max loan amount
$1,000,000
Min. credit score
640
Pros
- Offers specialized experience in trucking and construction industries.
- Can fund applications as fast as 24 hours.
- Established businesses may not need to provide a personal guarantee.
Cons
- Borrowers with lower credit scores may need to provide a 20% down payment.
- Interest rates not disclosed on the website.
Commercial Fleet Financing Equipment Financing
Max loan amount
$1,000,000
Min. credit score
640
CFF provides customizable semi truck financing, offering loans across a variety of industries. Its Fresh Start program also provides options for borrowers with credit challenges. CFF is an established business with many positive Google reviews and offers specialized support.
Borrowers looking to benefit from industry expertise might choose Commercial Fleet Financing to fund a truck, trailer or construction equipment purchase.
Pros
- Offers specialized experience in trucking and construction industries.
- Can fund applications as fast as 24 hours.
- Established businesses may not need to provide a personal guarantee.
Cons
- Borrowers with lower credit scores may need to provide a 20% down payment.
- Interest rates not disclosed on the website.
Qualifications:
- Minimum credit score: 640.
- Minimum time in business: Two years.
- Minimum annual revenue: Undisclosed.
Our pick for
covering total costs
U.S. Bank can provide up to 125% financing to help you cover additional costs associated with getting your truck up and running, such as freight, warranties or taxes. No down payment is required if you finance your loan for longer than 24 months, allowing you to save more money upfront for other business expenses.
U.S. Bank Equipment Financing
Max loan amount
$1,000,000
Min. credit score
Undisclosed
Pros
- Offers up to 25% in additional financing to cover soft costs, such as installation, taxes and freight.
- No down payment or blanket lien required.
- Option to finance multiple pieces of equipment on one contract.
Cons
- Can only apply online for transactions under $250,000.
- Interest rates and qualification requirements not disclosed online.
U.S. Bank Equipment Financing
Max loan amount
$1,000,000
Min. credit score
Undisclosed
U.S. Bank can provide up to 125% financing to help you cover additional costs associated with getting your truck up and running, such as freight, warranties or taxes. No down payment is required if you finance your loan for longer than 24 months, allowing you to save more money upfront for other business expenses.
U.S. Bank can provide up to 125% in equipment financing (including soft costs), with no down payment required.
Pros
- Offers up to 25% in additional financing to cover soft costs, such as installation, taxes and freight.
- No down payment or blanket lien required.
- Option to finance multiple pieces of equipment on one contract.
Cons
- Can only apply online for transactions under $250,000.
- Interest rates and qualification requirements not disclosed online.
Qualifications:
- Minimum credit score: Undisclosed.
- Minimum time in business: Two years.
- Minimum annual revenue: Undisclosed.
What is semi truck financing?
Semi truck financing refers to a loan that’s used to buy a commercial truck for your business. Depending on your lender, you may be able to purchase new or used vehicles, such as dump trucks, box trucks, flatbed trucks, service trucks, vans or trailers, and more.
Like other types of equipment financing, semi truck loans use the truck you buy as collateral on the loan. This means that if you don’t repay your loan, the lender can take possession of your truck and sell it to recover its losses.
How does semi truck financing work?
Semi truck loans are typically structured as normal business term loans:
You receive a lump sum of money.The amount you can borrow depends on the lender. For example, lenders often have different maximum amounts they're willing to let you borrow, and many require a down payment.
You repay the loan, with interest.Repayment terms can range from 12 to 60 months, but may be longer, depending on the type of commercial truck. Payments are usually made on a monthly basis, and interest rates can range anywhere from 5% to 36% APR.
You lose your truck if you fail to make payments.Like a personal auto loan, if you fail to repay your loan on a commercial truck, your lender may repossess it.
Semi truck financing vs. leasing
If you’re in the market for a commercial truck, equipment financing is often a better option than equipment leasing. Big rigs may cover a million miles before they require serious work. That means they’ll likely remain productive long past a three- or five- year loan repayment term, making financing a potentially more cost-effective solution in the long-run.
Still, commercial truck leasing can make sense in the following instances:
- You’re just starting out. Qualifying for a commercial truck loan can be difficult if your business lacks a track record. Consider leasing a truck while you’re proving your concept before investing a lot of money into a truck of your own, or buy an inexpensive used semi truck you can afford out-of-pocket instead.
- You need to free up cash. Leases typically come with lower upfront costs — you may even be able to spread the sales tax over the lease’s term, depending on where you live — and smaller monthly payments. An option like freight factoring, in which you receive upfront cash in exchange for outstanding invoices, can help if you need ongoing capital as well.
- You’re worried about longevity. Long-haulers have long shelf lives. But vehicles like delivery vans may face more wear and tear, and specialty trucks with complex parts may need more frequent repairs. If your trucks are used in direct interactions with customers, you may want consistently new models to make a good impression. Leasing can help in all these cases.
Where to get semi truck financing
There are a number of places where you can get a commercial truck loan to buy your next big rig:
How to finance a semi truck
1. Determine your down payment
Knowing how much you can afford as a down payment is a good place to start when buying any vehicle. It’s especially important for a commercial truck that could cost six figures — even if you buy used.
For example, if a lender requires a 20% down payment on a $100,000 big rig, you would need $20,000 on hand plus money for taxes, registration and other fees. Some lenders may offer no-money-down options, but you’ll need good credit to be eligible and will pay more overall by financing the entire purchase.
2. Consider monthly loan payment
The monthly loan payment amount is another important consideration. Determining the amount that fits in your budget can be helpful in deciding what loan will work best for you. When estimating the amount of an affordable loan payment, don’t forget to include other costs that will come with the truck, like fuel, maintenance, tires and insurance.
3. Review semi truck financing requirements
In addition to thinking about a potential down payment and monthly costs, you’ll also want to consider common business loan requirements, to determine what loans you may qualify for:
- Credit score. Many lenders want to see a minimum credit score in the mid- to high 600s, but others are more flexible. Typically, a higher credit score will help you access lower interest rates.
- Time in business. Because commercial truck purchases are often expensive, it’s helpful to have two or more years in business. Some lenders may be able to work with younger businesses, however, if they have good credit or can provide a larger down payment.
- Annual revenue. Some semi truck financing companies don’t have a minimum annual revenue requirement or don’t disclose one upfront. In general, however, you’ll want to be able to show a lender a strong financial history that demonstrates your ability to repay a loan.
🤓 Nerdy Tip
If you have bad credit — or your credentials aren’t quite where you want them — you may still be able to finance a semi truck with an online or direct lender. Because the truck itself serves as collateral, these lenders may be more open to approving borrowers with poor credit histories or less time in business. Keep in mind that the lender will own the title on your truck and could repossess it if you don’t pay. And, like other startup or bad credit business loans, these semi truck financing options will likely be more expensive.4. Find the truck you want — and lenders that will fund it
What kind of truck you need will have a direct impact on financing options. For example, some lenders may have vehicle age or mileage requirements. Others may not finance sleeper cab trucks or private-party purchases. Do you need multiple trucks? A lender’s maximum funding amount may limit your options.
5. Compare commercial truck loans
You can use multiple types of business loans to finance a semi truck, including those not specifically designed for big rigs. For example, a business line of credit could provide you with fast cash to fix up a truck.
But opting for a semi truck loan will keep that working capital available for other business costs. Plus, the vehicle itself offers built-in collateral for lenders, so it may be easier to qualify for semi truck financing than other options.
6. Gather paperwork and apply
Commercial truck lenders have different application processes and requirements. You should be prepared with details about your company (annual revenue, type of business), the vehicle you want to finance (type of truck, its mileage and age, the seller) and yourself (your credit score, whether you have a commercial driver’s license and how long you’ve had it for).
It’s important to shop around and compare multiple lenders, even if you need funding quickly.
Frequently asked questions
Typical terms for semi truck financing can range anywhere from 12 to 60 months, or even longer. Ultimately, the repayment terms you receive will vary based on your qualifications, lender and the type of vehicle you’re looking to finance.
Many semi truck lenders require a minimum down payment of 10% to 20%, or more. Although some lenders offer commercial truck financing with no down payment, providing money upfront may help increase your chances of qualifying, as well as help you access better rates and terms.
Yes. Some lenders, like Triton Capital, do not require you to have a commercial drivers license, or CDL, to get semi truck financing. Others, however, may require you to have a certain length of time with a CDL.
Some semi truck lenders, like Triton Capital, may accept credit scores as low as
575
. Others will require scores in the mid- to high 600s, or more. Although you can still get semi truck financing with bad credit, interest rates will likely be higher. The better your credit score, the more likely you are to get the most competitive rates and terms on your loan.SBA loans can be used for a variety of purposes and may be an option for semi truck financing. SBA 7(a) loan proceeds can be used to purchase machinery and equipment with maximum loan amounts of $5 million.
More resources for trucking companies |
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NerdWallet has many more guides for trucking companies and owner-operators. For more information, check out our articles below: |
Methodology
🤓 Here's the nerdy science behind how we picked the best semi truck loans.
NerdWallet’s review process evaluates and rates small-business loans from banks, reputable online lenders and specialized commercial truck lenders. We considered loans from the perspective of both new and established owner-operators and fleet owners to help you find the best match for your unique trucking needs.
We analyze over 800 data points across lenders using a combination of company websites, public documents, company representatives and by going through lenders’ initial application process ourselves.
NerdWallet writers and editors conduct a full fact check and update our top lists regularly to ensure accuracy and fairness.
Here’s how we evaluate each lender
Lenders that don’t charge origination fees or prepayment penalties rank higher in this category.
Lenders that make it easy for borrowers to understand loan rates, fees, terms, qualification requirements and more rank higher in this category.
Lenders that report timely payments to the commercial credit bureaus rank higher as that helps borrowers build business credit.
Lenders that have flexible underwriting and offer multiple payment terms rank higher in this category.
Lenders that offer fast funding and multiple ways to apply for a loan rank higher in this category.
Lenders that provide multiple ways to speak with a customer service representative and an online dashboard for loan management rank higher in this category.
A guide to NerdWallet's star ratings
Lenders that receive a NerdWallet rating of 5 stars are outstanding among their peers. They deliver excellent value and excel at each of our evaluation criteria.
Lenders that earn 4.0 to 4.9 stars are excellent. They provide loans that possess all the standard features you'd expect, but are lacking in one or two areas.
Lenders with a rating of 3.0 to 3.9 stars are a good choice, however, they may be lacking in a few areas.
Lenders that we rate below 3 stars are lacking in several key areas, and we won’t typically recommend them as a first choice to secure a loan.
Last updated on October 23, 2024
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