Where Can I Get Semi-truck Financing?

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Key takeaways

Semi-truck financing can help you buy a truck while minimizing the impact on your business’s cash flow.
Direct lenders often have more industry knowledge than banks or online lenders.
Getting a semi-truck loan from an online lender is usually the fastest way to get funded.

Semi-truck financing is a type of small-business financing that allows you to purchase a semi-truck for your business while keeping crucial cash flow free. When looking for the right lender, banks, online lenders and direct lenders have loan products that can cover the cost of buying a new or used truck and trailer. Each type of lender has advantages and disadvantages, so it’s wise to compare eligibility requirements and costs before you submit an application.

Let’s take a look at where you can get semi-truck loans and compare some of the top semi-truck financing companies available.

Where to get semi-truck financing

When looking for semi-truck loans, there are three types of lenders most business owners turn to. Each type of lender has its benefits.

Banks

Most banks offer semi-truck financing in the form of equipment financing. These are designed to help businesses purchase major assets, including semi trucks and trailers. Most terms are capped at 60 months (five years), but some are shorter if you want to limit the interest you pay.

While banks can offer some of the lowest interest rates, they usually have strict qualification requirements. There can also be benefits to working with specialized semi-truck lenders that have familiarity with the industry.

Lender	Loan type	What to know
Bank of America	Equipment loan	Available for businesses with at least two years in operation and $250,000 in annual revenue. Fixed interest rates as low as 6.50%. Loan terms up to 5 years.
TAB Bank	Equipment loan	Online application. Can finance a single truck or a fleet.
U.S. Bank	Equipment loan	125% financing, including soft costs like installation and taxes. Monthly, quarterly or annual payments. No down payment for terms of 24 to 60 months.

Online lenders

Online lenders, a type of alternative lender, operate entirely online and may offer semi-truck financing for borrowers with poor credit, or who need to access capital fast. Some online lenders can provide financing in as little as 24 hours. However, they offer higher interest rates than banks, and a lack of brick and mortar location may make it difficult to manage your loan.

When comparing online lenders, pay special attention to customer service channels. Since everything is done online or over the phone, you want to make sure you have access to help when you’re most likely to need it. It’s also a good idea to compare at least three lenders to ensure you get the most affordable loan.

Lender	Loan type	What to know
Credibly	Equipment loan	Accepts applicants with credit scores as low as 550. Only requires 12 months in business. Approvals as fast as the same day.
National Funding	Equipment loan	Funding available for smaller loans up to $150,000. Only requires six months in business.
Triton Capital	Equipment loan	Variety of terms available between 12 and 60 months. Interest rates start at 5.99%. Loans can be approved as quickly as 2 to 4 hours.

Direct lenders

Direct lenders are operations that lend their own money. They don’t tend to have as lengthy underwriting process as a bank does, offering quick turnaround on approvals and funding. And direct lenders often have specialized knowledge in truck financing. On the other hand, some direct lenders charge higher rates and fees compared to traditional lenders.

When comparing direct lenders, consider the level of experience that lender has in providing semi-truck loans. Some have been offering loans to hundreds or thousands of truck owners, while others are new to the industry and may require research to vet its customer service and product offerings.

Lender	Loan type	What to know
CAG Truck Capital	Semi-truck loan	Has a pre-qualification process for easy loan comparisons. Accepts applicants with bad credit. Works with start-ups.
Balboa Capital	Semi-truck loan	Only requires one year in business. Offers same-day funding. Provides funding up to $500,000 with collateral.
Truck Lenders USA	Semi-truck loan	Specializes in commercial truck funding. Offers same-day approvals. No tax returns required. Zero down payment options available.
Commercial Fleet Financing	Commercial equipment loan	No down payment required. Loan approvals as fast as two hours. Ongoing support throughout the life of the loan.

Bottom line

The best semi-truck loans can turn expensive equipment into an affordable solution for your business needs. Banks have a streamlined process with competitive rates, but you may also find a good offer from an online or direct lender if you don’t need a lot of in-person attention. Compare the pros and cons of each lender before you sign the loan agreement.

Frequently asked questions

Most lenders require a credit score of at least 600. If your score is lower than that, you’ll want to seek out bad-credit semi-truck financing from a direct lender. Some lenders want to see a score in the high 600s to extend the best rates.
Interest rates on an equipment financing loan start at about 6 percent to 8 percent from banks, but those rates are reserved for borrowers with excellent credit. Depending on your credit score and time in business, you may find rates as high as 35 percent, especially if you go with an online lender.
Yes, some lenders offer loans to startups with six months, or even less time, in business. These lenders may also have lower revenue requirements.