Best Semi Truck Financing Options of 2024

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Here are 9 semi truck financing companies

Lender	NerdWallet Rating▼	Max loan amount▼	Min. credit score▼	Next steps
Bank of America - Equipment loan Read Review	4.3/5 Best for Low-interest semi truck loans	$750,000	700	Read Review

National Funding - Equipment Financing See Your Loan Options with Fundera by NerdWallet	4.2/5 Best for Semi truck financing for startups	$150,000	600	See Your Loan Options with Fundera by NerdWallet

Triton Capital - Equipment financing See Your Loan Options with Fundera by NerdWallet	4.1/5 Best for Semi truck financing for bad credit	$250,000	575	See Your Loan Options with Fundera by NerdWallet

JR Capital Equipment Financing See Your Loan Options with Fundera by NerdWallet	4.1/5 Best for Zero down semi truck financing	$10,000,000	620	See Your Loan Options with Fundera by NerdWallet

Balboa Capital - Equipment Financing Read Review	Best for Fast semi truck financing	$500,000	620	Read Review

CAG Truck Capital Commercial Truck Financing	Best for Used semi truck financing	Undisclosed	Undisclosed

Commercial Fleet Financing Equipment Financing	Best for Flexible semi truck financing	$1,000,000	640

U.S. Bank Equipment Financing	Best for Covering upfront costs	$1,000,000	Undisclosed

Wells Fargo Commercial Equipment Financing Read Review	Best for Established businesses	Undisclosed	700	Read Review

Here are 9 semi truck financing companies

Best for Low-interest semi truck loans

Bank of America

Max Amount

$750,000

Min. Credit Score

700

Read Review

Best for Semi truck financing for startups

National Funding

Max Amount

$150,000

Min. Credit Score

600

See Your Loan Options

Best for Semi truck financing for bad credit

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

See Your Loan Options

Best for Zero down semi truck financing

JR Capital

Max Amount

$10,000,000

Min. Credit Score

620

See Your Loan Options

Best for Fast semi truck financing

Balboa Capital

Max Amount

$500,000

Min. Credit Score

620

Read Review

Best for Used semi truck financing

CAG Truck Capital

Max Amount

Undisclosed

Min. Credit Score

Undisclosed

Best for Flexible semi truck financing

Commercial Fleet Financing

Max Amount

$1,000,000

Min. Credit Score

640

Best for Covering upfront costs

U.S. Bank

Max Amount

$1,000,000

Min. Credit Score

Undisclosed

Best for Established businesses

Wells Fargo

Max Amount

Undisclosed

Min. Credit Score

700

Read Review

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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, among other options.

Like other types of equipment financing, semi truck loans use the vehicle you purchase as collateral on the loan.

How does semi truck financing work?

Semi truck loans are typically structured as business term loans. You receive a lump sum of capital from a lender upfront to help pay for your truck purchase. Then, you repay the funds, with interest, over a specific period of time.

Repayment terms. 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, but some lenders offer flexible options, such as quarterly, semi-annually or seasonal payments.
Interest rates. Commercial truck financing rates can range anywhere from 5% to 36% APR. The rate you’ll receive, however, will depend on a number of factors, such as your business’s qualifications, the value of the truck you’re purchasing and your down payment. In general, established businesses with strong credit scores will be able to qualify for lower interest rates.

Semi truck financing vs. leasing

If you’re in the market for a semi 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’re likely to remain productive long past a five- or seven-year loan repayment term.

Still, commercial truck leasing can make sense in the following instances:

You’re a startup. Qualifying for a commercial truck loan can be difficult if your business lacks a track record. You’ll want to develop a business plan that shows how your company will succeed and consider leasing a truck while you’re proving your concept before investing a lot of equity into a truck of your own.
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.

» MORE: Compare the best equipment leasing companies

Where to get semi truck financing

BanksBanks offer some of the most competitive interest rates, but approvals can be time-consuming and tough. You might consider a commercial truck loan from a bank if your credit is good (a score in at least the high 600s) and your company has been around for multiple years.

SBA lendersSBA loans, a great alternative to bank loans due to low interest rates and long repayment terms, can be used to purchase equipment. SBA Preferred Lenders can approve SBA loans in-house, but often require good credit and that the business be established rather than a startup.

Online lendersAlternative semi truck lenders generally provide faster funding than banks and have more flexible qualification requirements. These companies may also be willing to work with startups and borrowers with bad credit. As a result, however, they typically charge higher interest rates.

Direct semi truck lendersIf you want to work with a company with deep expertise in the trucking business, these direct lenders offer decades of experience. They may be more flexible compared with other financial institutions because they lend their own money. But as with other lenders, you should compare rates to make sure you're getting the best deal.

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 semi 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, like paying drivers. Plus, the vehicle itself offers built-in collateral for lenders, so it may be easier to qualify for semi truck financing than other options.

» MORE: What is a working capital loan?

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.

More resources for trucking companies

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.

Last updated on July 9, 2024

Methodology

NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer small-business friendly features, including: - Transparency of rates and terms. - Flexible payment options. - Fast funding times. - Accessible customer service. - Reporting of payments to business credit bureaus. - Responsible lending practices.

We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodology for small-business loans and our editorial guidelines.

Wondering if you qualify?

It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.

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9 Best Semi Truck Financing Options of 2024

Why trust NerdWallet

How much do you need?

Here are 9 semi truck financing companies

Here are 9 semi truck financing companies

Bank of America - Equipment loan

National Funding - Equipment Financing

Triton Capital - Equipment financing

JR Capital Equipment Financing

Balboa Capital - Equipment Financing

CAG Truck Capital Commercial Truck Financing

Commercial Fleet Financing Equipment Financing

U.S. Bank Equipment Financing

Wells Fargo Commercial Equipment Financing

How Much Do You Need?

What is semi truck financing?

How does semi truck financing work?

Semi truck financing vs. leasing

How to finance a semi truck

1. Determine your down payment

2. Consider monthly loan payment

3. Review semi truck financing requirements

4. Find the truck you want — and lenders that will fund it

5. Compare commercial truck loans

6. Gather paperwork and apply

Frequently Asked Questions

Methodology

Wondering if you qualify?