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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 | 4.5/5 Best for new owner-operators | $150,000 | 600 | with Fundera by NerdWallet |
SBA Express loan | Best for government loans | $500,000 | 650 | with Fundera by NerdWallet |
Triton Capital - Equipment financing | 4.0/5 Best for drivers with bad credit | $250,000 | 575 | with Fundera by NerdWallet |
JR Capital Equipment Financing | 4.1/5 Best for zero money down financing | $10,000,000 | 620 | with Fundera by NerdWallet |
Balboa Capital - Equipment Financing Read Review | Best for fast financing | $500,000 | 620 | Read Review |
Bank of America - Equipment loan Read Review | 4.3/5 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
Max Amount
Undisclosed
Min. Credit Score
Undisclosed
Best for flexible financing
Max Amount
$1,000,000
Min. Credit Score
640
Best for covering total costs
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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?
How does semi truck financing work?
Semi truck financing vs. leasing
- 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
How to finance a semi truck
1. Determine your down payment
2. Consider monthly loan payment
3. Review semi truck financing requirements
- 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
5. Compare commercial truck loans
6. Gather paperwork and apply
Frequently asked questions
More resources for trucking companies |
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Methodology
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A guide to NerdWallet's star ratings
Methodology
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.