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9 Best Semi Truck Financing Options of 2024

By Randa Kriss, Ryan Lane
Last updated on July 9, 2024
Edited bySally Lauckner
Fact checked and reviewed
The right semi truck financing option will vary based on the vehicle you want to purchase and your business's qualifications.

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Semi truck financing can be used to purchase a truck or trailer for your business. Also called commercial truck financing, you can get one of these loans from several different sources, including banks, online lenders and specialized trucking companies.
Like any small-business loan, the best semi truck loan will be the least expensive one you can qualify for that meets your needs.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are 9 semi truck financing companies

LenderNerdWallet RatingMax loan amountMin. credit scoreNext steps

Bank of America - Equipment loan

4.5/5

Best for Low-interest semi truck loans

Undisclosed700
Read Review

National Funding - Equipment Financing

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4.5/5

Best for Semi truck financing for startups

$150,000600

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Triton Capital - Equipment financing

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4.0/5

Best for Semi truck financing for bad credit

$250,000575

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JR Capital Equipment Financing

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4.0/5

Best for Zero down semi truck financing

$10,000,000620

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Balboa Capital - Equipment Financing

Best for Fast semi truck financing

$500,000620
Read Review

CAG Truck Capital Commercial Truck Financing

Best for Used semi truck financing

UndisclosedUndisclosed

Commercial Fleet Financing Equipment Financing

Best for Flexible semi truck financing

$1,000,000640

U.S. Bank Equipment Financing

Best for Covering upfront costs

$1,000,000Undisclosed

Wells Fargo Commercial Equipment Financing

Best for Established businesses

Undisclosed700
Read Review

Here are 9 semi truck financing companies

Best for Low-interest semi truck loans

Bank of America

Max Amount

Undisclosed

Min. Credit Score

700

Best for Semi truck financing for startups

National Funding

Max Amount

$150,000

Min. Credit Score

600

Best for Semi truck financing for bad credit

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

Best for Zero down semi truck financing

JR Capital

Max Amount

$10,000,000

Min. Credit Score

620

Best for Fast semi truck financing

Balboa Capital

Max Amount

$500,000

Min. Credit Score

620

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

I'M INTERESTED IN:

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.

Bank of America - Equipment loan

Max Loan Amount
Undisclosed
Min. credit score
700
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.

Max loan

Undisclosed

Min. Credit score

700

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.

Our pick for

Semi truck financing for startups

You only need a minimum of six months in business to qualify for commercial truck financing from National Funding.

National Funding - Equipment Financing

Read Review

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Max Loan Amount
$150,000
Min. credit score
600
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

Max loan

$150,000

Min. Credit score

600

Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
Read Review

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Our pick for

Semi truck financing for bad credit

Triton Capital can provide semi truck loans to borrowers who have a minimum credit score of 575 or higher.

Triton Capital - Equipment financing

4.0
NerdWallet rating 

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Max Loan Amount
$250,000
Min. credit score
575
Est. APR
5.99-34.99%
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
4.0
NerdWallet rating 

Max loan

$250,000

Min. Credit score

575

Apr range

5.99-34.99%

Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.

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Our pick for

Zero down semi truck financing

You can finance a range of used or new trucks, trailers or vans with JR Capital, no down payment required.

JR Capital Equipment Financing

4.0
NerdWallet rating 

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Max Loan Amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.
4.0
NerdWallet rating 

Max loan

$10,000,000

Min. Credit score

620

Apr range

6.99-18.00%

JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.

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Our pick for

Fast semi truck financing

Balboa Capital can provide same-day funding for used or new commercial truck purchases.

Balboa Capital - Equipment Financing

Max Loan Amount
$500,000
Min. credit score
620
Borrowers with fair credit may consider Balboa Capital to get fast funding, especially for equipment loans.

Max loan

$500,000

Min. Credit score

620

Borrowers with fair credit may consider Balboa Capital to get fast funding, especially for equipment loans.

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.

CAG Truck Capital Commercial Truck Financing

Max Loan Amount
Undisclosed
Min. credit score
Undisclosed
Est. APR
10.00%
CAG Truck Capital can offer commercial truck financing for borrowers who may not qualify for more traditional options.

Max loan

Undisclosed

Min. Credit score

Undisclosed

Apr range

10.00%

CAG Truck Capital can offer commercial truck financing for borrowers who may not qualify for more traditional options.

Our pick for

Flexible semi truck financing

CFF provides customizable semi truck financing, offering loans across a variety of industries. The Fresh Start program also provides options for borrowers with credit challenges.

Commercial Fleet Financing Equipment Financing

Max Loan Amount
$1,000,000
Min. credit score
640
Borrowers looking to benefit from industry expertise might choose Commercial Fleet Financing to fund a truck, trailer or construction equipment purchase.

Max loan

$1,000,000

Min. Credit score

640

Borrowers looking to benefit from industry expertise might choose Commercial Fleet Financing to fund a truck, trailer or construction equipment purchase.

Our pick for

Covering upfront 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.

U.S. Bank Equipment Financing

Max Loan Amount
$1,000,000
Min. credit score
Undisclosed
U.S. Bank can provide up to 125% in equipment financing (including soft costs), with no down payment required.

Max loan

$1,000,000

Min. Credit score

Undisclosed

U.S. Bank can provide up to 125% in equipment financing (including soft costs), with no down payment required.

Our pick for

Established businesses

Wells Fargo can provide a specialized lending experience for established businesses with strong credit.

Wells Fargo Commercial Equipment Financing

Max Loan Amount
Undisclosed
Min. credit score
700
Wells Fargo can provide a range of lease options for more established businesses that want a personalized lending experience.

Max loan

Undisclosed

Min. Credit score

700

Wells Fargo can provide a range of lease options for more established businesses that want a personalized lending experience.

How Much Do You Need?

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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.

Where to get semi truck financing

A green bank.
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.
Hand with blue calculator.
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.
Couple of hands typing on a laptop.
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.
Green paycheck.
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.

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

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.

Learn more