Key takeaways
- Semi truck financing is a type of equipment financing that helps you spread the cost of a commercial vehicle over multiple years.
- To qualify, you’ll usually need a 10% to 20% down payment, fair or better credit and some business or trucking experience.
- Financing may be more cost-effective than leasing if you plan to use the truck for many years.
A new semi truck in 2026 can cost up to $250,000. Even used ones can run more than $100,000. Unless you have that kind of cash lying around, you’ll probably have to get a small-business loan to cover the costs.
What is semi truck financing?
Semi truck financing is a type of equipment financing that’s used to buy a commercial truck. Lenders may also call it commercial vehicle financing.
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 and trailers.
🤓 Wondering how much financing costs? Check out NerdWallet’s semi truck loan calculator.
How much do you need?
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.
How does commercial truck financing work?
When you finance a commercial truck, a lender gives you money to buy the vehicle, and you repay it over time with interest. Once the loan is paid off, you own the truck outright.
Like other types of equipment financing, semi truck loans use the truck you buy as the collateral. 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.
Key features:
- Loan amount: Up to 100% of the truck’s value, subject to lender limits.
- Terms: 12 to 60 months, but may be longer, depending on the type of commercial truck and loan.
- Down payment: 10% to 20% of the loan amount.
- Interest rates: 4% to 45% APR.
🚚 Just getting started? Check out NerdWallet’s definitive guide to starting a trucking company.
Semi truck financing vs. leasing
Both financing and leasing can be good options for getting a commercial truck when you can’t pay out of pocket.
Consider financing if…
- You want to save money over the long term. When you finance a semi truck or other commercial vehicle, your monthly payments end once the loan is paid off. Because many commercial trucks can stay productive well beyond a three- or five-year loan repayment term, financing often costs less than leasing over time.
- You want to modify your truck. Financing gives you more freedom to customize your ride, like adding specialized equipment or wraps and decals.
- You want to own an asset. After you pay off the loan, the truck is yours. You can keep it, sell it, trade it in or use it as collateral for future financing.
- You want potential tax benefits. You may be able to deduct the full value of your truck from your taxable income the year you buy it using the Section 179 deduction, or depreciate it slowly over time. You may also deduct interest payments on the loan.
Consider leasing if…
- You can’t qualify for semi truck financing. Qualifying for a commercial truck loan can be hard if you don’t have much experience or if your credit score isn’t great.
- You’re not sure you’ll do this long term. Consider leasing a truck while you’re proving your business model before investing a lot of money into a truck of your own.
- You don’t have enough cash for a down payment. Leases typically come with lower upfront costs than loans, such as a much lower (or no) down payment.
- You want to drive newer models. If you’re worried about wear and tear or simply want the latest and greatest, short-term leasing can make it easier to upgrade trucks regularly.
Ready to lease? Compare the best equipment leasing companies
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:
| Semi truck financing options | Best for | What to know |
|---|---|---|
| Banks | Low interest rates. | Banks may offer competitive interest rates and long repayment terms, but approvals can take longer and requirements are typically stricter. |
| SBA lenders | Long repayment terms. | SBA commercial vehicle loans are a great alternative to bank loans due to their low interest rates and long repayment terms. But you’ll often need good credit and a couple years in business to qualify. |
| Online lenders | Speed and flexibility. | Online lenders may work with newer businesses or borrowers with bad credit, but they usually charge higher interest rates. |
| Direct semi truck lenders | Industry-specific expertise. | Direct lenders specialize in commercial trucks and may offer flexible loan options. Some also offer freight factoring to help cover cash flow gaps. |
Best semi truck loan options
Here are some of our top recommendations to kickstart your search for a semi truck loan:
| Product | Max Loan Amount | Min Credit | Min Time In Business | |
|---|---|---|---|---|
 eLease - Equipment financing Nerdwallet Rating with NerdWallet Small Business | Undisclosed | 550 | 6 months | with NerdWallet Small Business |
 Triton Capital - Equipment financing Nerdwallet Rating with NerdWallet Small Business | $250,000 | 575 | 24 months | with NerdWallet Small Business |
 SBA 7(a) loan with NerdWallet Small Business | $5,000,000 | 650 | 24 months | with NerdWallet Small Business |
 Bank of America - Equipment loan Nerdwallet Rating with NerdWallet Small Business | $750,000 | 700 | 24 months | with NerdWallet Small Business |
 National Funding - Equipment financing Nerdwallet Rating with NerdWallet Small Business | $150,000 | 600 | 6 months | with NerdWallet Small Business |
 Balboa Capital - Equipment financing with NerdWallet Small Business | $500,000 | 620 | 12 months | with NerdWallet Small Business |
 JR Capital - Equipment financing Nerdwallet Rating | $10,000,000 | 620 | 24 months |
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 since commercial trucks can 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 soft costs such as 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 commercial truck 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.
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.
» Check out more financing options: Best trucking business loans and business auto loans
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 the following details:
- Your company: Annual revenue, business type, time in operation.
- The vehicle: Truck type, age, mileage and seller information.
- Your personal information: Credit score and, if applicable, your commercial driver’s license and how long you’ve held it.
It’s important to shop around and compare multiple lenders, even if you need funding quickly.
How much does semi truck financing cost?
Use our semi truck loan calculator to estimate loan payments or find out how much truck you can afford.
Frequently asked questions
How long can you finance a semi truck?
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.
What is a good down payment on a semi truck?
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.
Can you finance a semi truck without a CDL?
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.
What credit score is needed to buy a semi truck?
Some semi truck lenders, like eLease, may accept credit scores as low as 550. 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.
Can I use an SBA loan for semi truck financing?
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: SBA commercial vehicle loans
