Lenders typically favor borrowers with a credit score of at least 640. However, some lenders provide semitruck financing to borrowers with bad credit, though rates may be higher and the loan might come with a hefty down payment.
Starting at $25,000
6.25%
Up to 60 months
Bank of America already offers a low starting interest rate for semitruck financing, but with the additional discount of 0.25% to 0.75% offered through the free Preferred Rewards for Business program, you may be able to secure an even more favorable rate as long as you’re enrolled in the program when you apply for a loan.
To be a Preferred Rewards member, you’ll need to have a business checking account with Bank of America. The rate discount you get is based on what tier of membership you have – carrying a larger checking account balance can get you moved to a higher tier.
In order to qualify, you’ll need to meet Bank of America’s criteria of:
Bank of America doesn’t disclose the minimum credit score you’ll need to qualify. Apply online or contact the lender directly to find out if your business qualifies for a loan.
$15,000 to $1,000,000
8.25%
24 to 60 months
Applicants with fair credit can be approved for semitruck financing with Truck Lenders USA. The application process can be short and only requires the first page of the last three months of your bank statements.
However, borrowers looking to get more than $125,000 may need to provide additional information about their financial history to be considered for a loan. Truck Lenders USA’s website is unclear about the loan requirements for loans above the $125,000 threshold.
In order to qualify, you’ll need to meet Truck Lenders USA’s criteria of:
While Truck Lenders USA also requires an active bank account in your personal or business name, it does not disclose its minimum annual revenue requirements. For more information on how to qualify, contact the lender directly.
$20,000 to $250,000
8.90% APR
Up to 84 months
With over 40 years of experience in semitruck financing, CAG Truck Capital works with a variety of borrowers, including start-ups, those with bad credit and even applicants who have gone through bankruptcy.
Although these loans can come with down payments as high as 35%, this extra investment can come in handy should you need to finance the overhaul of your engine down the road. If your engine fails, CAG Truck Capital will use your down payment to finance the overhaul with the service company, allowing you to keep your monthly payments the same.
Plus, CAG has diesel technicians on staff who can look at your truck, its engine history and warranty before underwriting the loan. This may be particularly beneficial for new business owners, allowing them to feel more confident about their commercial truck purchase.
CAG Truck Capital is a specialty direct lender that offers more flexible loan requirements than traditional lenders. Minimum credit score, time in business and annual revenue requirements do not apply, though borrowers will need to be prepared to pay a down payment to secure their funds.
$5,000 and $2,000,000
Not disclosed
24 to 60 months
First Capital Business Finance has a wide selection of commercial and semitruck financing programs, including options designed specifically for new businesses that haven’t been operating long enough to build credit and business owners with poor credit.
But your business history, credit score and finances will affect how much of a down payment you’ll need. They have lower down payment options available for credit scores above 540, but if you have a prior bankruptcy or a score below 540, you may need up to 50% down.
In order to qualify, you’ll need to meet First Capital Business Finance’s criteria of:
Although the lender’s website does not disclose the annual revenue needed for loan approval, it specifically states that demonstrating consistent monthly revenue will be crucial during the application process, especially for new businesses. For more information on how to qualify, contact the lender directly.
Up to $1,000,000
Not disclosed
24 to 60+ months
While other lenders may require a hefty down payment to secure a loan, US Bank does not, helping borrowers save on upfront costs. Plus, with loan amounts reaching up to $1,000,000, you can get significant financial assistance for all your trucking business needs.
You can use US Bank’s application-only process, which is an online application that requires little financial information from the borrower, as long as you borrow no more than $200,000. Anything larger requires a more extensive application that is not available online, so you’ll need to contact the lender directly to apply.
US Bank doesn’t disclose minimum credit score, time in business or annual revenue requirements. Apply online or contact the lender directly to determine if your business qualifies for equipment financing.
Up to $250,000
Not disclosed
Up to 84 months
By offering small business auto loans, commercial vehicle loans and equipment loans, Truist provides multiple funding options to borrowers. Plus, term lengths can go as long as 84 months, giving you more time to repay your loan. However, it’s worth noting that longer repayment terms can lead to paying more in interest overtime.
Truist does not publicly share the specific requirements for loan eligibility, including minimum credit score, time in business or annual revenue requirements. To find out if your business qualifies, apply online or contact the lender directly.
$10,000 to $1,000,000
Not disclosed
60 months
Looking for fast funds? Borrowers may be able to get approved for semitruck financing within two hours of submitting a one-page application to Commercial Fleet Financing, with some borrowers receiving their funds within 24 hours of loan approval.
This is an impressively quick turnaround time compared to traditional lenders, who may take more than a week to process and disperse funds.
In order to qualify, you’ll need to meet Commercial Fleet Financing’s criteria of:
You’ll also need to meet the company’s annual revenue requirements, which are not publicly available. Apply online or contact Commercial Fleet Financing directly to find out if you qualify for financing.
A commercial truck loan, also referred to as semitruck financing, is a loan borrowers use to purchase a commercial truck.
A commercial truck loan is similar to equipment financing, allowing you to break up the cost of the truck over regular installments to be paid back over time. Since it’s a form of asset-based financing, the truck will act as collateral if you default on the loan.
Banks, direct lenders and online lenders can offer commercial truck loans, with some willing to work with start-ups and borrowers with fair to bad credit.
Lenders typically favor borrowers with a credit score of at least 640. However, some lenders provide semitruck financing to borrowers with bad credit, though rates may be higher and the loan might come with a hefty down payment.
Leasing a semitruck may be a good option if you don’t have a lot of money to put down and don’t want to wait too long for a loan to be approved.
In contrast, financing may require a down payment, but you will be the owner of the truck rather than leasing it. You’ll also likely make monthly payments with a loan rather than weekly installments during your lease.
The repayment term will depend on the lender and your financial history. Typically, semitruck financing can have a repayment term of up to 60 months with some lenders extending it even longer.