Where Can I Get Semi-truck Financing?

A truck driver steps up into his truck

Jetta Productions Inc/GettyImages; Illustration by Hunter Newton/Bankrate

Key takeaways

  • Semi-truck financing may also help you purchase a truck with out impacting your enterprise’s money move
  • Direct lenders typically have extra trade information than banks or on-line lenders
  • Getting a semi-truck mortgage from a web-based lender is often the quickest option to get funded

Semi-truck financing is usually a good different to paying money for a semi, which regularly hurts your enterprise’s funds. Banks, on-line lenders and direct lenders have mortgage merchandise that may cowl the price of shopping for a brand new or used truck and trailer. Every kind of lender has benefits and drawbacks, so it’s smart to match eligibility necessities and prices earlier than you submit an software.

Let’s check out the place you may get semi-truck loans and a few of the high lenders for semi-truck financing.


Most banks provide tools loans that you should use to buy a semi-truck or some other piece of enterprise tools. Banks typically have the bottom rates of interest and waive prepayment penalties. However they might not be as accustomed to your trade as direct lenders and often have excessive minimal credit score rating necessities for approval.

Evaluate banks that provide semi-truck loans

Banks provide big-rig financing within the type of tools loans. These are designed to assist companies buy main property, together with semi vehicles and trailers. Most phrases are capped at 60 months (5 years), however some are shorter if you wish to restrict the curiosity you pay.

Lender Mortgage kind High options
Financial institution of America Gear mortgage
  • Obtainable for business autos over 2.5 tons
  • Mounted rates of interest as little as 6.75%
  • Mortgage phrases as much as 5 years
TAB Financial institution Gear mortgage
  • On-line software
  • Can finance a single truck or a fleet

On-line lenders

On-line lenders, generally referred to as different lenders, function just about. They typically fund a lot sooner than a conventional financial institution, in as little as 24 hours. Then again, they’re unlikely to have a bodily department the place you possibly can go in and meet face-to-face to handle your mortgage. On-line lenders may cost increased rates of interest than brick-and-mortar banks.

Evaluate on-line lenders that provide semi-truck loans

When evaluating on-line lenders, pay particular consideration to customer support channels. Since all the things is completed on-line or over the telephone, you wish to be sure you have entry to assist once you’re most probably to wish it. It’s additionally a good suggestion to match a minimum of three lenders to make sure you get probably the most inexpensive mortgage.

Lender Mortgage kind High options
Credibly Gear mortgage
  • Accepts candidates with credit score scores as little as 550
  • Solely requires six months in enterprise
  • Approvals as quick as 4 hours.
Nationwide Funding Gear mortgage
  • Funding accessible for smaller loans as much as $150,000
  • Solely requires six months in enterprise
Triton Capital Gear mortgage
  • Number of phrases accessible between 12 and 60 months
  • Rates of interest begin at 5.99%
  • Loans may be accredited as shortly as 2 to 4 hours

Direct lenders

Direct lenders are operations that lend their very own cash. They don’t are likely to have a prolonged underwriting course of as a financial institution does, providing fast turnaround on approvals and funding. And direct lenders typically have specialised information in truck lending. Then again, some direct lenders cost increased charges and charges in comparison with conventional lenders.

Evaluate direct lenders

When evaluating direct lenders, think about the credit score necessities. Some work with anybody, whereas others have a minimal rating within the excessive 600s.

Lender Mortgage kind High options
CAG Truck Capital Semi-truck mortgage
  • Has a pre-qualification course of for straightforward mortgage comparisons
  • Accepts candidates with unfavorable credit ratings
  • Works with start-ups
Balboa Capital Semi-truck mortgage
  • Solely requires one yr in enterprise
  • Provides same-day funding
Truck Lenders USA Semi-truck mortgage
  • Makes a speciality of business truck funding
  • Provides same-day approvals
  • Minimal financing quantity is $15,000
Industrial Fleet Financing Industrial tools mortgage
  • No tax returns required for loans underneath $150,000
  • Mortgage approvals as quick as two hours
  • Zero cash down mortgage choices

Backside line

The perfect semi-truck loans can flip costly tools into an inexpensive answer for your enterprise wants. Banks have a streamlined course of with aggressive charges, however you might also discover a good provide from a web-based or direct lender in the event you don’t want quite a lot of in-person consideration. Evaluate the professionals and cons of every lender earlier than you pull the set off.

Regularly requested questions

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