Lenders typically favor borrowers who have a credit score of at least 640. However, some lenders provide semi-truck financing to borrowers with bad credit — rates may be higher, though, and the loan might come with a hefty down payment.
| Lender | Best for | Max. loan amount | Term length | Min credit score | |
|---|---|---|---|---|---|
 | Low starting rates | From $25,000 | Up to 60 months | Not disclosed | Get business loan offers |
 | No down payment | $1,000,000 | 24 to 60+ months | Not disclosed | Get business loan offers |
 | Multiple funding options | $250,000 | Up to 84 months | Not disclosed | Get business loan offers |
 | Fast funding | $10,000 to $1,000,000 | 60 months | 640+ | Get business loan offers |
 | Bad credit | Not disclosed | Not disclosed | Not disclosed | Get business loan offers |
 | Fair credit | $15,000 to $1,000,000 | 24 to 60 months | 675 | Get business loan offers |
 | Startups | $5,000 and $2,000,000 | 12 to 72 months | None | Get business loan offers |
| Loan amounts | Starting at $25,000 |
| Starting interest rate | 7.00% |
| Term length (months) | Up to 60 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | 2 years |
Larger minimum loan amount than other lenders
Low starting rates
Interest rate discounts for Preferred Rewards for Business members
Not transparent about credit score or maximum loan amount
Origination fee of 0.50%
Must be in business for at least 2 years and make a minimum of $250,000 in annual revenue
Starting interest is already low with Bank of America’s semi-truck financing option, but with the additional discount of 0.25% to 0.75% offered with the free Preferred Rewards for Business program, rates can be even lower as long as you’re enrolled when you apply for the loan. Bank of America does, however, have an origination fee of 0.50% that can come with its equipment loans, and ultimately make borrowing more costly. Bank of America also does not provide information on credit score requirements or maximum loan amounts, making the company’s website much less transparent than others on our list.
Read our Bank of America review.
| Loan amounts | Up to $1,000,000 |
| Starting interest rate | Not disclosed |
| Term length (months) | 24 to 60+ months |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
125% financing available for additional costs of tax, installation and freight
Flexible payment options
No down payment required
Application-only process can only be used for transactions up to $200,000
Eligibility requirements are not clearly stated on the website
While other lenders may require a hefty down payment to secure a loan, US Bank doesn’t, helping borrowers save with less 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.
Read our US Bank review.
| Loan amounts | Up to $250,000 |
| Starting interest rate | Not disclosed |
| Term length (months) | Up to 84 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
0.25% interest rate discount is offered when signing up for auto-draft payments
100% financing is available along with 10% for soft costs which can include delivery fees, taxes, and tag and license costs
Can come with origination fee
Rate quotes are only effective for 10 days
By offering small business auto loans, commercial vehicle loans and equipment loans, Truist provides multiple funding options to borrowers. A 0.25% interest rate discount for auto-draft payments can help you save on financing costs, but a loan with Truist can come with an origination fee. And since the rate quotes are only good for 10 days, you will need to shop around quickly to find a truck, much faster than some other lenders. Term lengths can go as long as 84 months, which is helpful if you need more time to pay back the loan, but longer repayment terms can also lead to more debt down the line.
| Loan amounts | $10,000 to $1,000,000 |
| Starting interest rate | Not disclosed |
| Term length (months) | 60 months |
| Minimum credit score | 640+ |
| Minimum time in business | At least two years in business |
Fast funding within 24 hours
Fast approval within 2 hours after completing a 1-page application
Don’t need excellent credit for approval
Interest rates and requirements are not disclosed online
May need a down payment
Borrowers can get approved for semi-truck financing within two hours after submitting a one-page application to Commercial Fleet Financing and can then receive funding within 24 hours of approval. Borrowers need a 640 credit score to be eligible for a loan, but keep in mind that the lender, similar to others on our list, will perform a hard pull on your credit for final loan approval, which can cause your score to drop slightly. (Soft pulls, typically used for preapprovals, don’t impact your credit.) Your business must be in operation for at least two years to get a loan with Commercial Fleet Financial and any funding awarded can come with a required down payment.
Read our Commercial Fleet Financing review.
| Loan amounts | Not disclosed |
| Starting interest rate | 10.00% APR |
| Term length (months) | Not disclosed |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
Financing available for start-ups
Truck loan can include built-in engine overhaul financing
Downpayments can start at 20% and reach up to 35%
Higher interest rate than others on the list
With over 40 years of experience in semi-truck 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. Unlike the other lenders on our list, CAG Truck Capital only does a soft pull for pre-approval, so your credit score isn’t affected. Interest rates start at 10.00%, which is higher than other lenders, and the loans can come with down payments reaching up to 35%. That can be costly for newer businesses without significant income flow. However, this down payment can come in handy should you need to finance the overhaul of your engine if it ever fails. CAG Truck Capital will use your down payment to finance the overhaul with the service company and you’ll be able to keep your monthly payments relatively the same.
| Loan amounts | $15,000 to $1,000,000 |
| Starting interest rate | Not disclosed |
| Term length (months) | 24 to 60 months |
| Minimum credit score | 675 |
| Minimum time in business | At least two years |
Short application with same-day approval
Only first page of the last three months of bank statements are needed
Down payments and 10% to 15% residuals may be required
May need to provide additional financing information for loans larger than $125,000
Applicants with fair credit can be approved for semi-truck financing with Truck Lenders USA. Startups may need to seek financing elsewhere, as Truck Lenders USA requires at least two years of operation before they’ll lend to you. The application process can be short and only requires the first page of the last three months of your bank statements. However, any 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, however.
| Loan amounts | $5,000 and $2,000,000 |
| Starting interest rate | Not disclosed |
| Term length (months) | 12 to 72 months |
| Minimum credit score | None (with a large down payment) |
| Minimum time in business | Six months to one year |
Financials or tax returns are not required for approval
Borrowers with low credit score can be approved
No-money-down financing options
Most financing options require one to two months of payments due at closing
Must complete application over the phone
First Capital Business Finance has a vast selection of commercial and semi-truck financing programs with options specifically suited for businesses that haven’t been operating long or built up enough credit yet. Financial information and tax returns may not be required for loan approval, but First Capital Business does not offer online applications. If you want to apply for a loan, you will need to complete your application over the phone and if approved, may need to provide one to two months’ worth of payments at the time of closing. With the cost of purchasing a semi-truck starting at $15,000 for used to $240,000 and up for newer models, the maximum loan amount of $2,000,000 can provide significant financing options for your trucking needs.
A commercial truck loan, also referred to as semi-truck 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 is asset-based financing, the truck purchased will act as collateral for 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 who have a credit score of at least 640. However, some lenders provide semi-truck financing to borrowers with bad credit — rates may be higher, though, and the loan might come with a hefty down payment.
Purchasing a commercial truck can be expensive and difficult if you don’t have a lot of extra money on hand. Semi-truck financing can be helpful so you aren’t paying for the entire purchase all at once. Leasing a semi-truck 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.
Bank of America offers an interest rate of 7.09%, the lowest on our list, making it a good option when looking for semi-truck financing. Keep in mind that borrowers with higher credit scores are usually able to get the best rates.
The repayment term will depend on the lender and your financial history. Typically, semi-truck financing can have a repayment term of up to 60 months, with some lenders extending it even longer.