A commercial truck loan is a type of financing specifically designed for the trucking industry. Depending on the type of loan, it can be used to finance everything from a delivery truck to a dump truck to a fleet of semi-trucks. These loans can help business owners free up cash to invest in other areas of their business and can help grow their business by purchasing multiple trucks.
We reviewed more than 10 commercial truck loans before settling on the top six. Our top choices consist of reputable companies that have years of trucking industry experience. We considered the types of loans offered, the loan application process, rates, terms, and qualifications. Keep reading to find out which commercial truck loan is right for you.
Best Overall : Truck Lenders USA
Why We Chose it: Truck Lenders USA is our best overall commercial truck loan because they have decades of commercial truck lending experience, are a direct lender, and offer both custom leasing and financing options.
Get an online quote
Leasing and financing is offered with custom programs
Industry insights on their site
Minimum credit score is usually 675
Don’t finance trucks older than 7 years
Must be in business 2+ years to finance a truck
Truck Lenders USA has been around since 1977 and is one of the leading commercial truck loan financing companies. It is a direct lender for commercial trucks, trailers, and construction equipment. It offers both leasing and financing for commercial trucks in 48 states. It offers custom financing solutions based on your business type, size, and budget.
Rates and terms vary depending on the type of loan or lease you choose. However, the company offers competitive rates for qualified applicants. You can get a quote on their website and then contact a direct lending specialist to learn more. Many of the required forms are available online including credit applications and personal financial statements. Funding times vary based on the type of financing that you choose.
The company claims to finance just about anything with a title, but keep in mind that vehicles need to be seven years old or newer and be within 10% of comparable values. The minimum loan amount is $15,000 and no maximum is given. Typical qualifications for commercial truck loans include a credit score of 675 or higher, two or more years in business, commercial truck references, and a current bank account.
Truck Lenders USA is an industry leader with positive reviews where customers find the customer service excellent and knowledgeable.
Best for No Down Payment : U.S. Bank
Why We Chose it: U.S. Bank offers commercial truck loans with no down payments and flexible repayment terms. You can get pre-approved online and finance multiple pieces of equipment on one contract.
Up to 125% financing
Flexible repayment terms
Get pre-approved online
No upfront rates and qualifications
Don’t typically offer loans over $500,000
U.S. Bank was founded in 1968 in Cincinnati, Ohio. In addition to truck loans, U.S. Bank offers other types of equipment loans for phone systems, office furnishings, and manufacturing. The website offers helpful blogs about equipment financing, as well as wealth management and personal banking services. The company works with you one-on-one to find a custom financing solution for your commercial truck.
U.S. Bank offers up to 125% financing which means you can finance 100% of the cost of your truck plus any additional soft costs such as tax, freight, and installation. This is beneficial for newer businesses and those without a lot of working capital. The company also offers different repayment terms including monthly, quarterly, and annually. They don’t do blanket liens and only use the newly financed vehicle as collateral, meaning there is no additional lien on your business or other equipment.
You can apply for a loan online and there is a quick application-only process for loans up to $150,000. Higher loan amounts require more paperwork and speaking with an equipment finance specialist directly. You can also get preapproved for loans up to $500,000. Typical loan terms are 24-60 months and some terms will extend beyond 60 months.
There are credit requirements as well as vehicle requirements but you need to speak to someone directly to go over all of the loan qualifications.
Best for Semi-Trucks : Commercial Fleet Financing
Why We Chose It: Commercial Fleet Financing offers loan products specifically for semi-trucks. It also features fast loan approvals, quick funding times, and trained loan specialists.
Funding in as little as 24 hours
Knowledgeable semi-truck loan specialists
Typically need to be in business 3+ years
Minimum credit score of 640 is usually required
Founded in 1995, Commercial Fleet Financing is America’s number-one independently owned transportation finance company. It has funded more than 10,000 clients and funds over $150 million in loans per year, and it offers both commercial truck loans and commercial truck leases and specializes in semi-trucks. Borrowers are assigned a thoroughly trained loan specialist who is knowledgeable about the company, the loans, and the trucking industry.
Commercial Fleet Financing has a division devoted entirely to semi-truck financing which includes financing for tractor trailers, big-rigs, pumper trucks, day-cab tractors, cab-chassis, and boom trucks. Borrowers complete a one-page application and approvals are based on several factors including type of truck, years in business, and credit score. The company has no hidden fees and offers flexible repayment terms. Competitive rates start at 6% and terms are generally 26, 48, or 60 months with some longer terms available.
In addition to semi-truck financing, the company also offers financing for trailers, tow trucks, box trucks, construction equipment, and light- and medium-duty fleets. You can apply for financing online and usually receive approval within a couple of hours and funding as quickly as 24 hours.
Best for First-Time Truck Buyers : Wells Fargo
Why We Chose it: A reputable banking leader, Wells Fargo offers commercial truck loans and lease options with experienced loan officers who assist first-time truck buyers with an equipment finance strategy.
Competitive interest rates
Flexible seasonal repayment terms
Financing, leases, and refinancing
No online application for commercial truck loans
Need to call to find out rates and qualifications
Founded in 1852, Wells Fargo is the most well-known lender on our list. It’s a financial services company headquartered in San Francisco with operational headquarters in New York City. It offers full banking services online and in person, as well as wealth management, retirement, lending, and investing services. It also offers specialty financing for commercial trucks, semi-trailers, specialty vehicles, buses, and motorcoaches.
Wells Fargo offers commercial truck financing in the form of loans, leases, and refinancing. It has a separate division that deals specifically with different types of commercial vehicles. Trained specialists help borrowers each step of the way by explaining how the financing works, offering custom loans based on business needs, and guiding borrowers through each step of the loan process. This is especially helpful if you’re a first-time truck buyer and want the individual attention of an experienced professional.
For most of Wells Fargo’s products and services, you can apply online, but with their commercial truck loans, you need to speak to a loan specialist over the phone. Loan rates and qualifications vary and terms are typically 12-84 months with seasonal payment structures and the option of competitive fixed or floating rates.
Best for Bad Credit : First Capital Business Finance
Why We Chose It: First Capital Business Finance offers a plethora of commercial truck loans for borrowers with bad credit, low down payments, and even no CDLs.
Loans with no minimum credit score requirements
Lots of different financing options
Same-day loan approval
Website is a bit unorganized
Startups have limitations on finance amount
First Capital Business Finance was founded in 2000 and is headquartered in the greater Los Angeles area. It provides loans to small and medium-sized businesses. It provides loans for commercial trucks including semi-trucks, heavy-duty tractors and trailers, sprinter vans, utility trucks, box trucks, dump trucks, tow trucks, and more. It also offers different types of equipment financing including medical, restaurant, and plumbing equipment as well as working capital business loans. The company also specializes in offering loans that other companies won’t finance.
These include commercial truck loans for business owners without a CDL, commercial truck loans with bad credit, and startups without a lot of industry experience. If you have bad credit, First Capital Business Finances offers multiple loans to choose from including ones with low down payments that only require a 540 credit score. Other loans require a larger down payment, usually 10% to 25% but don’t have any minimum credit score requirements. Rates and terms vary by loan and you can find out specifics on the different loan types when you speak to a loan specialist.
First Capital Business Finance has a solid industry reputation and positive customer reviews with customers appreciating the loan variety and helpful customer service. Same-day approval is offered on some loans and you can apply online or call a loan specialist and apply over the phone.
Best for Quick Approval : Crest Capital
Why We Chose it: Crest Capital offers hassle-free commercial truck loans with an online eligibility tool that will instantly tell you what you pre-qualify for. Loans are quickly approved and the initial inquiry doesn’t affect your credit.
Online inquiry loan tool
100% financing programs
No financial statements on loans up to $250,000
No loans over $500,000
Not as much personal service as other lenders
Established in 1989, Crest Capital is a national lender that offers equipment leasing and financing including commercial truck loans. It also finances specialty vehicles, work trucks, and work vans, and focuses on providing applicants and borrowers with a transparent, easy process without a lot of paperwork.
Crest Capital differentiates itself from a traditional bank by offering an instant eligibility online tool, approvals within hours, and funding within days depending on the loan type. It doesn’t require a blanket lien on your business or other equipment and uses the truck being financed as the only collateral. Loans up to $250,000 do not require a financial statement.
The company offers loans from $5,000 to $500,000 and some loans don’t require any down payment and allow you to finance soft costs including delivery and installation. Rates and terms vary based on the type of loan but well-qualified borrowers with credit scores of 650 or above typically receive rates starting at 5%. Terms are usually between 24 months and 72 months.
Crest Capital has a positive reputation in the industry and good customer reviews with customers appreciating the simple application process.
Although all of our best commercial truck loans offer unique financing solutions and have different strengths, we recommend checking out Truck Lenders USA first. They’re an industry leader with decades of experience, offer online quotes, and offer both leasing and truck loans.
Make sure you carefully review all of the terms and conditions from these lenders before picking the right one for you.
|Best Commercial Truck Loans|
|Loan Company||Why We Chose it||Loan Terms|
|Truck Lenders USA||Offer commercial truck custom leasing and financing||Varies|
|U.S. Bank||Financing options with no or low down payments||24-60 months|
|Commercial Fleet Financing||Loans and leases specifically for semi-trucks||26-60 months|
|Wells Fargo||Trained specialists and step-by-step assistance for first-timers||12-84 months|
|First Capital Business Finance||Offers commercial truck loans to borrowers with bad credit||Varies|
|Crest Capital||Simple application and fast funding||24-72 months|
What Is a Commercial Truck Loan?
A commercial truck loan is a type of specialty financing designed to meet the needs of the trucking industry. Owner-operators and small business owners can use a commercial truck loan to purchase vehicles for their business without having to spend all their cash.
Commercial truck loans can be found at some banks, online lenders, and specialty financing companies.
When Should a Business Get a Commercial Truck Loan?
A business should generally get a commercial truck loan if they have been in business for at least two years and plan to stay in business or want to expand or upgrade their fleet. A business may also want to consider financing trailers and/or equipment as needed.
Before getting a loan, however, it’s important to consider the costs of commercial truck loans when deciding to get one including rates, down payments, and lender fees. Make sure your business can handle the monthly repayment amount before committing to the loan.
How Do Commercial Truck Loans Work?
For a commercial truck loan, you’ll fill out an application, which the lender will review and decide if they want to approve. To qualify for funding, borrowers will typically need to have a strong credit score, at least two years in the industry, and consistent business revenue.
Lenders usually offer truck loans in the form of equipment leases or equipment financing with varying interest rates and terms. Some lenders require a down payment while others will allow you to finance the entire purchase. Additionally, some lenders offer flexible repayment plans such as monthly, quarterly, or annually.
What Types of Truck Loans Are Available?
Truck loans are typically broken down into two categories: leases and loans.
- Equipment leases: This is an agreement between the borrower and the lender where you pay to use the commercial truck until the end of the lease. Typically, you can lease a truck with little to no down payment, but leases are generally for newer commercial trucks. Keep in mind that you don’t own the truck once the lease is over, although some lenders do offer purchase options at the end of the lease.
- Equipment loans: With a loan, you’ll make installment payments and, at the end of the loan term, you’ll own the commercial truck. You can then choose to keep it or sell it and finance a newer truck. Loans typically allow you to finance new and pre-owned trucks and most require some form of down payment.
Note that while commercial trucks are considered to be equipment, the loans and leases share some similarities with car leases and car loans.
Do You Need a CDL to Get a Commercial Truck Loan?
Typically, you do need a CDL to get a commercial truck loan. Some lenders also require a certain number of years of trucking industry experience before issuing a commercial truck loan.
However, there are some exceptions.
There are a couple of SBA loan programs that will finance commercial trucks without a CDL. Additionally, some lenders don’t require the business owner to have a CDL but will require a CDL driver to personally guarantee the loan or will require the business owner to have a minimum time in business, a certain credit score, and a down payment.
Should I Lease a Commercial Truck or Get a Commercial Truck Loan?
Whether you lease a commercial truck or get a commercial truck loan depends on several factors. If you want less of a commitment, more flexibility, a lower down payment, and smaller monthly payments, you probably want to lease a commercial truck. However, you won’t own the truck at the end and the finance company may require that the truck be new or a newer model with fewer miles on it.
If you want to own your truck at the end of the term, then you want to get a commercial truck loan. Regardless of if you lease a commercial truck or get a commercial truck loan, there will be additional expenses to consider including commercial truck insurance.
We researched more than 10 different commercial truck loans before deciding on the best six commercial truck loans. We compared the loans based on rates, terms, and borrower qualifications. We also took into account the application and loan approval process, as well as any other helpful features that the company offers.
Our top picks are all companies with outstanding reputations, overall positive reviews, and years of experience in the trucking industry. They all offer competitive rates and terms and are available to a variety of borrowers.