What are current semi-truck financing interest rates?

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Financing your semi truck can help start or grow your business. But it’s wise to consider the costs, which are largely due to interest rates. Current rates on a truck loan typically stay in the 6 percent to 35 percent lane but can get as high as 99 percent depending on your credit.
The lender and type of loan you use to purchase your truck will also play a role in your total costs. Here’s a look at the current interest rates across different semi-truck loans and lenders below.
Compare current interest rates for semi-truck financing
The interest rates you land for semi-truck financing varies depending on the type of business loan you use. Let’s dial in on the current interest rate range across different loans.
Loan type | Average rates |
---|---|
Term loans | Bank: 7%+ Online lender: 7% to 75% |
Business lines of credit | Bank: 7% to 18% Online lender: 6% to 35% |
Equipment loans | Bank: 6.5%+ Online lender: 5% to 35% |
SBA loans | Fixed rate: 13.50% to 16.50% Variable rate: 10.75% to 13.25% |
Bad credit business loans | 25% to 99%+ |
Factors that influence semi-truck financing rates
Interest rates from semi-truck financing have a wide range, based on these factors:
- Credit score. Your credit history is vital for lenders setting interest rates. A good credit score of 670+ can lead to low interest rates close to 6 percent or 7 percent. But bad credit scores can mean rates as high as 99 percent or more.
- Type of loan. The loan you choose influences the rates you’ll pay. Business lines of credit and equipment loans offer some of the lowest rates, often landing between 6 percent and 35 percent.
- Secured or unsecured loan. There is less risk for the lender if you secure your loan with an asset. That’s why lenders offer lower rates for secured loans versus unsecured loans.
Additional fees
Some loans include fees outside of the interest you pay, such as:
- Origination fees, costing 1 percent to 4 percent of the loan amount
- Fixed closing or documentation fees, such as $150
- SBA guarantee fees from 0 percent to 3.5 percent of SBA-guaranteed loan portion
- SBA annual service fees of up to 0.55 percent for SBA portion
Lenders often look at your personal FICO score when approving your business loan application. But some consider your business credit score, which varies based on the credit bureau used (typically ranging from 0 to 100).
How to compare semi-truck loans
Before you finance a semi truck, you’ll want to look at several loan features to figure out if it’s right for you. Those include:
- Interest or factor rate. Consider prequalifying for several semi-truck loans to find the lowest interest rate. If a lender charges a factor rate instead of interest, you could end up paying more than a conventional loan. You’d need to change the factor rate into an interest rate to compare, and remember to add other loan fees into your final costs.
- Type of lender. Traditional banks tend to offer the best rates and repayment terms, but they also have the strictest eligibility. Online lenders can provide fast funding, while direct lenders specializing in semi-truck loans might accept poor credit or higher-mileage trucks.
- Eligible trucks. Semi-truck financing requirements may include age or mileage restrictions on the truck you can buy, such as 10 years old or 650,000 miles. Lenders want to make sure it’s a roadworthy investment that will outlive the loan term.
- Repayment terms. Check on the repayment terms offered by different lenders. Most lenders go up to five years for semi-truck financing. But some offer longer terms of seven years or more.
Compare lenders
Since lenders set their own requirements for issuing loans, different lenders work best for specific business owners. This list of lenders can help you get started comparing the best semi-truck loans for your business:
Semi-truck financing for good credit
Owner-operators and trucking companies with good credit have their choice of lenders that will work with them. Not to mention interest rates may stick close to the lender’s starting rates.
Lender | Type of loan | Interest rates | Details |
---|---|---|---|
Bank of America | Equipment loan | From 6.50% | Loan amounts starting at $25,000 Terms up to 5 years 0.50% additional fee |
U.S. Bank | Equipment loan | Not disclosed | Borrow up to $1 million No down payment for terms of 24 to 60 months Monthly, quarterly or annual payments |
TD Bank | Equipment loan or lease | Not disclosed | 13+ loan and lease options Express financing for leases or loans under $250,000 |
Wells Fargo | Commercial vehicle financing | Not disclosed | Loans from $100,000 12- to 84-month terms Seasonal payment schedules |
Lendio | Equipment loan | From 7.50% | Loan amounts from $5,000 to $5 million 1- to 5-year terms Offers through lender marketplace |
Funding Circle | Term loan | From 7.49% | Loan amounts from $25,000 to $500,000 6- to 84-month terms Funds in as little as 2 days |
Semi-truck financing for bad credit
Bad credit borrowers won’t get the lowest interest rates available and may need to choose an alternative lender to get approved. Lenders to consider:
Lender | Type of loan | Interest rates | Details |
---|---|---|---|
Balboa Capital | Equipment financing | Not disclosed | Loan amounts up to $500,000 24- to 60-month terms Same-day financing |
Fora Financial | Term loan | 1.10 to 1.40 factor rates | Startups welcome Loan amounts up to $1.4 million Terms up to 16 months |
National Funding | Equipment financing or leases | From 4.99% (simple interest) | Loan amounts up to $150,000 2- to 5-year terms 1% to 3% origination fee |
SMB Compass | Equipment finances | From 5.99% | Loan amounts up to $5 million Terms up to 10 years Funds within 48 hours |
Semi-truck financing for startups
Most lenders want to see one to two years in business for semi-truck financing. But if you’re just getting your business off the ground, you could try these specialized lenders.
Lender | Type of loan | Interest rates | Details |
---|---|---|---|
CAG Truck Capital | Semi-truck loans | Not disclosed | Finances high-mileage trucks Welcomes any credit history |
First Capital Business Finance | Semi-truck loans | Not disclosed | Loans from $10,000 to $150,000 Loans with no down payment Approves bad credit |
TLG Trucks | Semi-truck loans and leases | Not disclosed | Variety of loan and lease options Seasonal payment schedules |
Taycor Financial | Equipment loans | 4.99% to 35.00% | Loan amounts up to $5 million Terms up to 84 months No revenue requirement for loans under $250,000 |
Triton Capital | Equipment loans | 5.99% to 24.99% | Loan amounts up to $500,000 12- to 60-month terms |
SBA loans for semi-truck financing
SBA loans are ideal for business owners who need longer repayment terms or higher loan amounts than conventional loans. The SBA sets maximum interest rates that lenders can charge, making SBA loans a competitive option.
These types of SBA loans can cover your semi-truck financing needs:
SBA loan type | Interest rates | Details |
---|---|---|
7(a) loans | Fixed rate: 13.50% to 16.50% Variable rate: 10.75% to 13.25% |
Loans up to $5 million 5- to 10-year terms |
504 loans | Varies based on U.S. Treasury bonds approx. 3.00% of total debt amount |
Designed for equipment financing Loan amounts up to $5.5 million Terms up to 10 years Funded through Certified Development Companies (CDCs) |
Express loans | 13.00% to 15.00% | Loan amounts up to $500,000 Approvals within 36 hours Terms up to 10 years |
Community Advantage loans | 13.00% to 15.00% | Loan amounts up to $350,000 CA lenders focus on disadvantaged communities |
Bottom line
There are plenty of options to help you get semi-truck financing. Since interest rates play a significant role in the total borrowing costs, you want to keep the average rates of 6 percent to 35 percent in mind when shopping around for the right truck loan. Ultimately, the rate you’re offered will depend on factors like your credit, type of loan and lender you choose.
Frequently asked questions
-
Semi-truck loan interest rates go as low as 5 percent to 6 percent for the most creditworthy business owners. Anything less than 10 percent could be considered a good rate. Businesses should compare lenders to find the lowest rate available to them.
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Many semi-truck loans require a down payment of 10 percent to 20 percent. Some direct lenders offer financing without a down payment if you don’t have any capital on hand.
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If you finance a $150,000 semi truck for five years with a 6 percent APR, your payment would be about $2,900 per month. The same loan would cost you $3,337 monthly with a 12 percent interest rate. Loan repayments are calculated based on your interest rate and exact repayment term.
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