Key takeaways

  • Commercial truck loan rates can range from 6 percent to 35 percent or higher
  • You might find favorable loan terms like no down payment from specialized commercial truck lenders
  • Consider SBA loans for semi-truck financing, especially the 504 loans, which are designed for buying assets

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.

Commercial truck loan rates by type

The interest rates you land for a commercial truck loan vary 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: 7.00%+

Online lender: 7.00% to 75.00%
Business lines of credit Bank: 7.00% to 18.00%

Online lender: 6.00% to 35.00%
Equipment loans Bank: 7.00%+

Online lender: 5.00% to 25.00%
SBA loans Fixed rate: 13.50% to 16.50%

Variable rate: 11.50% to 15.00%
Bad credit business loans 25.00% to 99.00%+

Factors that influence commercial 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 lower interest rates, like 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 3.75 percent of SBA-guaranteed loan portion
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Bankrate insight
Lenders often look at your personal FICO score when approving your business loan application. Some lenders will also 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 commercial 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.

Choose a semi-truck lender

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 and interest rates:

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 7.00% 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, seasonal or semi-annual payments
TD Bank Equipment loan or lease Not disclosed 13+ loan and lease options

Express financing for leases or loans under $250,000
Lendio Equipment loan From 7.50% Loan amounts from $5,000 to $5 million

1- to 10-year terms

Offers are through lender marketplace
Funding Circle Term loan From 7.90% 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 the commercial truck loan 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 Not disclosed Startups welcome

Loan amounts up to $1.5 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 startups and bad credit
Same-day approval available
TLG Trucks Semi-truck loans and leases Not disclosed Variety of loan and lease options

Seasonal payment schedules
Taycor Financial Equipment loans Factor rate from 1.10 to 1.36 Loan amounts up to $1 million

Terms up to 60 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: 11.50% to 15.00%		 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 Varies depending on lender; cannot exceed maximum rates set by SBA Loan amounts up to $500,000

Doesn’t require SBA approval

Terms up to 10 years

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 commercial truck loan. Ultimately, the rate you’re offered will depend on factors like your credit, the type of loan and the 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.
  • 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.
  • 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.