Best semi-truck financing in December 2025

A closer look at Bankrate’s top semi-truck financing options

How to get semi-truck financing through Bankrate

Semi-truck financing can have a different application and approval process than traditional business loans. Let Bankrate walk you through the steps to getting a semi-truck loan. 

1. Determine if financing a semi-truck is right for you

Semi-truck loans are a specific type of lending product. With commercial truck financing, you apply for a loan or lease through a bank, credit union or online lender. Depending on the lender, you may need to provide a down payment.

If the loan doesn’t require the trucks to be used as collateral, you may instead have to provide a personal guarantee, which is a promise to repay the loan even if your business defaults on the loan, with the risk of having your assets seized and sold to make good on the loan. Once the loan is paid off, however, you’ll own the equipment outright, which isn’t the case with a vehicle lease. 

Once you’ve applied, the approval times can vary, with online lenders usually providing faster approval and funding times within 24 to 48 hours. If you’re applying for a semi-truck loan specifically, you may need to provide specific information like semi-truck age and mileage, and undergo an assessment of anything being used as collateral.

Average semi-truck interest rates can range from 6% to 35% or higher. The lowest interest rates are reserved for business owners with excellent credit scores, who have been operating their business for more than two years and can show good and consistent annual revenue.

In general, you should consider semi-truck financing if:

• You have eligible equipment that can be used to secure the loan.
• You want to own the vehicles at the end of the loan term. 
• You have newer or bad credit and lower revenue. 
• You can manage the payment amounts and frequency.

2. Calculate how much debt your business can handle

Semi-truck financing borrowing costs can be a bit trickier to calculate than standard loan rates.. How much you’ll actually qualify for will depend on not only your business revenue, but the appraised value of the fleet itself, as many lenders won’t lend you more than what your vehicles are worth.

Experts recommend that you don’t let your loan total exceed more than 36 percent of your annual revenue. As an example, if your annual revenue is $500,000, then you shouldn’t take out financing more than $180,000.

When calculating your payment, your borrowing costs can be indirectly increased by insurance and licensing costs. Another important factor to consider is the daily, weekly or monthly payment, and to ensure your business can make this payment on time with your revenue amount and frequency. If your contracts are paid on a weekly basis, for example, you may want to take out a weekly or a monthly loan payment.

You can use a loan calculator to see how much you’ll pay in interest and principal each month, and add in the weekly or monthly insurance costs in order to calculate your loan total. 

3. Make sure you meet requirements

The requirements of getting a semi-truck loan are similar to getting a traditional bank loan, though there are a few key differences involving conditions for the vehicles you plan on purchasing. While requirements between lenders differ, in general, here’s what to expect to have looked at:

• Credit score and history. Lenders will typically require a score of fair (601) and up, though some may have higher or lower requirements based on your revenue and history. The better your credit score, the better your chances for approval and a good rate. 
• Revenue. Annual revenue requirements can range from $50,000 to $500,000 per year, depending on the loan size. 
• Business registration. Some lenders will only work with registered limited liability companies (LLCs) or a Doing Business As (DBA) name. Local and state regulations may also require this for shipping and logistics companies. 
• Down payment. Lenders may require a 30 percent or higher down payment. 
• Vehicles. Lenders will require proof that you can secure the loan with the vehicles you plan to purchase. 
• CDL licenses. Some lenders will require the licenses and safety history of the truck drivers when taking out a loan. 
• Insurance. Lenders will often require both business and certain types of vehicle insurance before approval.

4. Have the semi-truck appraised 

When taking out a loan for semi-trucks, you’ll likely be required to have the vehicles appraised and assessed for both lending and insurance purposes. In general, lenders will appraise the vehicles for the condition as well as aspects for safety and operation compliance. This is to ensure the vehicles match the value of the loan and ensure the security of the collateral backing the loan. 

Insurance companies will assess the vehicles for safety and compliance in order to ensure the level of risk for accident or breakdown is kept at a minimum. While the assessment requirements will vary depending on the insurance carrier, insurance assessments can include:

• Vehicle safety and condition.
• Driver history and credentials.
• Cargo types.
• Intended mileage and operational routes.
• Operation type.
• Prior insurance history .

Be sure to have your documentation and safety requirements in place when applying for a semi-truck loan to avoid delays and last-minute fixes. 

5. Prequalify through Bankrate

When shopping for loans, consider prequalifying with us. Bankrate offers multiple benefits if you decide to prequalify on our site, including:

• Instant prequalification based on your credit profile.
• Compare multiple lenders at once instead of one lender at a time.
• No hard checks.
• Get expert insights based on unbiased reviews and analyses.
• Access loan information and applications in one place.
• Build a profile you can access later in the process.