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Best semi-truck financing in July 2025

 

Updated June 23, 2025

What to know first: Semi-truck financing is the next best option for small business owners who can't afford to purchase a semi truck with their own funds. Even if you buy one used, you'll likely spend a minimum of $50,000, which is still quite a bit for a new business to pay out of pocket. 

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In 2024 we secured personal loans or alternative offers for 99% of our users
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Credibly: Best for bad credit
4.6
Interest rate
1.11 factor rate
Max loan amount$25k-$400K
Fastest funding1 business day
Term length3 - 15 months
Customer score
4.1
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on BusinessLoans.com

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National Funding: Best for loan and lease options
4.4
Interest rate
Factor Rates Starting at 1.10
Max loan amount$5k-$500K
Fastest funding1 business day
Term length4 - 24 months
Customer score
4.3
Apply nowArrow Right

on partner site

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QuickBridge: Best for flexible funding
4.2
Interest rate
Varies
Max loan amount$10k-$500K
Fastest funding1 business day
Term length4 - 24 months
Customer score
4.5
Apply nowArrow Right

on partner site

Jump to details
Bank of America: Best for traditional lending
4.3
Interest rate
Starting at 8.50%
Max loan amount$10k-$200K
Fastest fundingN/A
Term length12 - 60 months
Customer score
4.1
Triton Capital: Best for low rates
4.4
Interest rate
Starting at 5.99% APR
Max loan amount$10k-$500K
Fastest funding1 business day
Term length12 - 60 months
Customer score
4.5

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

After reviewing the table above, take a closer look at lenders who may meet your needs. You can learn more about why they’re a top lender, who they’re best for and any features that make them stand out. 

Badge Icon

Best for loan and lease options: National Funding

National Funding excels in offering a wide range of financing options to businesses. As such, the company is ideal for borrowers that want lots of financing options for both loans and leases.

Fast funding
Info Icon
Rating: 4.4 stars out of 5
4.4
Interest rate
Factor Rates Starting at 1.10
Max loan amount
$5k–$500k
Min credit score
660
Time in business
6+ months

Pros and cons

Pros
  • Possible prepayment discount
  • No collateral on leases
  • Lowest guaranteed payment on leases
× Cons
  • Max interest rate not disclosed
  • No online prequalification tool
  • Limited information on website
Badge Icon

Best for flexible funding: QuickBridge

QuickBridge offers a wide range of loans to meet the needs of all kinds of business owners. Additionally, repayment terms are available on a daily or weekly repayment schedule. This makes it ideal for borrowers that value flexibility.

Fast funding
Info Icon
Rating: 4.2 stars out of 5
4.2
Interest rate
Varies
Max loan amount
Not specified
Min credit score
660
Time in business
Not specified

Pros and cons

Pros
  • Easy application process
  • Fast funding
  • Early payoff discount
× Cons
  • Not accessible to all borrowers
  • $250,000 minimum annual revenue requirement
Badge Icon

Best for bad credit: Credibly

Credibly has provided financial services to more thant 46,000 businesses in the United States. Furthermore, they accept personal credit scores as low as 550, lower than most lenders on the market today.

Fast funding
Info Icon
Low interest rates
Info Icon
Rating: 4.6 stars out of 5
4.6
Interest rate
1.11 factor rate
Max loan amount
$25k–$400k
Min credit score
550
Time in business
6+ months

Pros and cons

Pros
  • Fast funding
  • Relaxed eligiblity requirements
× Cons
  • Potential fees
  • Potentially high factor rates
Badge Icon

Best for low rates: Triton Capital

Interest rates for equipment loans from Triton Capital start as low as 5.99 percent. For those that qualify with the lender, this could save borrowers a great deal of money.

Fast funding
Info Icon
Low interest rates
Info Icon
Rating: 4.4 stars out of 5
4.4
Interest rate
Starting at 5.99% APR
Max loan amount
$10k–$500k
Min credit score
600
Time in business
24+ months

Pros and cons

Pros
  • Same-day funding
  • Near-instant loan estimates
  • Works with startups
× Cons
  • $150 to $750 documentation fee
  • High annual revenue requirement
  • Small max equipment loan amount
Badge Icon

Best for traditional lending: Bank of America

Bank of America requires applicants to have a personal credit score of at least 700 to qualify for semi-truck financing. With that in mind, the bank only requires a minimum annual business revenue of $100,000.

Low interest rates
Info Icon
Rating: 4.3 stars out of 5
4.3
Interest rate
Starting at 8.50%
Max loan amount
$10k–$200k
Min credit score
700
Time in business
24+ months

Pros and cons

Pros
  • No max on loan amount
  • Physical locations
  • Free business credit score
× Cons
  • High annual revenue requirement
  • High minimum funding amount
  • Maximum interest rate not disclosed

How Bankrate chooses our best semi truck loan lenders

Bankrate's trusted small business loan industry expertise

57

years in business

30

lenders reviewed

22

loan features weighed

770

data points collected

To choose the best semi-truck financing, we researched banks, online lenders and direct lenders. We looked for lenders with relaxed eligibility requirements and programs that are specifically geared toward helping business owners secure financing to cover the cost of a semi truck. We then considered features that make loans affordable and accessible to businesses with different characteristics and needs, including interest rates, whether the loans are secured or unsecured, minimum annual revenue and fees. Additionally, these lenders were evaluated for notable qualities such as funding speed and nontraditional eligibility criteria.
 
When evaluating lenders, we use a 22-point scale to measure quality in five key areas:

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. 

Determine if financing a semi-truck is right for you

Semi-truck loans are a specific type of lending product with their own pros, cons and quirks. 

With commercial truck financing, the borrower applies 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.

Typically with semi-truck loans, the semi-truck acts as collateral, which secures the loan with the guarantee that the lender can seize your equipment if you default. 

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 percent to 35 percent 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.

When to consider semi-truck financing

Commercial truck financing can get you vehicle funds even if your credit isn’t the best. Here’s how.
Read more
Bankrate logo
BANKRATE EXPERT FAQ

Why is it a bad idea to use a personal vehicle for business purposes?


Expert Reviewer

Using a personal vehicle for business purposes can expose you to significant legal and financial risks. Most personal auto insurance policies do not provide coverage for accidents that occur while a vehicle is being used for business purposes, which leaves you liable for damages and injuries. From an accounting standpoint, utilizing a vehicle for both personal and business purposes makes it difficult to track expenses and claim appropriate tax deductions. Without detailed mileage logs and adequate documentation, you could face IRS scrutiny and/or forgo valuable tax allowances.

Pros and cons of semi-truck financing

Getting semi-truck financing comes with pros and cons. Here’s what you should consider.
 
 
Pros:
  • Fixed, monthly payments make the purchase of a semi truck more affordable.
  • Semi-truck loans can offer specialized services specific to commercial vehicles. 
  • Loans that use semi-trucks as collateral can be easier to be approved for and have better interest rates than unsecured loans.
Cons:
  • Semi-truck loans can limit what you can use the funding for. 
  • Interest rates and fees may be higher. 
  • If the trucks are used as collateral, they’re at risk if you default. 
  • The lender may not approve of your loan if the equipment doesn’t meet their standards.

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.

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.

When calculating your payment, your borrowing costs can be indirectly increased by insurance and licensing costs. As such, be sure to include the following factors when calculating your payment:

  • Loan principal
  • Interest
  • Vehicle insurance
  • Additional insurance (such as driver, cargo, or bobtail insurance)
  • Regular licensing or certification fees

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. 

How much will semi-truck financing cost?

Semi-truck borrowing costs can more than meet the eye. Here’s what you need to know.
Read more

Make sure you meet requirements

The requirements of getting a loan for your fleet 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.

Semi-truck financing requirements

Getting ready to apply for a semi truck loan? Here’s what you need to get approved.
Read more

Getting semi-trucks appraised for a loan

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:

  • Value
  • Condition
  • 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
  • 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. 

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

How to compare semi-truck loans

No two semi truck loans are exactly the same. Which one is better for you will depend on what your business needs. When looking at the criteria for a semi truck loan, you should consider:

  • Approval odds. A lender with lower requirements can offer you a better chance of approval. 
  • Borrowing costs. A lower interest or factor rate can save you money in the long run. 
  • Lender type. Online lenders can offer you faster approval, while traditional lenders can offer more of a hands-on relationship. 
  • Payment terms. Weekly or daily payments may fit better with your revenue schedule than monthly payments, or vice-versa. 
  • Types of vehicles accepted. Some lenders won’t accept loans for certain types of vehicles, such as salvaged or lemon law vehicles. 
  • Industry. Some lenders specialize in financing for certain industries, such as logistics, restaurants or wholesale supply. 
  • Collateral requirements. Some lenders will require vehicles pass a safety inspection, fall under a certain total mileage or be manufactured after a certain year. 
  • Insurance requirements. Some lenders may require additional insurance, such as cargo coverage, on top of standard business and vehicle insurance. 
  • Speed of financing. Some lenders can get you funding within a few days of applying. 
Bankrate logo
BANKRATE EXPERT FAQ

Why is it a bad idea to use a personal vehicle for a business purpose?


Expert Reviewer, General Finance

It could lead to complicated tax situations, higher insurance costs, and high wear and tear which could reduce resale value of the vehicle.

FAQs about semi-truck financing