A closer look at our top semi-truck financing options
Credibly: Best for bad credit
Overview: Credibly is an online lender that has helped over 30,000 U.S. small businesses with funding. Unlike traditional lenders like banks and credit unions, Credibly's loans are available to business owners with bad credit. The online application expedites the financing process. You can prequalify in 10 minutes, loans can be approved in as little as four hours and funded the same day.
Why Credibly is the best for bad credit: Through its partners, Credibly offers unsecured and secured equipment loans from $10,000 to $10 million to small business owners who may not qualify for traditional business financing. This makes Credibly far more accessible than many other best bad credit business lenders.
Who Credibly is good for: The minimum required credit score and lighter business requirements for a loan make Credibly a good option for business owners who struggle to secure low-interest financing elsewhere and are open to potentially short repayment periods.
National Funding: Best for loan and lease options
Overview: Since 1999, online lender National Funding has funded over $4.5 billion in loans for more than 75,000 businesses. Its equipment financing loan is an unsecured loan designed to help business owners with the purchase of equipment.
Why National Funding is the best for loan and lease options: It provides fast funding with no down payment requirements for loans and leases, including new or used semi trucks. National Funding also states it provides the lowest lease payments guaranteed or will pay $1,000 toward a qualifying lease.
Who National Funding is good for: Small business owners with fair credit will appreciate National Funding’s flexible options. Its loans also work best if you need to quickly purchase or rent a semi truck that costs less than $150,000.
Triton Capital: Best for low rates
Overview: Founded in 2008, Triton Capital is an online lender that offers business equipment loans. Qualified business owners could get fast funding one to two days after the loan has been approved, which can take between two and four hours. Unlike other lenders, Triton Capital allows borrowers to make payments monthly, quarterly, seasonally, annually and semi-annually. You can prequalify and apply for a loan without your credit being affected, as Triton Capital only does a soft pull.
Why Triton Capital is the best for low rates: Triton Capital's interest rates start as low as 5.99 percent. The lowest rates are only available to borrowers with higher credit scores, but even their high end could be a good deal compared to other lenders. This is one of the few semi-truck lenders that gives you rates as a total interest percentage (TIP) instead of simple interest or annual percentage rate (APR). TIP tells you how much interest you’ll pay over the life of your semi-truck loan but doesn’t show the fees.
Who Triton Capital is good for: Triton Capital is good for established business owners with good or excellent credit who are able to meet the minimum annual revenue requirement of $350,000, which is higher than many other semi-truck lenders.
Bank of America: Best for traditional bank
Overview: Bank of America’s products and services support nearly three million small businesses, and the lender states it’s the largest equipment financing company in the country. While applications can only be completed in person or over the phone, that inconvenience may be worth it if you get an offer with a low annual percentage rate (APR).
Why Bank of America is the best for traditional bank: Bank of America offers affordable financing to creditworthy borrowers and provides more loan details on its website than many other traditional banks. Equipment financing is available to business owners who have been operating for at least two years and earn a minimum annual revenue of $250,000. Funds are available within 10 business days of the application being approved. It doesn’t offer the fastest funding, but starting rates are relatively low for those who qualify.
Who Bank of America is good for: Established business owners with good or excellent credit will get the most value out of financing their semi truck with Bank of America.
CAG Truck Capital: Best for semi-truck industry expertise
Overview: Pennsylvania-based lender CAG Truck Capital has been in business for over 40 years. The company specializes in truck financing for both established businesses and new owner-operators in the trucking business. Its commercial truck financing is available to business owners with good, bad or no credit, and business owners can prequalify. If your business doesn't meet the requirements, you can find out without having your credit score impacted.
Why CAG Truck Capital is the best for truck expertise: CAG Truck Capital specializes in providing semi-truck financing, including high-mileage truck loans with engine overhaul options. CAG also states it has on-staff certified diesel truck technicians who can help with financing and purchasing a semi truck.
Who CAG Truck Capital is good for: CAG Truck Capital is willing to work with all types of business owners, including semi-truck drivers with no credit and limited time in business. If you can’t qualify for a low-interest loan from a traditional bank, need expert advice when buying a semi truck or are looking to purchase a used semi, CAG is worth a look.
Balboa Capital: Best for fair credit
Overview: Balboa Capital, a division of Ameris Bank, has funded over $7 billion in business loans nationwide. The lender has a variety of business loans available, including secured equipment financing for up to $300,000 or $500,000, depending on the collateral.
As a top-rated business lender, Balboa Capital offers a quick online application. The company does not disclose how fast funding happens, but loan approval can take as little as one hour.
Why Balboa Capital is the best for fair credit: The minimum credit score, time in business and annual revenue needed for Balboa Capital are fairly accessible compared to other lenders.
Who Balboa Capital is good for: Depending on the rates you’re offered, Balboa Capital could be good for business owners who have fair credit. It also accepts businesses that have been operating for at least one year.
Truck Lenders USA: Best for truck financing options
Overview: Truck Lenders USA, a direct lender, has been around since 1977. Business owners looking for semi-truck financing have their choice between two financing options: application only and commercial.
Why Truck Lenders USA is the best for truck financing options: While some lenders offer one semi-truck financing option, Truck Lenders USA offers business owners the flexibility to choose between different types of loans for truck financing and leasing. When opting for its application-only process, which is an easier process, business owners can receive a loan between $15,000 and $75,000 with a term of 24 to 60 months for a commercial truck no more than seven years old. Opting for its commercial financing means you'll work closely with a representative to get the financing you need. Business owners can receive a loan between $75,000 and $250,000 with a term of 24 to 60 months for a commercial truck no more than seven years old. Jumbo leases of up to $1,000,000 are also available. Terms are 24 to 60 months, and a down payment and residuals of 10 percent to 15 percent are required.
Who Truck Lenders USA is good for: Truck Lenders USA is good for semi-truck drivers with established businesses and strong credit who may want to explore several loan and lease options with one lender.
Commercial Fleet Financing: Best for quick application
Overview: Commercial Fleet Financing has funded over $1.5 billion in transportation equipment loans. Loan amounts and rates are not disclosed, but terms range from three to nine years. Commercial Fleet Financing also has a sister company called Fresh Start Equipment Finance, which works with business owners who struggle to get approved based on credit requirements.
Commercial Fleet Financing is the best for quick application: It offers a quick online application that can be approved in as little as two hours and funds received within 24 hours. This is faster than a lot of other lenders, including banks and credit unions. For loans below $150,000, you don’t need to provide tax returns, and some semi-truck business owners won’t have to provide a personal guarantee.
Who Commercial Fleet Financing is good for: Commercial Fleet Financing is good for business owners with good credit who want access to low financing rates, a fast application process and quick funding.
TAB Bank: Best for semi-truck banking and loan
Overview: TAB Bank, an online bank, was founded in 1998. Business owners seeking funding can choose between various business loans, including business term loans, commercial real estate and equipment financing. The online application makes it easy and convenient to apply for a loan.
Why TAB Bank is the best for semi-truck banking and loans: TAB Bank offers both business banking and lending products. They have over 20 years of experience working with the trucking industry and offer a checking account and invoice factoring services tailored for truckers.
Who TAB Bank is good for: TAB Bank is good for semi-truck drivers who want business banking and lending to be done with the same financial institution.
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