Key takeaways

  • Semi-truck loan timelines range from 24 hours to up to 90 days, depending on the lender and loan type
  • Banks and credit unions tend to take longer to fund semi-truck loans than online or direct lenders
  • Check eligibility requirements and gather necessary documents before submitting a loan application to help keep the process moving

If you are growing your business, finding the funding to purchase a semi truck can be difficult. With the cost of a new semi truck often ranging from $70,000 to $200,000, a semi-truck loan may be the best option.

So, how long does it take to get financing for a semi truck? The timeline depends on the lender, the type of loan and your application. But, once you are approved for a loan, many lenders provide the funds within 24 hours.

How long does it take to get semi-truck financing?

The time it takes to receive semi-truck financing varies by lender and loan type. Timelines range anywhere from a few hours to more than a month for certain types of semi-truck loans. Consider funding timelines as you shop for loans.

Banks and credit unions

  • Term loans: A few days to a month
  • Equipment line of credit: Quicker than a term loan, but timelines vary by lender

Banks and credit unions will likely have longer timelines for funding than online lenders or direct lenders. For example, PNC Bank promises funding within one to five days for certain loans.

SBA lenders

SBA loans: 30 to 90 days

SBA loans have the longest funding timeline. The application and funding process for SBA loans is notoriously long. If an SBA loan makes the most sense for your business, and you can wait for funds, it’s a great option. Otherwise, look to other lenders for a faster funding timeline.

Online lenders

Term loans: 24 to 48 hours

If you need funds quickly, consider online lenders. While timelines vary, the fastest lenders offer funding within 24 hours. For example, Triton Capital’s fastest funding timeline for equipment loans is one day.

Direct lenders

Term loan: Anywhere from a few hours to 48 hours

Direct lenders also offer quick funding timelines. They may also offer more specialized options for semi-truck funding. Commercial Fleet, a direct lender for semi-truck loans, provides funding within 24 hours.

Bankrate insight
If you’re looking for a lender for semi-truck financing, check out our guide on the best semi-truck loans. Also, don’t forget to review all your options, including alternatives to semi-truck financing, to be sure you find the best financing option for your business’s needs.

Types of semi-truck financing

There’s more than one way to get a loan for a semi truck. Look into each type of semi-truck loan to help you decide where to start your search for the loan you need. Interest rates, loan terms and eligibility factors can all differ by loan type. You’ll need to consider each of these as you search.

Type of loan Lenders
Equipment loan
  • Bank
  • Online lender
  • Direct lender
Equipment line of credit
  • Bank
  • Online lender
SBA loan
  • Banks that administer SBA loans
  • Credit unions that administer SBA loans
  • Direct lenders that administer SBA loans
Bankrate insight
According to the 2023 Small Business Credit Survey, of business owners seeking financing, 43 percent applied for business loans, 20 percent sought SBA loans, 36 percent pursued business lines of credit, and 13 percent applied for equipment loans.

How to get semi-truck financing

As with any financing option, semi-truck financing has pros and cons. Once you decide you are ready for a semi-truck loan, make sure you have everything ready.

Here’s an overview of the steps to get a semi-truck loan:

  1. Check your credit score
  2. Save cash for a down payment on the loan
  3. Figure out how much you can afford to spend on the truck
  4. Find a vehicle
  5. Shop around with lenders and different loan types
  6. Compare your loan options
  7. Make sure you fit the lender’s requirements and gather the necessary documents
  8. Get preapproval for the loan, if possible
  9. Fill out and submit your application

Each lender will have a slightly different process in place for the application. If you find a loan option you like, talk to the lender to get more information about the loan and application process.

The bottom line

Timelines for semi-truck financing can vary greatly. Lender and loan types impact how quickly you can get your funds. Traditionally, lenders — like banks and credit unions — typically take longer than online and direct lenders.

Focus on the things you can control to help keep the application and funding process shorter for your semi-truck loan. Make sure you meet all of the eligibility requirements before applying for a specific loan. Also, gather all the documents needed before you sit down to fill out the application.

Frequently asked questions about semi-truck financing

  • Credit score requirements vary by lender. Some credit score minimums are as high as 675, but most average in the mid 600s. Bad credit loans are also available, often with credit score minimums as low as 550.
  • The time it takes to pay off a new semi truck depends on the size of your down payment, the interest rate on your loan and the term length. Use a loan calculator to determine exactly how long you can expect.
  • Semi-truck loan rates vary widely, ranging from as low as 6 percent to as high as 35 percent, depending on creditworthiness and lender. A good interest rate typically falls within the 6 percent to 10 percent range.