Key takeaways

  • Semi-truck financing can help you buy a truck without impacting your business’s cash flow
  • Direct lenders often have more industry knowledge than banks or online lenders
  • Getting a semi-truck loan from an online lender is usually the fastest way to get funded

Semi-truck financing can be a good alternative to paying cash for a semi, which often hurts your business’s finances. Banks, online lenders and direct lenders have loan products that can cover the cost of buying a new or used truck and trailer. Each type of lender has advantages and disadvantages, so it’s wise to compare eligibility requirements and costs before you submit an application.

Let’s take a look at where you can get semi-truck loans and some of the top lenders for semi-truck financing.


Most banks offer equipment loans that you can use to purchase a semi-truck or any other piece of business equipment. Banks often have the lowest interest rates and waive prepayment penalties. But they may not be as familiar with your industry as direct lenders and usually have high minimum credit score requirements for approval.

Compare banks that offer semi-truck loans

Banks offer big-rig financing in the form of equipment loans. These are designed to help businesses purchase major assets, including semi trucks and trailers. Most terms are capped at 60 months (five years), but some are shorter if you want to limit the interest you pay.

Lender Loan type Top features
Bank of America Equipment loan
  • Available for commercial vehicles over 2.5 tons
  • Fixed interest rates as low as 6.75%
  • Loan terms up to 5 years
TAB Bank Equipment loan
  • Online application
  • Can finance a single truck or a fleet

Online lenders

Online lenders, sometimes called alternative lenders, operate virtually. They often fund much faster than a traditional bank, in as little as 24 hours. On the other hand, they are unlikely to have a physical branch where you can go in and meet face-to-face to manage your loan. Online lenders may also charge higher interest rates than brick-and-mortar banks.

Compare online lenders that offer semi-truck loans

When comparing online lenders, pay special attention to customer service channels. Since everything is done online or over the phone, you want to make sure you have access to help when you’re most likely to need it. It’s also a good idea to compare at least three lenders to ensure you get the most affordable loan.

Lender Loan type Top features
Credibly Equipment loan
  • Accepts applicants with credit scores as low as 550
  • Only requires six months in business
  • Approvals as fast as four hours.
National Funding Equipment loan
  • Funding available for smaller loans up to $150,000
  • Only requires six months in business
Triton Capital Equipment loan
  • Variety of terms available between 12 and 60 months
  • Interest rates start at 5.99%
  • Loans can be approved as quickly as 2 to 4 hours

Direct lenders

Direct lenders are operations that lend their own money. They don’t tend to have a lengthy underwriting process as a bank does, offering quick turnaround on approvals and funding. And direct lenders often have specialized knowledge in truck lending. On the other hand, some direct lenders charge higher rates and fees compared to traditional lenders.

Compare direct lenders

When comparing direct lenders, consider the credit requirements. Some work with anyone, while others have a minimum score in the high 600s.

Lender Loan type Top features
CAG Truck Capital Semi-truck loan
  • Has a pre-qualification process for easy loan comparisons
  • Accepts applicants with bad credit
  • Works with start-ups
Balboa Capital Semi-truck loan
  • Only requires one year in business
  • Offers same-day funding
Truck Lenders USA Semi-truck loan
  • Specializes in commercial truck funding
  • Offers same-day approvals
  • Minimum financing amount is $15,000
Commercial Fleet Financing Commercial equipment loan
  • No tax returns required for loans under $150,000
  • Loan approvals as fast as two hours
  • Zero money down loan options

Bottom line

The best semi-truck loans can turn expensive equipment into an affordable solution for your business needs. Banks have a streamlined process with competitive rates, but you may also find a good offer from an online or direct lender if you don’t need a lot of in-person attention. Compare the pros and cons of each lender before you pull the trigger.

Frequently asked questions

  • Most lenders require a credit score of at least 600. If your score is lower than that, you’ll want to seek out bad-credit semi-truck financing from a direct lender. Some lenders want to see a score in the high 600s to extend the best rates.
  • Interest rates on an equipment financing loan start at about 6 percent to 6.5 percent from banks, but those rates are reserved for borrowers with excellent credit. Depending on your credit score and time in business, you may find rates as high as 35 percent, especially if you go with an online lender.
  • Yes, some lenders offer loans to startups with six months, or even less time, in business. These lenders may also have lower revenue requirements.