Where can I get semi-truck financing?

The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
Semi-truck financing can be a good alternative to paying cash for a semi, which could hurt 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. But each has advantages and disadvantages that could impact your eligibility or the loan’s costs.
Let’s take a look at common places you can get semi-truck loan and some of the top lenders in each category.
Banks
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 |
|
PNC Bank | Transportation financing |
|
TAB Bank | Equipment loan |
|
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 |
---|---|---|
SMB Compass | Equipment loan |
|
National Funding | Equipment loan |
|
Triton Capital | Equipment loan |
|
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 |
|
Balboa Capital | Semi-truck loan |
|
Truck Lenders USA | Semi-truck loan |
|
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.
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, 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 15 percent to 35 percent.
-
Yes, some lenders offer loans to startups with six months, or even less time, in business. These lenders may also have lower revenue requirements.
Related Articles



