By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Money MindHubMoney MindHubMoney MindHub
  • Home
  • Investing
  • Business
  • Personal Finance
  • Marketing
  • Banking
  • Mining
  • Retirement
Reading: Where Can I Get Semi-truck Financing?
Share
Notification Show More
Money MindHubMoney MindHub
Search
  • Home -Money
  • Investing
  • Business
  • Personal Finance
  • Marketing
  • Banking
  • Mining
  • Retirement
© 2024 All Rights Reserved | Powered By moneymindhub
Money MindHub > Business > Where Can I Get Semi-truck Financing?
Business

Where Can I Get Semi-truck Financing?

MoneyMindHub June 13, 2024
Share
6 Min Read
Where Can I Get Semi-truck Financing?
SHARE
A truck driver steps up into his truck

Jetta Productions Inc/GettyImages; Illustration by Hunter Newton/Bankrate

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 compare some of the top semi-truck financing companies available.

Where to get semi-truck financing

When looking for semi-truck loans, there are three types of lenders most business owners turn to.

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.

Online lenders

Online lenders, sometimes called alternative lenders, operate virtually and may offer semi-truck financing for bad credit borrowers. 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.

See also  How to Make $10K a Month: 33 Real-Life Ideas

Direct lenders

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

Compare lenders that offer semi-truck financing

After determining which type of lender is best for your business needs, you’ll want to compare various lenders, the types of loans they offer and their terms and conditions. We’ve gathered some of the best options below from banks, online lenders and direct lenders to help get you started.

Banks

Banks offer semi-truck 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 What to know
Bank of America Equipment loan Available for commercial vehicles over 2.5 tons
Fixed interest rates as low as 7.25%
Loan terms up to 5 years
TAB Bank Equipment loan Online application
Can finance a single truck or a fleet
U.S. Bank Equipment loan 125% financing, including soft costs like installation
Monthly, quarterly or annual payments
No down payment for terms of 24 to 60 months

Online lenders

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.

See also  The Tools Every Entrepreneur Needs and No Subscriptions Required for Cyber Monday
Lender Loan type What to know
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
Accion Opportunity Fund Equipment loan Friendly to first-time owner-operators
Accepts personal credit scores of 600
No prepayment penalty

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 What to know
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.

See also  Bitcoin Miners Approach $40B Market Cap as Difficulty Set for Fifth Straight Increase

Frequently asked questions

You Might Also Like

How to Get a Small Business Loan When Self-Employed

Fed Holds Rates Steady. Here’s How it Impacts Mortgage Rates.

Can Businesses Use Personal Loans?

Barbara Corcoran’s Beloved NYC Penthouse Is for Sale

How to Manage an LLC Business Loan

TAGGED: Lakshmi Kalyanam
Share This Article
Facebook Twitter Copy Link
Previous Article Uber expands Journey Ads to programmatic buyers across Rides app Uber expands Journey Ads to programmatic buyers across Rides app
Next Article ChatGPT is Becoming More Human-Like. Here's How The Tool is Getting Smarter at Replicating Your Voice, Brand and Personality. ChatGPT is Becoming More Human-Like. Here’s How The Tool is Getting Smarter at Replicating Your Voice, Brand and Personality.
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

What is an ETF? (Exchange-Traded Fund)
What is an ETF? (Exchange-Traded Fund)
Investing May 8, 2025
OpenAI Hires Instacart CEO to Oversee ChatGPT, Applications
OpenAI Hires Instacart CEO to Oversee ChatGPT, Applications
Personal Finance May 8, 2025
Brawny brings back the Brawny Man for brand refresh
Brawny brings back the Brawny Man for brand refresh
Marketing May 8, 2025
Passive and Active: text from letters of the wooden alphabet on a green chalk board
Up 20% with a 9% yield! This stock remains my top passive income earner
Investing May 8, 2025
MARA Holdings Achieves Impressive 705 BTC Production in April
MARA Holdings Achieves Impressive 705 BTC Production in April
Mining May 8, 2025
How to Get a Small Business Loan When Self-Employed
How to Get a Small Business Loan When Self-Employed
Business May 8, 2025

Recent Posts

  • What is an ETF? (Exchange-Traded Fund)
  • OpenAI Hires Instacart CEO to Oversee ChatGPT, Applications
  • Brawny brings back the Brawny Man for brand refresh
  • Up 20% with a 9% yield! This stock remains my top passive income earner
  • MARA Holdings Achieves Impressive 705 BTC Production in April

Recent Comments

No comments to show.

You Might also Like

How to Get a Small Business Loan When Self-Employed
Business

How to Get a Small Business Loan When Self-Employed

May 8, 2025
Fed Holds Rates Steady. Here's How it Impacts Mortgage Rates.
Business

Fed Holds Rates Steady. Here’s How it Impacts Mortgage Rates.

May 8, 2025
Can Businesses Use Personal Loans?
Business

Can Businesses Use Personal Loans?

May 7, 2025
Barbara Corcoran's Beloved NYC Penthouse Is for Sale
Business

Barbara Corcoran’s Beloved NYC Penthouse Is for Sale

May 7, 2025
moneymindhub moneymindhub

Our mission is to empower individuals with the knowledge and tools they need to achieve financial independence and make informed financial decisions.

Editor Choice

5 Ways AI Can Accelerate Your Entrepreneurial Journey
I Am Broke! 10 Reasons Why And How To Do Better
Invest In Art For As Little As $20
2 dirt cheap growth stocks for investors to consider this June

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Facebook Twitter Telegram
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Service
Reading: Where Can I Get Semi-truck Financing?
Share
© 2024 All Rights Reserved | Powered By moneymindhub
Welcome Back!

Sign in to your account

Lost your password?