Horizontal shot of a red semi-truck on an interstate highway. concept: truck financing
Cedric Jackson
By: cjackson
Read in 14 minutes

Get Semi Truck Financing for Your Small Business

Many different businesses utilize trucks for daily operations, from shipping and flower companies to catering businesses and food trucks. However, the up-front cost of new trucks can pose a real difficulty to many small business owners. So, how can you get truck loans? How to get semi truck financing for your small business?

Semi-truck financing for your business can be a new concept for many business owners. At times, the number of options can seem overwhelming. And other times, it can seem like there are no options that fit your business nor your budget.

At Camino Financial, we want to give small business owners the tools they need to achieve their dreams. This article will introduce you to some of your many great options for truck financing for your small business.

How to Get Commercial Truck Financing for Your Small Business

There are 3 reasons to get commercial truck financing:

  • buying a new or secondhand vehicle
  • leasing a vehicle
  • repairing or upgrading vehicles you own

Your circumstances will determine the terms and conditions of your truck loan.

To get a loan, banks are often the best option. However, banks do not lend to most trucking businesses since there can be a high failure rate in that industry. Plus, they have stringent requirements and usually require an excellent credit score.

Nevertheless, some lenders make semi-truck financing their focus; they offer truck loans and semi-truck loans. As a result, truck lenders can sometimes have higher interest rates.

Truck loans are self-secured loans, which means that the truck itself is the collateral of the loan. Financing is easier to get when you have collateral since lenders like to have a guarantee you will repay them. You might also have to make a down payment.

The truck becomes a guarantee that you will repay the truck lenders.

The price of the trucks determines the loan amount and conditions. Trucks that qualify for financing can be either new or secondhand.

Other alternative lenders focus their efforts on tailoring financing to small businesses by making their options more affordable and flexible. For example, Camino Financial loans don’t require a down payment; you don’t need to have previous credit histories or a minimum credit score. We are the best alternative for owner-operators that want to grow their trucking businesses with a new truck or a used one.

What are the Commercial Truck Financing Rates?

Commercial auto loans or truck loans can range anywhere from 5 to 30%. This variability means it can be difficult to plan ahead. It also makes commercial auto loans potentially far more expensive than alternatives.

You can compare these rates with personal automotive loans, which often have interest below 5%.

Calculator and toy truck car, representing small business loans for truckers

Are Trucks Business Equipment?

Small business loans can be used to finance business equipment, but can vehicles, including a commercial truck or a semi-truck, be considered business equipment? Can you use business equipment financing to buy them?

The short answer: yes, they can be considered business equipment.

Commercial vehicles count as business equipment because they are used to help with the needs of a business. For example, you can use them to take employees to destinations or transport goods to customers or between locations. Other vehicles may carry heavy cargo and require specialized training and skills to operate.

This means that you have the option of using a small business loan for your truck purchase.

Small business loans are often more affordable than commercial auto loans, which can have far higher interest rates.

Because you can finance commercial trucks with commercial loans, business owners can potentially save a great deal of money.

Through lower interest rates and the fact that no collateral is needed, business owners often find small business loans a better option for semi-truck financing. They are also far cheaper than leasing vehicles in the long run.

These qualities make many business owners gravitate toward small business loans for a better way to finance a vehicle for your trucking company.

At Camino Financial, we offer small business loans that can be used as equipment loans, and you can use them to buy your truck or semi-truck because they can be considered equipment. You’ll have a fixed monthly payment scheme with us, and we’ll help you increase your business credit.

If you have a trucking business with the need for trailer financing, we’re your best option!

Speeding Truck that was bought with semi truck financing for bad credit

Truck Finance: is it Better to Lease or Buy a Truck?

When it comes to commercial vehicles, you have two options: leasing vs. buying.

But when it comes to getting a truck for your small business, what is the best option?

Commercial Truck Leasing

Some business owners consider leasing trucks instead of buying. The benefits of this are that leased vehicles are ultimately not your responsibility should they need repairs. Likewise, in the short term, it can be cheaper to lease.

However, leasing vehicles means that the leasing companies stipulate for how many miles you can drive the trucks, and there can be conditions for reparations, like when and where.

Ultimately, leasing gives you far more limited control over your trucks (and consequently your business) than owning your vehicles.

Leasing also means you will face monthly payments indefinitely.

Buying a Truck with Trucking Business Loans

Getting the money to buy a truck might not be as easy; after all, they can be costly. But if you don’t have the money upfront, that doesn’t mean that you can’t buy a truck,

Semi-truck financing lets you get the funds for financing the commercial vehicles your small business needs through a loan. In addition, financing your own trucks with a loan builds your credit history. Interest rates are reasonable, often lower than credit cards.

Some might say that the most cost-effective option is owning vehicles and using them for the duration of their lifetime.

In the long run, leasing costs far more than owning your vehicles.

different types of commercial trucks and semi-truck financing illustration

Best Commercial Truck Loans Companies

Finding the best semi-truck financing that truly fits your needs can be complex. There are so many finance companies out there that making the right choice can be overwhelming. We’re here to make the whole process easier for you with brief comparisons between the best lenders.

Camino Financial: No-Credit and Bad Credit Truck Loans

We are one of the top online lenders out there. We can help you get the capital you need to buy your commercial vehicle with no down payments and even with a bad credit score (we’ll help you improve your business credit!).

You can receive up to $400,000 to buy the truck to help you grow your business and bring you more profits. You can receive your cash in up to 2 days!

Plus, one of our biggest differentiators is accepting applicants with no Social Security Number: we accept ITIN.

Camino Financial is the best commercial truck loan you’ll find out there!

SBA loan

SBA loans will always be a good option, as you can receive up to $5 million. The problem is that they have very stringent requirements, and the whole process can take up to several months.

Other alternatives

Of course, other finance companies offer commercial truck loans. Here are the top ones:

  • National Funding: Up to $500,000
  • Fundbox: Up to $100,000
  • BlueVine: Up to $250,000
  • BFS Capital: Up to $500,000

The problem with these lenders is that they don’t accept ITIN, and they don’t work with applicants with a bad credit history. Plus, some are not as open with their interest rates and the fees they charge.

If you want to learn more about these alternatives for owner-operators of trucks, we encourage you to learn more about the best trucking business loans

Heavy truck rushing ride along the street thanks to no credit check semi truck financing

How to Finance a Truck for my Business? With Trucking Business Loans

At Camino Financial, we have a wide number of financing options available to help your business.

With our truck financing, you can rest assured that you are receiving a more affordable alternative to most commercial auto loans. We design our financing to help businesses of all types and from all backgrounds. You can use it for

  • semi-truck financing
  • heavy-duty trucks
  • specialty vehicles
  • tow trucks
  • box trucks
  • new and used trucks
  • commercial truck

Loans ranging from $5,000 to $400,000 are available to help you get semi-truck financing for your small business.

Learn what are the most profitable types of trailers so that you can improve your profits!

Do I need to make a down payment with Camino Financial?

Absolutely no! With us, getting the truck loan you need will be an easy process. We don’t ask for a down payment or for you to put up collateral (not even the truck itself).

Do I need an excellent credit score?


At Camino Financial, we understand that it can be hard to have a good credit history if no lenders approve your loan applications. That’s why we can approve your commercial truck loan, even if you don’t have a previous credit history. We can also work with applicants with a low credit score.

How to Get a Loan for a Semi-Truck? 3 Easy Steps

1. Get pre-approved online

Just by filling our form online, you’ll know if you qualify for a loan. This is very intuitive, and we just need the basic information from you and your business. Then, within 24 hours, you’ll know the result, and we’ll personally guide you through the next steps.

2. We find the best loans for your business needs

Here you just need to submit your business documents, and we do the rest: review them, analyze your business profile and match its needs with the best loan for you. This is what we do best, don’t worry if you have doubts; a loan specialist will help you find the best solution to help your company succeed.

3. Get an offer and receive the funds

This is it! After our specialist and you have discussed what’s best for your business, you’ll receive an offer, and after you accept it, you’ll find the funds in your bank account. All of this will happen only in a few days.

The first step begins right now:

Apply today and start growing your small business!

Truck Driver Behind the Wheel of his commercial vehicle thanks to truck financing

The Best Trucking Business Loans

At Camino Financial, we believe in our motto: no business left behind. So if you have no credit history at all, reach out to us; we offer bad credit truck financing.

Our semi-truck financing comes with numerous great benefits. These include:

  • Zero prepayment penalties
  • Loans even if you don’t have a credit history
  • 24-60 month extended payment periods
  • A fast, online, paperless process

These are just a few reasons that equip Camino Financial to help your business achieve its goals.

We do our best to make our loans accessible to business owners in all industries. By answering some simple questions about your business in our brief online application, you can find out if you prequalify for one of our truck loans in seconds.

Our process is completely secure and designed to be easy.

Request a quote now and let us join your business’s journey of success today.

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