Horizontal shot of a red semi-truck on an interstate highway. concept: truck financing
Cedric Jackson
By: cjackson
Read in 15 minutes

Get Semi Truck Financing for Your Small Business

Commercial truck financing for your business can be a new concept for you. At times, the number of options can seem overwhelming. And other times, it can seem like there are no options that fit your business or your budget.

The up-front cost of new trucks can pose a real difficulty to many small business owners.

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 easy commercial truck financing for your small business.

Table of contents
1. How to get truck financing for your small business
1.2 What are the commercial truck financing rates?
2. Commercial truck financing requirements
3. Are trucks business equipment?
4. Is it better to lease or buy a truck?
4.1. Leasing a truck
4.2. Buying a truck
5. Best commercial truck financing companies
6. How to finance a truck for my business?
7. The best trucking business loans
8. Are trucks business equipment?
9. FAQs

owner-operator of a trucking business in front of his blue semi truck

How to Get Commercial Truck Financing for Your Small Business

There are three 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 that industry can have a high failure rate. Plus, they have stringent requirements and usually require an excellent credit score.

As a result, truck lenders can sometimes have higher interest rates.

Truck loans are self-secure loans, which means the truck itself is the loan’s collateral. 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 is Commercial Truck Financing Rates?

Commercial truck loans have average commercial truck financing rates that can range anywhere from 5 to 40%. 

Applicants with the strongest credit (660+) and business profiles are the ones who tend to pay lower rates. 

Keep in mind that lenders also charge origination, underwriting, and closing fees, increasing the loan’s total cost. Also, if your credit prevents you from borrowing the total value of the truck’s worth, lenders may require a down payment.

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 interests below 5%.

Calculator and toy truck car

Commercial Truck Financing Requirements

Most lenders want applicants to have a credit score of 600 or higher, while others require a loan co-signer for applicants with lower scores. Overall, lenders consider truck financing risky and routinely require a minimum down payment of 20% or more.

Likewise, most lenders offer better semi-truck loan terms to borrowers:

  • holding a commercial driver’s license
  • wanting to buy a truck that’s less than ten years old and has fewer than 700,000 miles

With so many variables in play, lenders evaluate each application to decide what interest rate to charge and the down payment percentage. Individuals with lower credit scores, no credit history, or less driving experience pay more to get a loan.

Camino Financial takes a different approach by having more lenient requirements. 

We don’t require a credit score, credit history, collateral, or a down payment to secure a loan. Instead, to determine the best loan you can comfortably repay to grow your business, we review your registered business’s:

  • annual sales
  • time in business

We can provide financing in as little as 1-2 days compared to traditional brick and mortar bank loan closings which take much longer.

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. These benefits 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 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; they can be costly after all. 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.

Best Commercial Truck Financing Companies

Finding the right 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 commercial truck financing options.

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.

Apply now for the best truck loans!

SBA Loan

SBA loans for semi-truck 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 truck finance companies is that they don’t accept ITIN and 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

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:

  • commercial 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!

Keep reading: Heavy Equipment Financing

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 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 Commercial Truck Loan for a Semi-Truck? 3 Easy Steps

Get pre-approved online

Just by filling out 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.

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.

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 after getting commercial 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.

Are Trucks Business Equipment?

You can use small business loans as commercial truck financing, but vehicles such as commercial trucks or semi-trucks can consider business equipment? Can you use business equipment financing to buy them?

The short answer: yes, you can consider them as business equipment.

Commercial vehicles count as business equipment because you can use them 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 you don’t need collateral, 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 have the best way to finance a commercial truck, we offer small business loans that can be used as equipment loans, and you can use them to buy your truck or semi-truck. 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

Frequently Asked Questions About Commercial Truck Financing

How long can you finance a used semi-truck?

On average, truck loan terms last from 12 to 84 months, depending on your business and credit history. 

How can I get approved for a semi-truck loan?

If you want to be an eligible applicant, you need to make sure you meet a lender’s requirements. Here are the most important criteria you need to meet:

  • minimum credit score
  • loan approval prerequisites relating to the truck’s age and mileage

How can I finance a commercial truck?

Find the truck you want to buy and choose a lender with requirements you can meet. 

For example, if a lender requires a down payment, you need to have the cash on hand. Also, gather documents to support your annual revenue and paperwork to document details about the truck. 

What credit score is needed to buy a commercial truck?

Most lenders require a minimum credit score ranging from 600 to 660 or higher. But then, there are lenders like Camino Financial that do not require a minimum score to qualify for a semi-truck loan. 

What banks process commercial truck loans?

Community and regional banks and alternative online lenders offer commercial truck loans. 

Usually, traditional banks charge less to process loans than online lenders. But alternative lenders process loans much quicker and may have fewer requirements. 

What is the interest rate on a commercial truck loan?

There is no set interest rate for a commercial truck loan. 

Lenders charge an applicable rate that matches your overall creditworthiness and their requirements. Minimum loan preconditions vary widely from lender to lender and determine what rate they charge.  

That said, you can find annual interest rates between 5% and 40%.


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