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Camino Financial
By: camino-financial
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Semi-Truck Financing: Ultimate Guide With Top 10 Lenders

Semi-truck financing can help you buy commercial vehicles.

Trucks are a significant investment for any business owner, and making an informed decision is key to success. Fortunately, getting loans is possible.

This article presents the top lenders that offer financing, and walks you through the essential steps for securing quality financing.

Best Loans You Can Use To Finance Commercial Trucks

Camino Financial

Camino Financial could be an excellent alternative for trucking business loans. While we don’t offer semi-truck financing per se, you can use our loans to buy the truck your business needs.

This gives you affordable access to the capital you need.

We know how hard it is for minorities to access capital, and we are here to help you take your business to the next level.

Amount: $5,100 to $35,000

Terms: 24 to 36 month

Payment: monthly, fixed

Interest rates: 31.55% to 57% (annual interest rate)


  • To qualify, you must be in business for at least nine months and have at least $2,500 in monthly gross sales.
  • You can apply with an ITIN if you don’t have an SSN.
  • If you don’t have an existing credit report, don’t worry, we accept applicants with no previous credit history.


  • We offer commercial truck financing with no down payment required.
  • You’ll receive funding in few days, and our application process is quick and easy.
  • When you become a Camino Financial member, you can renew your loan after 12 timely payments.

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Small Business Administration (SBA)

The Small Business Administration offers a variety of loan programs that would cater well to owners of trucking companies. The government backs these loans that you can use as semi-truck financing alternatives.

The SBA 7(a) loan program is one of the most popular options. You can use them to purchase equipment (like vehicles), land, or acquire a business.

They have very stringent requirements.

Amount: up to $5 million

Terms: of up to 10 years (or up to 25 years if you purchase real estate)

Speed: The whole process can take up to several months.

Interest rates: between 7.5% and 10% (fixed and variable). Lenders can also charge fees up to 3.5%.


  • Down payment of between 10-20%.
  • Minimum credit score of 680
  • You can’t have foreclosures, defaults on previous government loans, or bankruptcies.
  • You must have a Social Security number to receive an SBA loan. They do not accept ITINs.


Amount: up to $100,000

Type: line of credit

Terms: 12 or 24 weeks

Payment: weekly

Speed: they fund within one business day

Interest rates: 10% to 79% APR


  • A minimum credit score of 500
  • Have been in business for at least three months
  • Have annual revenue of at least $50,000.
  • You also must provide a personal guarantee and multiple forms of collateral.
  • They do not accept ITINs in place of SSNs.


Amount: Up to $250,000

Type: line of credit

Terms: 6 or 12 months

Payment: weekly or monthly

Speed: in as quickly as one business day

Interest rates: 15% to 78% APR


  • Have a minimum credit score of 600
  • Have been in business for at least six months
  • Annual revenue of at least $100,000.
  • You must also have a Social Security number to apply.

BFS Capital

Amount: $5,000 to $500,000

Type: loan

Terms: 6 to 18 months

Payment: weekly or daily

Speed: in as little as two days

Interest rates: BFS Capital doesn’t disclose its APR


  • Have been in business for one year
  • A minimum credit score of 550
  • Have a daily average bank balance of at least $1,500.
  • They do not accept ITINs

Other ways to get financing are asset-based finance companies and crowdfunding platforms like Kickstarter or Indiegogo.

Best Commercial Truck Financing Companies

Commercial Fleet Financing

Commercial Fleet Financing specializes in semi-truck and construction equipment loans.

Commercial Fleet Financing doesn’t charge hidden fees for their loans.

Amount: $20,000 up to $500,000

Terms: 36 and 108 months

Speed: They can fund within 24 hours.

Interest rates: They don’t disclose their interest rates.


  • 10% to 20% down payment
  • Minimum credit score of 640
  • You need to be in business for at least 2 years.
  • You don’t have to provide a personal guarantee.
  • They do not accept ITINs in place of SSNs.

Truck Lenders USA

Truck Lenders USA offers flexible loans for commercial trucks.

Amount: $15,000 to $250,000

Terms: 24 to 60 months


Interest rates: They don’t disclose the APR, as it can vary greatly depending on your financial details.


  • They don’t specify the amount of the down payment they require
  • You must be in business for two years
  • Minimum credit score of 675
  • They do not accept ITINs.

APR is different from interest rates. The APR includes both the interests and other fees (like origination).

CAG Truck Capital

CAG Truck Capital is a lender specializing in offering truck financing options. They have over 40 years of experience.

There offer little to no details online about loan amounts, terms, and requirements.


  • High-risk applicants (like business owners with bankruptcies, bad credit, or current tax liens) need a 35% down payment.
  • Other applicants need only a 10% down.

National Funding

National Funding focuses on loans for small businesses. They are also an equipment leasing company that’s been around since 1999. They offer loans for equipment financing and working capital and offer a 7% discount for paying your loan off early.

This lender has a product that could fit you if you need to finance the purchase of equipment critical to your business’s operation and also offers an equipment lease loan (if you want one, you must have an invoice from a vendor).

Amount: 5,000 and $500,000

Terms: 4 months to 2 years

Payment: daily or weekly

Interest rates: They don’t disclose their APR until you apply, as it varies based on several factors (expect it to be high, though). Origination fee of 1% to 3% of the borrowing amount and a one-time fee of between 17-36% of the borrowing amount.


  • National Funding doesn’t require a down payment for their loans.
  • You must be in business for 6 months
  • Minimum FICO score of 600
  • Revenue of $250,000 per year
  • They do not accept ITINs instead of Social Security numbers

First Capital Business Finance

This institution offers semi-truck financing and leasing programs for purchasing or leasing. These programs provide multiple benefits through First Capital’s nationwide dealer network of over 3,000 dealers.

Terms: 24 months up to 84 months

Speed: 48 hours when you submit all necessary documentation

Interest rates: 7% to 20%

Wells Fargo Commercial Vehicle Financing

Another option if you need quick cash is Wells Fargo. They provide a commercial vehicle program. You can finance trucks, semi-trailers, specialty vehicles, buses, and motorcoaches with it.

Amount: starting at $100,000

Terms: 12 to 84 months

Interest rates: they don’t disclose their interest rates or APR


  • Minimum credit score of 600
  • Be in business for at least one year
  • Have annual revenue of at least $100,000
  • Have a Social Security Number

The problem with most of these semi-truck financing options is that they don’t accept ITIN nor work with applicants with no previous credit history. Camino Financial does.

Compare Commercial Truck Financing Options

Financial InstitutionAmountRatesDown PaymentTermAccept ITIN?Speed
Camino Financial$5,100 – $35,000 31.55% to 57%No24 to 36 monthsYes*2 – 10 days
Commercial Fleet Financing$20,000 – $500,00010% – 20%36 to 108 monthsNo24 hours
Truck Lenders USA$15,000 – $250,00024 to 60 monthsNo
CAG Truck Capital10% – 35%No
SBA LoanUp to $5M7.75% – 10.25%10 to 25 yearsNo2 – 3 months
National Funding$5,000 – $500,000No4 months to 2 yearsNo24 hours
Wells FargoStarting at $100,00012 to 84 monthsNoLengthy
FundboxUp to $100,00010% – 79% APRNo12 or 24 weeksNo1 business day
BlueVineUp to $250,00015% – 78% APRNo6 to 12 monthsNo1 business day
BFS Capital$5,000 – $500,000No6 to 18 monthsNo2 days
Apply With Camino Financial!

*Only if the applicant doesn’t have an SSN.

Semi-Truck Financing Requirements

Lenders will look at personal information such as credit score and employment history as good factors related directly to the truck purchase, such as its age/mileage or type/features needed for your business operations.

Most lenders want applicants to have built good business credit. Some might even require collateral or a personal guarantee.

Overall, lenders consider truck financing risky and usually require a minimum down payment of 20%.

Some lenders require a loan co-signer for applicants with lower scores.

Likewise, you need to:

  • Have a commercial driver’s license
  • Buy a truck that’s less than ten years old and has fewer than 700,000 miles

With many variables, lenders evaluate each application to decide what interest rate to charge. Individuals with lower credit scores, no credit history, or less driving experience pay more to get a loan.

Additionally, most lenders require comprehensive insurance coverage on any financed vehicle, so ensure you cover it before applying. You should also keep proof of ownership in case your lender requests it.

Camino Financial takes a different approach by having more lenient requirements. We don’t require collateral or a deposit.

How To Apply For A Semi-Truck Loan: 5 Steps

To apply for a loan, do the following:

Research Your Options

Many lenders specialize in trucking loans, so comparing rates, terms, and conditions is essential before deciding on one.

Gather Your Documents

Have some documentation ready beforehand, including your driver’s license, proof of insurance, and proof of income, among other information.

Fill Out the Application

Applications are usually very intuitive. You just need to share basic information about yourself and your business. Be sure to complete all required fields and provide accurate information.

Complete the Process

Here you need to submit your business documents, information on your cash flow (sometimes through bank verification apps like Plaid), and other information the lender might require.

Wait for Approval

Now, all you can do is wait for the lender to get back to you with a decision. If approved, you’ll receive an offer. After you accept it, you’ll find the funds in your bank account.

Apply For A Business Loan!

What Are Commercial Truck Loans?

They are financial products created especifically to buy commercial vehicles, like trucks and semi-trucks.

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

How Does Semi-Truck Financing Work?

Truck loans are self-secured loans, meaning the vehicle 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.

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

Semi-truck financing works similarly to other types of vehicle financing. It involves taking out a loan against the truck you are purchasing to cover all or part of the cost of the purchase.

The lender uses your creditworthiness, history, and collateral from the truck itself (or other assets) to determine whether they will approve your loan application.

Commercial Truck Lending Rates

The trucking industry can have high failure rates. As a result, truck lenders can sometimes have higher interest rates.

Commercial truck loans have rates ranging anywhere from 5% to 80%.

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

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

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

This variability means it can be challenging to plan ahead. It also makes them potentially far more expensive than alternatives.

Semi-Truck Financing Calculator

Use our small business loan calculator to simulate how much you’ll have to pay monthly for your loan. This can help you choose the amount that better suits your budget.

Term Loan Calculator

Typically banks do not lend to most trucking businesses. Plus, they have stringent requirements and usually require an excellent credit score.

Why You Should Get Semi-Truck Financing For Your Transportation Business

Semi-truck loans can help your transportation business expand and grow. It is an effective way to ensure that your transportation business has the resources it needs to succeed.

With access to larger or newer vehicles, you can take on more orders and transport goods further distances with greater efficiency than ever before. This helps to increase profits and create a competitive edge in the marketplace.

Financing can also help by offering flexible payment terms that the lender can tailor to your specific needs compared to paying a vehicle upfront.

Using a loan instead of your business savings helps reduce operating expenses and keep your business running smoothly.

With a business loan, you could:

  • Buy or lease a new or secondhand vehicle
  • Repair or upgrade vehicles you own

Is It Better to Lease or Buy Commercial Trucks?

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.

However, leasing vehicles means that the leasing company stipulates 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 The Commercial Truck

The most significant benefit of buying a commercial truck is ownership. You become the ultimate decision maker over how and when to use, maintain, and repair your vehicle.

Buying also means you will not face monthly payments in the future as long as you take care of your vehicles.

In addition, owning trucks rather than leasing them allows you to write off some of the costs associated with their purchase and upkeep on your taxes.

However, buying a truck outright does require more upfront money than leasing one, and you may spend thousands on repairs or maintenance over time.

Plus, if you purchase a used truck, it could eventually become outdated or outlast its usefulness.

Use A Loan To Buy The Commercial Vehicle

Semi-truck financing lets you get the funds for financing the commercial vehicles your small business needs through a loan.

In addition, financing your 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 their lifetime. In the long run, leasing costs far more than owning your vehicles.

Are Trucks Business Equipment?

Can you use business equipment financing to buy commercial trucks or semi-trucks?

Yes, commercial vehicles are equipment because you 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.

This means that you have the option of using most small business loans to purchase a commercial vehicle.

But why not just use a commercial auto loan or a lease? Small business loans are often more affordable: they help business owners save money.

Ready To Apply For The Best Trucking Business Loans?

There are many semi-truck financing options. The one you choose depends on your specific needs.

At Camino Financial, we think that financing a semi-truck should be easy. That’s why we have a straightforward application process.

We offer loans that you can use as equipment loans. You’ll have a fixed monthly payment scheme with us, and we’ll help you increase your business credit.

Apply For A Business Loan!


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 to get a loan for a semi-truck?

To be an eligible applicant, you must 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 semi-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 must have cash. Also, gather documents to support your annual revenue and paperwork to document details about the truck.

What credit score do you need to buy a commercial truck?

Most lenders require a minimum credit score ranging from 600 to 660.

What banks process commercial truck loans?

Community and regional banks and alternative online lenders offer commercial truck loans. One example is Wells Fargo.

Usually, traditional banks charge less to process loans than online lenders. But alternative lenders process loans much more quickly 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.

You can find annual interest rates between 5% and 50%.

Is leasing a semi-truck a good idea?

Yes, it can save you money in the long run. When you lease a truck, you only have to make payments for the length of time that you use the vehicle.

This can be much cheaper than buying a truck outright, especially if you only need it for a short while.

If the truck is vital for your business operations, then buying one with the help of a loan might be a better idea.

Can you finance a semi-truck with bad credit?

Yes, you can finance a semi-truck with bad credit. However, the process may be more complex and costly than if you have excellent credit.

Lenders will likely require higher interest rates or a more significant down payment when they don’t trust the borrower to make timely payments.

How many years can you finance a semi-truck?

Generally, you can finance a semi-truck for up to seven years, depending on the terms of your loan and the lender.

Some lenders may provide an extended financing option for up to ten years. Still, these loans usually carry a higher interest rate or require additional collateral, such as a down payment.

What’s the difference between banks vs. direct lenders vs. alternative lenders?

The critical difference is the type of financing each provides:

  • Banks are traditional institutions that offer secured or unsecured financing through loans, lines of credit, and mortgages.
  • Direct lenders are financial organizations that specialize in providing customers with approved loans without needing a bank’s involvement.
  • Alternative lenders provide financing options such as peer-to-peer lending, online loans, merchant cash advances (MCAs), etc.

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