red commercial truck on a highway
Cedric Jackson
By: cjackson
Read in 17 minutes

Semi-Truck Financing: Ultimate Guide With Top 10 Lenders

Semi-truck financing is the best alternative to buying commercial vehicles. That way, the up-front cost of new trucks won’t pose a challenge to small business owners.

But the number of options can seem overwhelming. It can even seem like no options fit your business or your budget.

Fortunately, it is possible to find a business loan that can help you finance a semi-truck.

The good news is that we’ve done the research for you. This article breaks down the best options for easy commercial truck financing.

Apply For A Business Loan!


What Are Commercial Truck Loans?

Truck loans are self-secure 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.

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

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 challenging to plan ahead. It also makes them potentially far more expensive than alternatives.

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

There are three reasons to get semi-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.

Getting a trucking-specific product or even a commercial loan is better than a personal loan for business purposes.

Best Commercial Truck Financing Companies

Here’s the info on the best semi-truck financing options in the market.

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 microloan to buy the truck your business needs.

We offer commercial truck financing 0% down or, in other words, no down payment required.

You can qualify for loans of $5,100 to $35,000 and get a quick and easy decision in minutes. We offer low-interest rates of between 31.55% to 54.90% and repayment terms of 24 to 36 months.

Do you need more capital to buy your semi-truck? Don’t worry; we also offer other lending products that could fit your needs. Just 
select the amount you desire when you apply.

This gives you affordable access to the capital you need, as well as a more extended period to repay your loan.

To qualify, you must be in business for at least nine months and have at least $2,500 in monthly gross sales.

You’ll receive funding in 2 to 10 days, and our application process is quick and easy. Plus, applying for a Camino Financial loan doesn’t affect your credit score.

If you don’t have an existing credit report, don’t worry, we accept applicants with no previous credit history.

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.

The great part about our loans is that you can apply with an ITIN.

And that’s not it; when you become a Camino Financial member, you can graduate to a better loan with more time to repay after 8 timely payments.

Apply now!

Commercial Fleet Financing

Commercial Fleet Financing specializes in semi-truck and construction equipment loans. They offer loans from $20,000 and up to $500,000.

They have repayment terms of 36 and 108 months. If you need money quickly, this could be a good option for you, as they fund within 24 hours.

They require a 10% to 20% down payment.

While Commercial Fleet Financing doesn’t charge hidden fees for their loans, they don’t disclose their interest rates.

To qualify, you’ll need to have a minimum credit score of 640 and be in business for at least 2 years. Fortunately, 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. Their loan sizes start at $15,000 and up to $250,000. They offer repayment terms of 24 to 60 months.

They don’t specify the amount of the down payment they require.

BFS Capital doesn’t disclose its APR, as it can vary greatly depending on your financial details. To qualify, you must be in business for two years and have a minimum credit score of 675.

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

They do not accept ITINs.

CAG Truck Capital

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

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

CAG Truck Capital specializes in applicants with bankruptcies, bad credit, or current tax liens. These high-risk applicants need a 35% down payment. Other applicants need only a 10% down.

SBA Loan For A Semi-Truck

The Small Business Administration offers a variety of loan programs that would cater well to owners of a trucking company. 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. Business owners can qualify for up to $5 million in funding for just about any business reason. This could include purchasing equipment, land, or acquiring a business.

These loans offer fixed and variable interest rates and repayment terms of up to 10 years (or up to 25 years if you purchase real estate).

Current interest rates for SBA 7(a) loans are between 7.5% and 10%. Lenders will typically require a down payment of between 10-20%. The lenders can also charge fees for this type of trucking business loan up to 3.5%.

The downside is that if you want to qualify for an SBA loan for a semi-truck, you must have a minimum credit score of 680, and you can’t have any foreclosures, defaults on previous government loans, or bankruptcies.

They also have very stringent requirements, and the whole process can take up to several months.

If you need cash urgently, maybe a better alternative would be an emergency loan.

You also must have a Social Security number to receive an SBA loan. They do not accept ITINs.

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.

If you need to finance the purchase of equipment critical to your business’s operation, National Funding has a product that could fit you.

They offer loans of between $5,000 and $500,000 for a small business loan.

National Funding doesn’t require a down payment for their loans. General qualifications for trucking business loans are that you must be in business for 6 months, have a FICO score of at least 600, and have revenue of $250,000 per year.

They also offer an equipment lease loan. If you want one, you must have an invoice from a vendor.

The repayment terms vary between 4 months to 2 years with daily or weekly repayments.

National Funding doesn’t disclose its APR until you apply, as it varies based on several factors. Expect the interest rate to be high, though.

They charge an origination fee of 1% to 3% of the borrowing amount and a one-time fee of between 17-36% of the borrowing amount.

One great thing about National Funding’s loans for commercial trucks is they offer a 7% discount for paying your loan off early.

They do not accept ITINs instead of Social Security numbers, though.

Wells Fargo Commercial Vehicle Financing

Another option if you need quick cash is Wells Fargo. They provide a commercial vehicle program starting at $100,000. You can finance trucks, semi-trailers, specialty vehicles, buses, and motorcoaches with it.

This bank truck loan doesn’t disclose its interest rates or APR. You pay monthly over 12 to 84 months.

To qualify, you must have a minimum credit score of 600+, be in business for at least one year, have annual revenue of at least $100,000,

You must also have a Social Security number to apply.

Other Alternative Lenders

While these lenders don’t have specific semi-truck financing programs, you can use their products to buy commercial trucks.


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

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.

Compare Commercial Truck Financing Options

Check, at a glance, the information about the top companies that offer semi-truck financing.

AmountRatesDown paymentTermAccept ITIN?Speed
Camino Financial Microloan$5,100 – $35,000 (or more with other products)31.55% – 54.90%24 – 36 months✔️2 – 10 days
Commercial Fleet Financing$20,000 – $500,00010% – 20%36 – 108 months24 hours
Truck Lenders USA$15,000 – $250,00024 – 60 months
CAG Truck Capital10% – 35%
SBA loanUp to $5M7.75% – 10.25%D610-25 years ❌2 – 3 months
National Funding$5,000 – $500,0004 months – 2 year24 hours
Wells FargoStarting at $100,00012 – 84 monthsLengthy
FundboxUp to $100,00010% – 79% APR12 or 24 weeks1 business day
BlueVineUp to $250,00015% – 78% APR6 – 12 months1 business day
BFS Capital$5,000 – $500,0006 – 18 months2 days

❓ = not disclosed by the lender

Apply For A Camino Financial Loan!

Commercial Truck Financing Rates

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.

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%.

Semi-Truck Financing Calculator

Use our semi truck financing calculator to see how much you’ll have to pay each month for your loan.

Term Loan Calculator

Semi-Truck Financing Requirements

Most lenders want applicants to have built a 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 so many variables in play, 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.

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

How To Finance A Semi-Truck: 5 Steps To Apply

If you’re unsure about how to apply for a loan, you’ll need to do the following:

Research Your Options

There are many lenders out there who specialize in trucking loans, so it’s essential to compare rates, terms, and conditions before deciding on one.

Gather Your Documents

To apply for a trucking loan, you’ll need to have some documentation ready, including your driver’s license, proof of insurance, and proof of income.

Fill Out The Application

Just by filling out our form online, you’ll know if you prequalify for the loan.

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

Complete The Process

Here you just 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, and after you accept it, you’ll find the funds in your bank account.

Start an application

Are Trucks Business Equipment?

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

The short answer: 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 to operate.

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.

Financing commercial trucks with commercial loans helps business owners save money.

Is It Better To Lease Or Buy Commercial Trucks?

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

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 the duration of their lifetime.

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

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 doesn’t need to be complicated. That’s why we have a straightforward application process.

We offer microloans 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.

We believe in our motto: no business left behind. So, our lending products come with numerous great benefits. These include:

  • Zero prepayment penalties
  • A fast, online, paperless process
  • If you have no previous credit history, we can still help you
  • You can find out if you prequalify for one of our loans in seconds
Apply now!



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?

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 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 must have cash on hand. 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 or higher.

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 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 50%.

Is leasing a semi-truck a good idea?

There are many reasons why leasing a truck can be a great idea.

First, 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 truck.

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.


Check if you
qualify for a loan