several used trucks in a parking lot
Camino Financial
By: camino-financial
Read in 11 minutes

Used Tractor-Trailer Financing: Top 5 Commercial Lenders

The trucking industry generates huge income each year. According to the American Trucking Associations, in 2019 alone, it earned 791.7 billion dollars. And maybe you want to improve your profits with another truck. But, should you apply for used tractor-trailer financing?

Actually, there’s a whole used truck loans market waiting for you. All you have to do is find the truck or trailer that will boost your business, compare terms and interest rates and choose the lender that suits you.

In this article:

  • you’ll find 5 used commercial truck loans
  • we tell you why used trucks could be better than a new one
  • we give you some tips to find the most reliable used trucks

Ready to find the best used tractor-trailer financing? 

Apply For A Commercial Truck Loan!


man in fron of an used truck

To buy or lease, that is the question

What you Need to Know About Used Tractor-Trailer Financing

Before you start applying for used tractor-trailer financing, there are several things you should know about commercial truck loans. 

Here are some things to consider if you are looking for used commercial truck financing:

  • Most lenders will require an accident insurance
  • A commercial driver’s license, or CDL, is another basic requirement
  • The truck usually serves as the loan’s collateral
  • Some lenders will require you to buy the truck from a car dealer (you won’t be able to buy from a private seller)
  • Others will not approve your used truck financing if the vehicle is too old
  • Lenders can request information such as the model, year, serial number, miles, mechanical diagnosis, and multiple photos of the vehicle
  • Some lenders will only reveal their terms when you contact one of their representatives

Camino Financial doesn’t have any of these requirements and guidelines!

Apply now!


used tractor-trailer financing calculator

5 Best Used Tractor-Trailer Loans (Used Truck Loan Rates)

It is time to review the best used truck loans for your business.

In this list, you will find different types of tractor-trailer loans that you apply for. Plus, you’ll find the used trailer loan rates for each one. That way, you can compare and choose the best one. 

1. Camino Financial

We think this is the best used tractor-trailer financing out there!

You can use Camino Financial business loans to buy commercial equipment. And because used cars and trucks are considered business equipment, you can use our business loans for your commercial truck needs. 

The best part is that you can access capital in just 2 business days, and you can apply even if you don’t have a credit history!

You do not have to meet special conditions to receive an approval (as long as the truck is for your business). For example, we won’t ask how old the truck is or how many miles it has.

Loan amount: you can receive $5,100 and up to $ 35,000 to finance the truck your business needs.

Requirements: you need to use our tractor-trailer loans must for commercial purposes (so you can’t use them to buy a personal vehicle). Your business must be active and registered for at least 9 months and generate $30,000 in yearly revenue.

Reviews: Users are delighted with our customer service and the personalized attention our loan specialists offer. They also love how quick our used truck financing is. We have a 4.7 rating.

Finance your tractor trailer!

2. Upwise Capital

Upwise Capital has an equipment financing program that can be used as used tractor-trailer financing. The lender finances up to 100% of the cost of the used commercial trucks, but the approved amount depends on the truck’s price and your ability to pay. 

Loan amount: it could range from $10,000 to several million

Used truck loan rates: their interest rates start at 4.59% but are determined by the value of the equipment

Requirements: Upwise Capital lends to small businesses with annual revenues over $100,000, with a credit score of 550 or higher, that have a good financial history, and have been operating for at least six months.

You’ll also need to present your commercial truck driver’s license and proof that you have insurance

Reviews: customer reviews are very positive. They highlight the professionalism of the employees and how quick it is to receive the capital. They have a 4.7 rating.

3. Bank of America

Bank of America can help you finance the used trucks you need. 

They can also help finance commercial trucks over 2.5 tons, but you’ll need to apply for their equipment loans.

Loan amount: starting at $10,000 and up to $100,000

Used truck loan rates: their APR can be as low as 2.49%

Requirements: To get their used trailer loans, the vehicle must have a minimum value of $10,000; it can’t be older than 5 years and not have more than 75,000 miles.

Reviews: Despite being a well-known bank, it only achieves a 1.3-star rating. People complain about poor customer service and the waiting hours.

4. Commercial Fleet Financing

Since 1995, Commercial Fleet Financing has specialized in financing transportation equipment, such as various types of second-hand commercial trucks and trailers. That’s why we think they’re one of the best used truck loans out there. You can be approved for a loan in two hours and receive the capital in just 24.

Loan amount: They can finance the entire value of the truck if you meet all the requirements. A solid financial history could exempt you from paying an advance.

Used truck loan rates: their interest rates start at 5%

Requirements: you must complete a short online application form and attach a bill of sale. You also have to specify the amount of money you need, the type and year of the truck, and other personal information. 

To access their used tractor-trailer financing, you need to have been in business for more than three years and have a credit score of 640. In addition, commercial Fleet Financing will check the truck you want to buy to make sure the documents are in order and that the truck is fully functional.

5. Crest Capital

In addition to offering software and equipment financing, Crest Capital also guarantees tractor-trailer financing.

Loan amount: You can get a loan of up to $1 million

Used truck loan rates: Crest Capital’s interest rates start at 5%

Requirements: To be approved for their used commercial truck financing, your personal credit score must be 650 or higher, and your business must have been in business for at least two years. If you need used tractor-trailer financing for $250,000 or less, you must fill a simple online application, but you’ll need to provide additional documents if you need more capital. 

 illustration of used commercial tractor trailer

Hotshot trucking can help you improve your profits

Should you get New or Used Commercial Trucks?

Before you apply for used tractor-trailer loans, make sure used commercial trucks are what you need. Here are the benefits of new and used trucks: 

Advantages of used trucksAdvantages of new trucks
They’re cheaperThey have extended guarantees
You can find newer models in excellent conditionsThey tend to be more efficient engines and have lower gas consumption
Some older models have potent enginesThey have more updated gadgets

Did you realize that you’d rather buy a new truck? Here are some options for new truck financing

3 Tips for Finding the Best Used Trucks

Follow these tips to find used commercial trucks:

  1. Search online for different brands and models until you find the one that best fits your company’s needs.
  2. When choosing a model, read online reviews to find out what other people are saying about its performance and features.
  3. Look for used commercial trucks through both dealerships and private sellers. First, make sure to look for the model you have already decided on. Then, compare the vehicle’s condition and other features (such as mileage and age) against the price to ensure it’s fair. Finally, don’t forget to make sure the vehicle meets the requirements of the used commercial truck loans you like.

Sometimes, the most reliable used trucks have less than 600,000 miles are no older than 10 years. But this depends on how well it’s cared for.

Driver inside an used commercial truck

The most profitable types of trailers

The Best Used Truck Loans for Your Business

Are you thinking, “I want to start financing a tractor-trailer”? Well, fortunately for you, used truck financing is not impossible.

There are many loan options that will help you finance the best used trucks. But, of course, the best loan will be the one that has fewer requirements and the best terms. 

If you haven’t been able to build a credit history, you might think you have no used truck loan options. That’s not true! Camino Financial can give you the financing you need.   

A simple application process, few requirements, great customer service, and reasonable used truck loan interest rates make us the most affordable and reliable source of financing for your company.

At Camino Financial, we don’t leave small businesses behind! Apply for our used tractor-trailer financing!

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