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Purchasing a commercial truck or trailer can be a significant financial commitment. A new semi truck can reach prices of up to $250,000, so a loan is often necessary. However, various financing options are available whether you buy a new or used vehicle. As with any small-business loan, the ideal semi truck financing option will be the most affordable one you qualify for, while still meeting your requirements.
What is semi truck financing?
Semi truck financing is a type of small-business loan intended for acquiring a commercial truck. Depending on the lender, you may be able to purchase either new or used vehicles, including dump trucks, box trucks, flatbed trucks, vans, and trailers.
How does commercial truck financing operate?
When you obtain financing for a commercial truck, the lender provides funds for your vehicle purchase, which you repay over time with interest. Similar to other forms of equipment financing, semi truck loans consider the truck as collateral, meaning failure to repay the loan could result in the lender reclaiming the vehicle to mitigate losses.
Semi truck financing vs. leasing
If you’re looking for a commercial truck, financing is frequently more beneficial than leasing. Since these large vehicles can cover vast distances before major repairs are needed, they tend to stay operational long after a three- or five-year repayment term, making financing potentially more economical.
Leasing, however, may be preferable in specific situations:
- If you’re just starting out and find it challenging to qualify for a commercial truck loan.
- When you need to conserve cash, as leases often have lower upfront costs.
- If durability concerns arise with your trucks, as leasing enables regular upgrades to newer models.
Where to find semi truck financing
There are various options for securing a commercial truck loan for your next large vehicle:
- Direct lenders specializing in the trucking industry.
- Traditional banks with competitive rates, albeit slower approval processes.
- SBA commercial vehicle loans, known for low interest and extended terms.
- Alternative lenders offering quicker funding and flexible eligibility, though typically at higher interest rates.
Top semi truck loan choices
Here are some recommended options to initiate your search for a semi truck loan:
| Product | Max loan amount | Min. credit score | Learn more |
|---|---|---|---|
| Triton Capital – Equipment financing | $250,000 | 580 | [Link] |
| eLease – Equipment financing | Undisclosed | 550 | [Link] |
| National Funding – Equipment financing | $150,000 | 600 | [Link] |
| SBA 7(a) loan | $5,000,000 | 650 | [Link] |
| Bank of America – Equipment loan | $750,000 | 700 | [Link] |
