{"id":206312,"date":"2022-08-25T08:07:12","date_gmt":"2022-08-25T15:07:12","guid":{"rendered":"https:\/\/www.nationalfunding.com\/blog\/?p=206312"},"modified":"2023-11-15T12:02:12","modified_gmt":"2023-11-15T20:02:12","slug":"semi-truck-financing","status":"publish","type":"post","link":"https:\/\/www.nationalfunding.com\/blog\/semi-truck-financing\/","title":{"rendered":"What you Need to Know About Semi-Truck Financing"},"content":{"rendered":"

If you are looking for ways to finance a semi-truck, this guide will help. Find out how to select the right semi-truck loan terms, what to look for in a semi-truck financier, and common mistakes to avoid while taking a commercial vehicle loan.<\/a><\/p>\n

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What is Semi-Truck Financing?<\/h1>\n

You can take a truck loan to buy or lease a new or used truck. You can also finance trucking equipment or repair works through semi-truck loans.<\/p>\n

Securing a small business loan<\/a> for a semi-truck can be quite different from traditional loans. Truck loans require more down payment and are costlier than business or consumer auto loans. Your monthly loan payments for a semi-truck can depend on your FICO scores, your work experience in the trucking industry, whether you are a homeowner, the type of vehicle you want to purchase, and the lender you choose.<\/p>\n

Bad credit is not rare in truck financing, and lenders are willing to finance riskier borrowers for a premium. People with bad credit can still secure semi-truck financing for higher APR, more down payment, and shorter term.<\/p>\n

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The Best Companies for Semi-Truck Financing in the US<\/h2>\n

There are multiple ways to finance your semi truck. You can buy a truck with a commercial loan<\/a>, truck dealership loan, in-house semi truck loan, business auto loan, or a bank small business loan. Here are some of the best companies for semi truck financing in the US.<\/p>\n

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National Funding<\/h3>\n

National Funding is committed to helping truckers and fleet managers get the most out of their business. We won\u2019t make you wait weeks to learn if you\u2019ve been approved or not. Get started today with our easy online loan application<\/a>.<\/p>\n

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Bank of America<\/h3>\n

Bank of America<\/a> provides low APR loans for small business owners with good credit scores. If you have a good FICO score above 750, you may get a semi truck loan from Bank of America for as low as 2.95% APR, varying over 48-72 months. You may need a minimum of two years of industry exposure and annual revenue of $250,000 to get a secured line of credit from BoA.<\/p>\n

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Wells Fargo<\/h3>\n

Wells Fargo offers flexible terms to aspiring truck owners with fresh loans and refinancing options for new or used semi trucks. Wells Fargo<\/a> provides fixed and floating rate loans for 12-84 months for Class 6, 7, and 8 vehicles. The rates are higher than the industry average. You can choose from multiple lease options like operating lease, standard\/modified TRAC lease, lease purchase agreement, dealer retail finance programs, and seasonal payment structures.<\/p>\n

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US Bank<\/h3>\n

If you want zero-down payment semi truck financing up to $1 million, the US Bank Equipment Finance program can be a great find. You can secure 25% extra financing for additional costs like taxes, delivery, and installation. Unlike other lenders, US Bank<\/a> does not blanket lien your business assets and only hypothecates assets created out of its financing. In case of default, your business assets will remain unencumbered.<\/p>\n

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Commercial Fleet Financing Inc<\/h3>\n

With a goal of financing “One Truck At A Time,” Texas-based Commercial Fleet Financing Inc<\/a> is one of the best companies for individual truck owners. They provide truck loans up to $500,000 with minimum documentation. Experienced truckers with no credit history can get rates as low as 5.5% APR. Your semi-truck loan can be approved within 24 hours if you meet their loan requirements.<\/p>\n

Pros of Financing<\/h2>\n

Here are the pros of financing a commercial truck.<\/p>\n