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Commercial Truck Financing

Commercial Truck Financing

Reliable vehicles can significantly impact your company’s profit margin in the commercial trucking sector. However, since new commercial trucks cost around $50,000 to over $200,000, most businesses need to borrow money to finance their equipment expenses. For this reason, you need to find trustworthy commercial truck financing options to maintain your fleet. 

Commercial truck financing helps you as a business owner to repair or buy trucks that are essential to transport materials, haul goods, or make deliveries. You can choose from a variety of financing options, from alternative commercial truck loans to direct commercial loans to bank loans.

Commercial Truck Financing: How It Works?

When you finance a commercial truck, a financial institution or agency lends you the money required to make the purchase. In return, the lender holds the title of the truck until you have fully paid your debt. If you fail to repay the loan within the agreed timeframe, you run the risk of permanently losing the vehicle’s ownership to the lender. You will also be required to pay the lender commercial truck loan interest rate and possibly a fee to borrow the money over a specific period. 

Conventional banks, including regional and community banks and lending agencies, offer different commercial truck financing options. You can look for options suited for a single truck or a fleet of 30 or more. These lending agencies are more efficient in providing a quicker solution for commercial truck loans.

Moreover, their policies are usually crystal clear. The application process is usually done online with fewer and less complicated requirements than at a traditional bank. The only downside is the higher down payment for better risk management.

Features of commercial truck loans

Commercial truck loans typically come with a five-year terms depending on the age and mileage of the truck.  Additionally, you can expect the following features:

  • Competitive Interest Rates: Lending companies generally offer competitive commercial truck loan interest rates once the loans are secured. This means that the purchased truck acts as collateral with the lender until you can pay the amount owed in full. When the risk is minimized, the result is usually a lower interest rate.  

  • Quick Disbursals: Lenders of commercial truck loans usually disburse the money directly to the vehicle supplier, enabling you to buy and register your truck instantly. 

  • Flexible Terms of Repayment:  Repayment of commercial truck loans ranges from a year to 5 years, depending on the lender and the truck you need. This gives you ample time to arrange the funds and pay off the debt hassle-free. 

  • Eligibility requirements: You can easily apply for a loan for a commercial truck depending on your financial history and credit score. If you are a new or small business owner, you may have to provide a personal financial statement or personal guarantee. A personal guaranty agreement is a document confirming that the borrower will be personally liable to pay their business’s debt in case of non-payment. This document becomes a must when there are concerns over the borrower’s age, credit history, or financial stability.  

  • Loan processing and prepayment: Alternative lending companies typically implement minimal loan processing fees, but this can vary depending on the lender you choose. You can also make your loan repayments before the maturity date without paying any additional charges. 

  • Easy application process: Most lending companies nowadays allow you to apply for a commercial truck loan online. You don’t have to make several trips to the office, and there is sometimes no need to provide physical documents. Since loan applications are submitted online, scanned documents of your identification, address, and financial records are typically accepted, provided they are verified. 


Commercial Truck Loans Vs. Leases 

Financing a commercial truck through a loan means borrowing money from a financial institution and then using it to pay in installments or lump sum. On the other hand, a lease is a contract that allows you to use the vehicle from a third party on payment of specified rentals. 

If you wish to buy the truck at the end of the lease, you can do so once depreciation has been subtracted from its net value. On the other hand, a loan grants you complete vehicle ownership at the end of the term. Although you may benefit from lower monthly payments in a lease compared to a loan, keep in mind that leases have stringent terms related to early termination, hidden end of term fees, and initial security deposits that don’t apply towards reducing the amount financed, all of which can increase the overall costs. 


Why Finance a Commercial Truck through Lease?

A lease typically offers a more affordable down payment and monthly payments. However, as a lessee, you will have to ensure that the truck remains in good shape. Failing to do so could mean paying extra for any wear and tear. Financing a commercial truck through a lease also comes with mileage restrictions, which means paying additional charges if you go overboard that limit.  


Why Finance a Commercial Truck through a Loan?

Financing a truck through a loan makes you the vehicle owner once the loan has been fully paid off.  The title remains in your name and the lender merely the lien holder.  Wear and tear do not affect the monthly payments, so you won’t have to worry about the lessor increasing the cost. There are also no mileage limits that you need to follow or fines to worry about. 

If you plan to use the truck for a long time (5 or more years), or pay the loan off early then financing it through a loan makes more sense than leasing.  Similarly, if you have a business that requires you to use the truck often or for extended periods, you are better off going with a loan to avoid mileage restrictions. 


Why Should You Choose National Truck Loans For Commercial Truck Financing?

With more than 15 years of experience in the commercial vehicle financing industry, National Truck Loans has established itself as a leader. The boutique private lending company specializes in commercial vehicle loans that range between $15,000 and $250,000.

We act as a direct lender, so you don’t have to worry about overly complicated document processing or other unnecessary red tape. Our financing options are transparent, quick, and easier than those of conventional financial institutions or third-party brokers. We prioritize customer experience above all else; therefore, our primary objective is to bring you financing solutions unique to your needs and preferences.

We have been successful in creating a reputable brand name in the industry by offering top-notch financing solutions and developing strong relationships with our clients. Although we recognize that financing substantial equipment can be challenging, our main objective is to provide seamless support for your future capital requirements.


Commercial Truck Financing Requirements

Several factors will determine your eligibility to qualify for a commercial truck loan or lease. They will also significantly influence the down payment and interest rate applied to your monthly payments. Here’s a list of all the factors and requirements lenders will examine before offering you the finance. 



Collateral is a valued item, such as a commercial vehicle you own that helps you secure a loan. The aim is to reduce the risk for the lending company by ensuring they get compensation for some or the entire loan. Since lenders will use the truck as collateral, they will consider the vehicle’s quality and condition. Your aim should be to finance a used or new truck with 350,000 to 500,000 miles. 

Time in Business 


The more time you have stayed in business, the greater your chance of qualifying for a commercial truck loan. New and/or small businesses are often considered suspicious since there’s more risk involved.  Any business less than two years operating is considered a new or startup operation. 

Businesses that are older and more established have a better chance of recovering from a financial setback, which wins the support of lending institutions. Your risk-associated risk factor significantly decreases if your company is a corporation or limited liability company rather than a sole proprietorship.

Credit Score


A credit score is perhaps the most important factor influencing your eligibility for financing a commercial truck. The general credit score requirement is 600, but some lenders may require 680 or above. However, the lender you choose will decide the exact score.  There are some financial providers that are collateral based lenders, not credit based, like, who can approve borrowers who have credit scores as low as the 500’s as long as there is sufficient down payment, collateral, and/or strong  cosignor.

Commercial Driver’s License

Before applying for commercial truck financing, you need to show a commercial driver’s license if you plan to be an owner-operator operating in intrastate, interstate, or foreign commerce. This requirement can differ depending on the lender, but an owner who doesn’t show a CDL will be seen as a high-risk borrower if the company does not have experience operating multiple trucks, which could translate to a higher interest rate and/or down payment. 

Down Payment 


You can expect to pay a minimum of 25% as a down payment, although the exact rate may vary based on the lending company and your financial history. Some lenders also offer zero-down loans for borrowers with an excellent financial track record. You can benefit from this feature if your credit score is over 700 with a track record of managing debt successfully and your bank statements show good cash flow management. 

Who Will Have A Hard Time Qualifying? 


The credit score is an important factor that determines your truck-financing loan application eligibility. Poor credit scores may negatively affect your chances. That is, unless you go with a collateral based lender like National Truck Loans. Similarly, your case may be closely scrutinized if you have any tax accruals or outstanding child support payments. Another factor that could impact your eligibility is your inability to generate sufficient capital to make the down payment. 

Lastly, a lack of experience in the trucking sector may be seen as a red flag by the lender. To qualify easily, you may have some degree of familiarity with or experience relevant to the industry. 

National Truck Loans enables you to secure a loan in spite of a poor credit score as long as you can offer collateral or an adequate down payment.  For this reason, we look at the bigger picture and help new and small business owners with lower credit scores (C or D) or even those with no credit score secure loans. 

We also determine loan qualifications based on your general profile, payment history, and available collateral.  Compared to traditional banks and other financial institutions, this can make it easier for you to apply for a commercial truck loan with us. 


Red Flags To Avoid


Before applying for a commercial truck loan, make sure the lending company doesn’t have the following red flags. 

  • Upfront cash payment: A lending company should never ask you to pay anything before final approval. This includes a down payment and application fees.  Also beware of required “security deposits” instead of a real “down payment” that actually reduces the total amount financed. 

  • No option for an early payoff: The right company should offer you the option to pay your debt before the maturity date without incurring any prepayment penalties. 

  • 100% more sales tax: If you are leasing a truck and decide to purchase it at the end of the term, be wary of the sales tax charged on your monthly payments as well as the overall cost of the vehicle. 


Financing for commercial trucks is an overwhelming and expensive endeavor. For this reason, choosing a credible lender with industry experience is crucial. Read reviews and ask for personal references before you finalize a company. Once you have chosen a lender, you still need to review your loan agreement and thoroughly read the fine print before giving your stamp of approval. 

Providing Commercial Truck Financing For Bad Credit, Great Credit, and Everything In-Between

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We will handle your paperwork once we have the signed contract back. Most trades are settled in as little as three days. We can quickly get the truck you need back on the road.


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Chris Cadahia

Great lender without the bureaucracy and gotcha’s from your typical truck finance broker. Really makes a difference when you work with a lender like National Truck Loans that uses their own money to fund loans and know the industry. They’ve been a great financial partner and appreciate the support!

SFL Supply Inc Review

SFL Supply Inc.

National truck loans helped me grow my fleet by several trucks. Very simple, professional and helpful on every step of the way until the end. Recommend to any carrier. Thank you

Juan Insegna Review

Juan Insegna

I had a very good experience. Micheal and Junior helped me a lot, they always answered all my questions and they work very fast. I recommend it.

Good Credit, Bad Credit, No Credit


  • What type of trucks do you finance?
    National Truck Loans is a truck financing company that provides easy truck financing for all types of semi trucks. You can get truck financing for trucks sold either through truck dealers or private sellers. We make truck loans easy no matter the brand of truck you are looking to finance. All brands includes Mack, Peterbilt, Freightliner, Volvo, and even International.
  • Can you finance trucks with bad credit?
    Yes! At National Truck Loans, no matter your credit history, we can help you when other truck finance companies can’t. We have been a truck financing company for many years, so we are familiar with the challenges many faces. If you have bad credit, reach out to us. We can help you; that’s our specialty. We provide finance for trucks with Bad credit, Great credit, and Everything In-between. Our financing program is set to fit your needs.
  • Can I get a truck loan with a tax lien?
    Yes, you can. Even with a tax lien, National Truck Loans can help in truck financing. We are willing to extend credit for you.
  • Do you report to credit agencies?
    When you take a truck loan from us, we report to major credit agencies to rebuild your credit. We have helped many owner-operators to get hold of their credit through our accessible truck financing business.
  • Do you finance anything other than trucks?
    Yes, we do! In addition to commercial trucks, we also finance trailers and engine overhauls!
  • Do you do truck financing for startup trucking companies or new operators?
    Yes, we do. At National Truck Loans, we specialize in truck financing for startup trucking industries and new operators in the trucking business. If you are a new operator and you are in search of trucking finance to help your trucking business, we are here for you. We have all you need to run a smooth business.
  • Do you provide truck financing for higher mileage trucks?
    Yes, we do. We provide truck financing for startup trucking businesses looking to get a truck loan, including for higher mileage trucks. National Truck Loans offers everything you'll need.
  • Is it hard to get a truck loan?
    It is not hard to get a truck loan. Truck financing is more than a good credit score. It would be best if you had a good driving experience and strong revenue generation. If you have a bad credit score history, it is essential to choose trucking finance companies specializing in bad credit loans. We specialize in helping you finance truck expenses and make the most of your business.
  • How does truck finance work?
    Truck financing involves business owners using their trucks as a loan or collateral, which helps to reduce the risk for the lenders. Lenders hold on to the title of your truck until you pay off the truck loan. They may also seize your truck if you do not fulfill your loan obligations. You can find truck financing from traditional banks or truck lending companies. With truck financing, you can start driving your truck with little or no down payment.
  • How long are trucks financed for?
    The average lifespan of a truck loan for a new truck is five years (60 months). It all depends on your down payment. The loan may not exceed three years (36 months) if you buy a secondhand truck.
  • How do I determine my eligibility for a truck loan?
    Various factors determine whether you will get truck financing or not. They include your credit score, years in business, down payment, truck mileage, commercial driver’s license (CDL), tax liens, and truck age. But we at National Truck Loans approve trucking finance for business owners with bad credits, tax liens, or bankruptcy.
  • Can I get access to truck financing without a CDL?
    Yes, you can. Truck financing programs are available for business owners without a CDL. Before applying for a truck loan in a truck finance company, be sure a CDL is not part of the lender’s requirements for financing. Also, the person driving the vehicle may differ from the person paying for the truck. It doesn't matter who is behind the funding as long as a person with a CDL is the driver.
  • Can I finance a truck with bad credit?
    Yes, you can. What some lenders consider bad credit may be satisfactory for another truck lender. This is why it is essential to thoroughly review each lender's eligibility requirements before making your choice.
  • Can I review loan terms and interest rates before getting a loan?
    Of course! When you apply at National Truck Loans, you are free to go through all the details of your loan and ask questions before committing. Our services are fair and transparent.
  • What kind of truck can I buy if I apply for a truck loan?
    When you decide to get truck financing, you can buy any truck of your choice. You can buy yourself a semi-truck, work truck, or commercial truck. There is no limit on what your loan can buy from any truck dealer or buyer. The type of truck your loan can buy depends on the brand, mileage, and features like fuel capacity and engine specifications.
  • How does truck financing benefit my business?
    There are various benefits of using truck financing for your business. Some include flexibility of finances, business growth, and truck ownership.
  • Do I need insurance for truck financing?
    Yes! Before you can get approval for truck financing, you need commercial truck insurance. The insurance you choose depends on what you need to be covered. It would help if you also made sure the insurance costs are what you can afford, together with your loan payments. The most common type of commercial truck insurance are: General liability insurance Non-trucking liability insurance Workers' compensation insurance Primary liability insurance Motor truck cargo insurance Physical damage insurance Bobtail insurance
  • I'm buying a used truck. Does that mean I can't finance it?
    No. The type of truck you are buying doesn’t affect your truck financing. Just like a new truck, a used truck can also be financed. All you have to do is talk to your salesman.
  • What are the things to know before applying for a truck loan?
    There are quite a several things you need to know. You need to ask yourself relevant questions like, Do I want a new or secondhand truck? Can I make a down payment? Will the truck tend to my business needs? Do you understand what truck financing entails? It would be best if you were informed and sure of what your business needs to avoid a bad purchase.
  • What documents do I need to get financing?
    There is no one way to do this. The documents needed for financing vary from one truck financing company to another. But there are primary documents you should prepare: Business License Personal identification Insurance proof Relevant permits CDL Social security number Financial/Tax records Information about the trucks you want to finance. Why do you want to buy them?
  • What is the interest rate on a truck loan?
    No set interest rate. Truck lenders set their rates based on your overall credibility, the type of truck you want, why you want to buy it, and the lender’s requirements. Nothing is fixed, but you can see annual interest between 5% and 50%.
  • How much do I pay as a down payment?
    The standard percentage is 10% of the cost price. But the sales manager will approve a payment that fits your budget for you to enjoy easy truck financing.

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