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Business owners love that Lendio helps them get funding without the headaches.
Get the answers and the funding you need with support all along the way.
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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
Not sure what you need or what funding options are best for you? Use our simple calculator to get a rough idea of your options with no commitment, and apply when you’re ready.
Whether you’re looking to buy a new semi truck or fix up the one you have, Lendio can match you with a semi truck financing company to get you on the road.
These are the most popular types of funding that other xxxx-based businesses qualify for through Lendio.
Access available funds whenever you need them, and only pay interest on what you draw.
Access funding based on your future revenue and repay with regular payments.
Cover everyday expenses with revolving credit and earn rewards for your spending.
Equipment financing is used specifically to buy equipment, including commercial vehicles. Be aware that some lenders place restrictions or higher lending requirements on the trucking industry. Your funding manager will help connect you with the best lenders for your business.
Debt financing is what you may already think of when you think of traditional semi truck financing. Borrowers receive the full lump sum up front and make monthly payments until the balance is paid off. Popular debt financing products are term loans and SBA loans.
A line of credit can help you stay on top of your semi-truck’s capital needs. It’s a type of revolving credit (which means it’s like a credit card), so it can be used for just about any type of business expense. Because it’s possible to get up to $500,000 in credit, it’s a good no-money-down semi truck financing option.
Find answers to some commonly asked questions in the semi trucks industry.
Semi truck financing is when the purchase of a semi truck is made possible with a loan product. Types of funding include debt financing, a line of credit, and equipment financing.
Requirements will vary by lender and loan type. The minimum requirements when financing a semi truck are:
Because it’s a business loan, you can use the loan money for any business-related expense. For example, you could use the money to purchase a new or used semi-truck, communication equipment, or cabin accessories. Or perhaps you have a fleet and need new tires for each truck. All in all, every dollar spent on your trucking business or career can come from a business loan. Equipment financing, on the other hand, can be used fonly or the purchase of the approved equipment.
With a lending marketplace, you are connected with a network of lenders via a single application. The application takes only 15 minutes, and a funding manager will help you throughout the application and funding process.
SBA stands for Small Business Administration, which is a government agency formulated to help U.S. citizens create and grow their business. An SBA loan is a loan product that is insured by the SBA, which means that lenders that offer SBA loans are guaranteed to be paid by the U.S. government if the borrower fails to make payments. Because of this, SBA loans often come with lower interest rates and higher loan amounts than other loan products. However, the downside is that they take longer to process than other business loans.
SBA loans come in three types: 7(a), 504, and microloans. 7(a) is best for additional working capital, but can also be useful for refinancing current business debt. 504 is a good loan for any large asset purchase. Because new semi-trucks can be as high as $150,000, the 504 SBA loan might be a good option if you’re looking for a long loan term to lower your monthly payments. Lastly, microloans are good for small capital needs. Currently, borrowers can take out between $500 and $50,000.
This will vary based on the lender. If you are an owner-operator, the lender may want to see your CDL along with your commercial garaging location.
Lenders will have their own requirements. In general, it’s possible to purchase used trucks as long as they meet the thresholds for age and mileage on the vehicle.
Yes, there are lenders that offer semi truck financing exclusively along with dealers that offer in-house financing. Some of those include:
See what you can qualify for on the Lendio Marketplace.