Semi truck financing, fast.

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:

1. Time in business of at least six months
2. A credit score of 600 or higher
3. Monthly business revenue of $8,000 or more

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:

• Arrow Truck Sales: Provides financing for its selection of used semi-trucks.
• The Larson Group (TLG): Offers in-house financing for its collection of new and used trucks.
• CAG Truck Capital: Specializes in truck and engine overhaul financing.
• TruckLenders USA: Specializes in commercial truck and trailer financing.