Acquiring a box truck represents a major capital investment for small trucking companies and owner-operators seeking to expand their fleets. While box trucks offer versatility, purchasing these rugged commercial vehicles requires taking on significant financing through business loans or leasing.
By using top lenders specializing in box truck financing, like the ones on this list, you can find loan terms and rates to fit your budget and needs.
And when you’re finished reading, check out these other articles in our ‘How to become a box truck owner operator’ series:
- 9 steps to become a box truck owner operator
- How much does box truck insurance cost?
- Best box truck financing options
- 7 tips for evaluating box truck dispatch services
Quicklook: Best box truck financing options
- Best commercial truck financing for fleets: TAB Bank
- Best comprehensive commercial truck finance services: eCapital
- Best box truck loans for small businesses: Balboa Capital
- Best bad credit trucking loans: Tucker Capital, Inc.
- Best truck financing with 0 money down: Daimler Truck Financial
5 best box truck finance companies
TAB Bank
TAB Bank provides commercial fleet financing up to $200,000 per vehicle with competitive rates, accommodating the higher costs of purchasing multiple box trucks. They offer flexible loan terms up to seven years, and delayed first payment options to match repayment schedules to fleet budgets and cash flows. TAB Bank’s efficient application and fast funding process can smoothly facilitate financing an entire fleet of new or used box trucks at once.
Special features
- Financing up to $200,000 per vehicle
- Loans for new and used box trucks
- Terms up to seven years
- Fixed and variable rate options
- Flexible payment structures
Benefits
- Delayed first payment options
- Quick approvals and funding
- Competitive interest rates
- No prepayment penalties
- Experienced in financing fleets
- Online account management
Disadvantages
- Requires 650+ credit score
- 10-30% down payment often required
Pricing
- Interest rates from 7.99% to 29.99% APR, origination fees from 2-4% of loan amount
- Documentation fees of $195 to $295 per vehicle, minimum administration fee of $150
eCapital
eCapital provides competitive financing for trucks, and is also generally one of the best banks for trucking companies. They offer checking and savings accounts, fuel cards, and merchant services tailored to the transportation industry. Drivers can handle all their banking and finance needs in one place with eCapital, establishing a complete financial relationship rather than just taking out a loan from a single-service lender.
Best for: Comprehensive commercial truck finance services
Special features
- Loans from $25,000 to $250,000
- Terms up to seven years
- Fixed and variable rate options
- Finance up to 100% of purchase price
- Online application and account management
- Banking services available
Benefits
- Competitive interest rates
- Flexible terms and payment structures
- Delayed first payment option
- Fast approvals and funding
- Dedicated support team
Disadvantages
- Requires good credit score of 650+
- Limited terms under two years require 10-20% down payment
Pricing
- Interest rates from 7.99% to 29.99% APR, origination fee of 2-4% of loan amount
- Documentation fee of $195 to $295
- $495 early payoff fee within first six months
Balboa Capital
Balboa Capital provides fast and easy loans of up to $75,000 specifically for commercial trucks and equipment, with competitive interest rates and flexible repayment terms. They require limited financial documentation from small business applicants, use an efficient approval process, and process funds quickly. With a small business focus, Balboa Capital’s customized financing enables small businesses to acquire the commercial vehicles they need to operate and grow successfully.
Best for: Small businesses
Special features
- Loans from $5,000 to $75,000
- Terms up to seven years
- Fixed and variable rate financing
- Only limited financial data required
- Fast application process and funding
Benefits
- Deferred first payment option
- No prepayment penalties
- Online account management
- Experience financing box trucks
Disadvantages
- Limited to financing up to 75% of purchase
- Requires personal credit score of 650+
- Limited terms under three years require 10% down
Pricing
- Interest rates 8-30% based on applicant’s financial profile
- Origination fee of 2-3% of financed amount
- Documentation fee of $150, minimum administration fee of $75 per loan
Tucker Capital, Inc.
Trucker Capital, Inc., is an excellent choice for truckers seeking the best truck financing companies with bad credit. Whether you’re looking for truck lenders to fund new equipment or just need extra cash for truck repairs, Trucker Capital can help. As a direct lender, there is no intermediary, and flexible payment schedules ensure that you can obtain financing that works for you.
Best for: Bad credit truck loans
Special features
- No minimum credit requirements
- Flexible payment schedules
- No middle man
- Loans for repair expenses
Benefits
- Easy application process
- Access to insurance options
- Streamlined approval process
Disadvantages
- Potentially costly initial down payments
- Limited financing options
- No timetable for when funds become available upon approval
Pricing
- Interest rates 7.99%-29.99% APR, origination fee of 2-3% of the total loan amount
- 10-30% down payment required
- Documentation fee of around $295 per box truck
- Minimum monthly fee of $125 to cover account servicing costs
Daimler Truck Financial
As the captive finance company for Freightliner and Western Star, Daimler Truck Financial periodically provides special zero down payment promotions on new box truck purchases of those makes. By financing 100% of a new box truck purchase price, Daimler allows businesses to acquire the vehicles they need without large down payments. With deep transportation industry expertise, they can tailor zero down financing packages to help businesses buy box trucks that fit their operations.
Best for: Zero down commercial truck loans
Special features
- 100% financing, no down payment
- Offered on new Freightliner and Western Star box trucks
- Deferred first payment up to 90 days
- Credit approval required
- Terms available up to 72 months
Benefits
- Acquire new trucks without large down payment
- Competitive interest rates
- Flexible payment structures
- Fixed rate financing available
- No prepayment penalties
Disadvantages
- Promotions only available sometimes
- Must qualify for credit approval
- Higher rates than financing with down payment
- Limited to Freightliner and Western Star models
Pricing
- Interest rates from 7.49% to 13.79% APR
- No origination fee when financed internally, documentation fee of $150
Pros and cons of box truck driving jobs
Driving a box truck can be a worthwhile job for the right person, but there are some key pros and cons to weigh.
Pros
- Flexible scheduling: Many box truck jobs allow you to set your own hours, which can provide work-life balance. You may be able to choose the days you work and routes you drive.
- Alone time: Box truck drivers often work independently and spend much of their day alone in their truck. This appeals to people who value autonomy and don’t want to interact with others constantly.
- Variety: Box truck drivers often go to different locations each day, avoiding monotony. You get to see new places and people.
- In demand: There is strong demand for delivery drivers and owner operators as ecommerce grows. This makes it easier to find a box truck job opportunity.
- Earning potential: Experienced owner operators who own their truck can earn $50,000-$75,000 per year. Company drivers earn $30,000-$50,000 typically.
Cons
- Physical demands: Loading/unloading freight manually can be physically taxing. There is also sitting for long periods while driving.
- Away from home: Overnight travel and time away from home is common for regional and long-haul routes. This work-life balance can be challenging.
- Expenses: For owner operators, costs like fuel, maintenance, registration, and insurance can reduce net earnings significantly.
- Strenuous driving: Navigating a large vehicle and dealing with traffic can be stressful, especially in urban areas.
Overall, driving a box truck can be a good profession if you value flexibility and independence over a more traditional 9-5 job. However, the physical demands and expenses should be considered.
Find the best commercial vehicle loan for your box truck business
Acquiring a box truck is a major investment, but financing can make the process more affordable for owner-operators and fleets. By researching the best commercial truck loans, you can find the ideal loan terms and rates for your specific budget and credit profile. Securing competitive box truck financing will enable your transport business to operate efficiently and meet customer demands.
FAQ
Most lenders require a minimum credit score in the range of 600-650 to qualify for a box truck loan. A credit score of 720 or higher, though, will help ensure you get approved for the best truck loans.
Box trucks can be a smart investment for small businesses because they provide versatility in hauling different kinds of freight. They also get better fuel efficiency than a full-size semi truck, keeping expenses lower.
The typical lifespan of a box truck that is well-maintained is between 7-15 years before major repairs start to exceed the value of the vehicle. Commercial use and mileage can shorten that lifespan.
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