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Best Commercial Truck Loans

Finding the best commercial truck loans boils down to knowing each lender’s specific terms. Understanding your truck and fleet financing options will help you get the best commercial truck loan for your business. We have broken down the top five commercial truck loan options so you can make the most informed decision.   

Quicklook: Best Commercial Truck Loans

  • Best for Overall Truck Financing Options: Trucklenders USA 
  • Best for First-Time Buyers: Wells Fargo
  • Best for Bad Credit History: CAG Truck Capital
  • Best for Experienced Industry Lender: Commercial Fleet Financing
  • Best for Light Truck and Van Loans: Bank of America

5 Best Commercial Truck Loan Options

We have taken the guesswork out of choosing the best commercial truck financing companies with these top five options. Please check out this list so you can make an informed decision for your business.  

TruckLenders USA

Trucklenders USA

Trucklenders USA is a leader in the commercial truck loan industry. Trucklenders has been in business since 1977, giving customers more than 40 years of experience. Trucklenders specializes in commercial truck (including dump trucks), van and bus financing. Check out its commercial fleet programs. You can find options for all companies and budget sizes.

Best for: Overall truck financing options


  • Industry leader with a trusted reputation.
  • Offers financing for an array of vehicle types. 
  • Cutting-edge technology-based tools.
  • Straightforward application process with quick turnaround times.


  • Requires a high credit score (675 or more).
  • Newer vehicles apply (seven years or less)
  • Applicants must be in business for at least two years.
Wells Fargo

Wells Fargo

Wells Fargo is a reputable truck and fleet financing firm. Wells Fargo works directly with truckers to help them throughout every step of the fleet financing application process. From distributors to manufacturers, Wells Fargo provides loans for class 6, class 7 and class 8 vehicles. 

Best for: First-time buyers


  • Competitive interest rates.
  • Flexible, seasonal payment structures.
  • Terms range from 12 to 84 months.
  • Offers competitive rates.
  • Allows new and used equipment refinancing.


  • No online application methods.
  • Works through dealerships only.
  • Early repayment incurs a penalty.
  • Credit insurance included in the loan.

CAG Truck Capital

CAG Truck Capital is all about helping small business owners thrive. CAG offers its own financing, meaning it can prioritize flexible payment terms. CAG delivers custom solutions to suit every customer’s needs. Plus, CAG considers all applicants regardless of credit history. Applying online is quick and simple. You can get automatic, same-day approval. These quick turnaround times make CAG Truck capital a great option for applicants with bad credit history.

Best for: Bad Credit History


  • Down payments as low as 10%.
  • No mileage restrictions on long-hood trucks.
  • Only requires a soft credit pull. 
  • Easy online application process.
  • Offers engine overhaul financing options.


  • Interest rates are higher for those with lower credit scores. 
  • A 35% down payment is required from the following:
    • Startups
    • Those who have filed for bankruptcy
    • Anyone with tax liens 
    • People with sub-600 credit scores 
  • Not suitable for new companies with little or no credit history.

Commercial Fleet Financing

Working with an experienced lender is a huge plus in the commercial fleet financing industry. Commercial Fleet Financing (CFF) is a great source for commercial truck loans because of its experience and reputation. Customers have come to rely on Commercial Fleet Financing’s industry-leading customer support for commercial truck loan needs.

Best for: Experienced industry lender


  • No application fees.
  • Easy application process.
  • Offers preferred rewards for businesses.
  • Zero down financing options.
  • Wide array of financing plans.


  • Cannot apply for a commercial loan online.
  • Must meet with a specialist to apply.
  • Requires good personal and business credit scores (640+).
  • Must be in business for at least two years.
  • Most loans require a 10% to 20% down payment.
Bank of America

Bank of America

Bank of America offers commercial truck loans through its Business Advantage Auto Loans program. Businesses can purchase cars, vans and light trucks with low down payments and rates. Refinancing options are also available for those who qualify. 

Best for: Light truck and van loans


  • Loans start at $10,000.
  • Low rates starting about 5.24 APR.
  • No application fees.
  • Get 48-to-72-month terms.
  • Special incentives with Mercedes-Benz vehicles.


  • Vehicle minimum value must be $10,000.
  • Vehicle must be less than five years old.
  • Vehicle must have less than 75,000 miles.
  • Credit score of at least 600 is required.

How Do Commercial Truck Loans Work?

Commercial truck loans are credit lines that truckers can use to purchase vehicles and equipment and finance services such as engine overhauls. Getting a commercial truck loan can be done in two ways. You can apply through a dealership when purchasing a commercial vehicle. Or, you can apply for a commercial truck loan through a lender before contacting a dealership.

When applying, lenders analyze your credit report and history. If you have a high credit score (650+), you can access competitive interest rates, low (sometimes zero) down payments and extended payment terms. However, lenders may not approve new businesses (less than two years in business) or borrowers with bad credit history. Please note that lenders require you to furnish the required paperwork, such as income statements and credit history reports. 

You can get pre-approved for a loan before deciding on a truck to buy. Getting pre-approved helps you consider your options more carefully as you know how much you can afford to spend.

What Makes a Good Commercial Truck Loan?

Here is what you need to consider when searching for the best commercial truck loan:

Fast Funding

Turnaround times are critical in the trucking industry. Finding a lender that can analyze and approve your application quickly is critical. Most lenders pre-approve applications within 24 hours. Others offer approval in about two hours. Most lenders offer funding in about two business days. 

Flexible Payment Schedule

A flexible payment schedule is always a great thing to have. Be sure to check out the lender’s payment schedule options. For example, some lenders offer seasonal payment schedules. This payment schedule can give you a break when you need it. However, be sure you don’t miss payments to ensure your creditworthiness.

Extended Payment Terms

Lenders offer extended payment terms beyond industry-standard ones. Some lenders offer up to 108 months on some commercial truck loans. Extended payment terms are a good option because they come with lower monthly payments. However, extended payment terms also come with higher interest rates. As a result, extended payment terms may cost more to finance in the long run. 

Low Rates

Most lenders offer competitive interest rates. However, rates may vary from lender to lender. Please remember that the better your credit score, the lower the rates you can get. Additionally, a good credit score can get you extended payment terms at a low rate. Shopping around to find the best interest rates is always a good idea.

No Hidden Fees

Hidden fees can hit you like a ton of bricks. Hidden fees include add-ons, insurance, underwriting fees and closing costs. A good rule of thumb is to ask the lender about fees during the application process. In doing so, you know exactly what you need to pay so you can plan your budget accordingly.

Finding the Right Commercial Truck Loan for You

Finding the right commercial truck loan for you boils down to understanding your needs and budget. Lenders are prepared to work with you to meet your needs. Please take the time to do your homework so you know exactly what fees, interest rates and payment terms you get with a commercial truck loan. With so many options to choose from, finding the right commercial truck loan for your needs has never been easier.


How Much Down Payment Do I Need for a Semi-Truck?

In general, you need at least 20% down for a semi-truck. Some loans require 6% to 10% but also come with a higher interest rate.

How Many Months Can You Finance a Semi-Truck?

Industry standard financing for semi-trucks is 12 to 84 months.

Is It Better to Lease or Finance a Semi-Truck?

Leasing a semi-truck works like a rental. You don’t own the truck at the end of the contract. If you want to own the truck, financing a purchase is a better option.

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