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Best financing for semi truck repairs

Navigating the landscape of semi truck repairs can be a financial burden, especially for small businesses and independent truckers. But the right financing option can be the lifeline that keeps your operations running smoothly.

In this article, we’ll explore the best financing avenues for semi truck repairs, helping you make an informed decision tailored to your needs.

Quicklook: Best financing for semi truck repairs

  • Best for customer service: TAFS
  • Best for asset based loans: Aladdin Capital
  • Best for comprehensive banking solutions: eCapital
  • Best for older trucks: TAB Bank
  • Best for easy application process: Big Rig Lending

5 best semi truck repair lenders


TAFS logo

TAFS is a factoring company focused on developing relationships with trucking companies to help support their long-term financial growth — including truck repair funding. With over 15 years in the business, TAFS understands the unique challenges in the transportation industry, including the importance of 24-hour service. TAFS also provides a wide range of other trucking business solutions, like truck leasing, dispatching and business loans.  

Best for: Customer service  

Special features

  • Loans from $5,000 to $250,000
  • Terms from 12 to 60 months
  • 30-day deferred first payment


  • Competitive interest rates from 5.99% APR
  • Fast online application and approval
  • Funding in as little as one day
  • Loans based on repair invoice, not truck value
  • No prepayment penalties


  • Requires 550+ credit score
  • Higher rates for poor credit borrowers

Pricing: Interest rates from 5.99% to 29.99% APR; origination fees between 2% to 5% of loan amount

Aladdin Capital


Aladdin Capital offers a streamlined loan process specifically for funding major semi truck repairs of all types. Their minimum credit score requirement is reasonable and they will finance repairs for semi trucks up to 15 years old. Offering fast approval and funding, Aladdin can help get necessary repairs done quickly so you can be back on the road and earning money with minimal downtime.

Best for: Asset based loans

Special features

  • Financing for trucks up to 15 years old
  • Loans from $5,000 to $250,000
  • Funding in as little as one day
  • Online application and approval
  • Offers additional freight industry solutions, such as truck insurance


  • Competitive interest rates from 6.99%
  • Terms up to 60 months
  • Financing based on repair invoice
  • No prepayment penalties
  • Rapid approval process


  • Must have 550+ credit score
  • Requires at least one year in business

Pricing: Interest rates from 6.99% to 29.99% APR; origination fees from 2% to 5% of loan amount



eCapital helps businesses access funds quickly through a process called freight factoring. As a customer, you can also qualify for many other types of truck repair funding solutions, including a line of credit and asset-based lending. While eCapital serves many industries, it specializes in trucking. As a result, the company understands the nuances of unique financial challenges truckers may face. If you need flexible financial solutions, eCapital may be the ideal lender for your trucking business.

Best for: Comprehensive banking solutions

Special features

  • Loans from $5,000 to $250,000
  • No maximum age limit on trucks
  • Terms up to 60 months
  • Funding as soon as one business day


  • Online application and fast approval
  • Competitive interest rates
  • Financing based on repair invoice
  • No prepayment penalties
  • Flexible repayment options


  • Requires 550+ credit score
  • Minimum six months’ time in business
  • Limited customer service reviews available

Pricing: Interest rates from 5.99% to 29.99% APR; origination fees from 1% to 3% of loan amount

TAB Bank

TAB bank

Transportation Alliance Bank, also known as TAB Bank, opened its doors in 1998 and is a member of the FDIC. The bank serves many business owners, but its roots are in serving over-the-road truckers and others in the transportation industry. TAB offers an efficient loan process for semi truck repairs with competitive rates for businesses that bank with them, but does have stricter credit requirements than some other lenders. 

Best for: Older trucks

Special features

  • Loans from $5,000 to $200,000
  • No age limit on trucks
  • Terms up to 60 months
  • Rapid approval and funding


  • Competitive interest rates
  • Minimal documentation required
  • No prepayment penalties
  • Funds direct to repair shop


  • Strict credit requirements (660+ score)
  • Shorter maximum loan term than some lenders

pricing: Interest rates from 7.99% to 29.99% APR; origination fees up to 4% of loan amount

Big Rig Lending

Big Rig Lending logo

Big Rig Lending will offer up to $25,000 to cover almost any commercial vehicle’s repairs with no in-person inspection required. The application process requires a 10-minute phone call and photos of your driver’s license, truck, its title, and the odometer. After that, qualified owner operators can be approved in one to two days.

Best for: Easy application process

Special features

  • Loans up to $25,000
  • Terms up to 48 months
  • No collateral requirements
  • Can finance most major repairs


  • Fast approvals in 24-48 hours
  • Competitive interest rates
  • No prepayment penalties


  • High origination fees (up to 7%)
  • Requires 600+ credit score
  • Lower maximum loan amount than some lenders

Pricing: Interest rates from 7.99% to 29.99% APR; origination fees up to 7% of loan amount

What is truck repair financing?

Truck repair financing refers to loans or financing options specifically designed to help truck owners pay for needed repairs, maintenance costs or replacement parts for their commercial trucks or semi-trucks. The goal is to provide trucking companies and owner operators a way to access affordable financing to keep trucks roadworthy without tying up capital needed for other expenses. Proper repair financing helps avoid costly downtime.

Loans can come from banks, credit unions, captive finance arms of truck manufacturers, and independent truck financing companies. The financing amounts can range from a few thousand dollars for minor repairs, up to $100,000 or more for major overhauls or engine replacements. The truck itself may be used as collateral to secure the repair financing loan.

Repayment periods can range from short-term (6-12 months) to longer terms of several years, depending on the loan amount and lender. Rates can vary based on factors like credit score, down payment, truck age/value, and lender. These rates are often higher than conventional vehicle loans.

How to find the best truck repair financing companies

Here’s a detailed list of loan features to help you find the best truck financing solutions:

  • Interest rate: Check the APR to understand total costs and get the best truck interest rates.
  • Loan term: Shorter terms have higher payments but less interest over time.
  • Collateral: Know which assets are needed as security against the semi truck financing.
  • Fees: Look for origination and processing fees and other hidden costs that add to the expense of commercial truck loans.
  • Payment schedule: Ensure the schedule fits your cash flow.
  • Prepayment penalties: Some loans charge fees for paying off the loan early.
  • Eligibility criteria: Requirements like credit score, years in business, and revenue may affect loan approval.
  • Lender reputation: Research the reputation of commercial truck finance companies through reviews, Better Business Bureau ratings, or referrals to get the best truck loans for repairs.
  • Loan amount: Ensure the loan covers repair costs but doesn’t lead to over-borrowing.
  • Speed of funding: If repairs are urgent, look for commercial truck lenders providing fast funding for semi truck breakdowns.
  • Documentation: Know which documents you need to get the best truck financing deals, and speed up financing for trucks.
  • Personal guarantee: Understand if your personal assets could be at risk.
  • Fine print: Always read the contract carefully to understand terms and conditions.
  • Customer service: Easy communication with the best banks for trucking companies can make the loan process smoother.
  • Use of funds: Ensure the loan is appropriate for truck repair expenses and not restricted to other uses by the semi finance lender.
  • Industry experience: Lenders with commercial truck financing expertise may offer better terms.

Ultimately, the best commercial vehicle loan for semi truck repairs is one that gets your truck on the road fastest and at the least cost.

Financing a semi truck repair can keep your business moving

Semi financing for truck repairs is a good way to minimize business disruption when an urgent need arises. To find the best commercial truck financing, consider each of the factors outlined above. Also, be sure to double-check that any financial solution you’re evaluating allows you to spend borrowed funds on repairs. Any of the best truck financing companies on this list would be a solid choice.


What is the best semi truck financing for repairs?

The best semi truck financing for repairs varies based on factors like interest rate, loan term, and lender reputation. It’s essential to compare options and consider your business’s specific needs.

Can I get a truck repair loan with bad credit?

Yes, you can get a truck repair loan with bad credit, but it may come with higher interest rates and stricter terms. Some lenders specialize in bad-credit loans, so research options carefully.

Can I use invoice factoring for semi truck repairs?

Yes, invoice factoring can be used for semi truck repairs, converting unpaid invoices into immediate cash. Typically the factoring company, called a ‘factor’ collects invoice payments directly from your clients.

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