Semi trucks can carry tens of thousands of pounds. These vehicles support the supply chain, but they also come at a high price. A new semi-truck can cost $70,000 to $150,000. Semi truck financing helps shippers assemble their fleets and deliver more cargo. We’ll discuss some of the top in-house financing companies for your semi-truck fleet.
Quicklook: Best In-House Financing Solution for Semi Trucks
- Best For Repossessed Vehicles: Road Dog Truck Sales
- Best For Variety of Available Trucks: RCI Trucks
- Best For West Coast Truckers: TEC Equipment
- Best For Georgians and Texans: Jordan Truck Sales
- Best For Various Financing Options: TLG Financial
5 Best In-House Financing Options for Semi Trucks
Fleet owners can browse through several in-house financing options for their next semi-trucks. Comparing rates, requirements, and other details will help you find the most attractive lenders. We compiled a list of the five best in-house financing options to get you started.
Road Dog Truck Sales
Road Dog Truck Sales has provided trucks to drivers for over 30 years. The company does not sell trucks and is not a dealer. Instead, Road Dog Truck Sales re-markets repossessed vehicles. They provide easy financing regardless of credit.
Best For: Repossessed vehicles
Location: 4 Hillman Dr, Chadds Ford, Pennsylvania, 19317
Financing Options:
- Loans
- Overhaul financing
Locations: Rising Sun, MD
Special Features:
- Re-markets repossessed semi trucks
- Over 30 years of experience
- Credit score flexibility
Benefits:
- Financing regardless of credit
- Flexibility for borrowers who declared bankruptcy
- Great rates for great credit
Disadvantages:
- The company is not a dealer
- The company does not sell trucks
- Limited inventory
RCI Trucks
RCI Trucks has provided drivers and trucking companies with commercial trucks and trailers since 1984. RCI Trucks offers in-house financing for various trucks, trailers, and equipment parts.
Best For: Variety of Available Trucks
Location: PO Box 928020 San Diego, CA 92192
Financing Options: Most contracts are structured as lease purchase agreements
Locations: California
Special Features:
- Equipment and parts also have financing options available
- Lays out positives and negatives to help borrowers gauge if their application will get accepted
- Free consultations to drivers interested in becoming Owner Operators
Benefits:
- Low-interest finance options
- Credit score flexibility
- Provides purchase and leasing options
Disadvantages:
- Limited inventory
- Only provide financing for the person driving the truck
- No financing to anyone operating their own Motor Carrier Authority
Rates: RCI Trucks’ typical rate is set at 15% simple interest
TEC Equipment
TEC Equipment has established a strong presence within the west coast, featuring 28 locations spread across major cities and regions. TEC Equipment provides financing for trucks, trailers, parts, and services.
Best For: West Coast Truckers
Location: 750 NE Columbia Boulevard, Portland, Oregon 97211
Financing Options:
- Traditional financing
- TRAC lease
- FMV lease
Locations:
- Washington
- Oregon
- Nevada
- California
- Arizona
Special Features:
- Locations spread across the west coast for convenient access
- Largest full-service dealership in the West
- Many trucking choices
Benefits:
- One-stop shop
- Premium equipment, parts, and service
- Competitive prices
Disadvantages:
- Limited presence outside of the west coast
Jordan Truck Sales
Jordan Truck Sales offers in-house financing for semi-trucks in Georgia and Texas. The company uses a simple-interest loan for their financing and offer asset management services for their clients. They have a 38-acre lot in their Georgia headquarters.
Best For: Georgians and Texans
Location:
- 1460 Bankhead HWY, Carrollton, GA 30116
- 359 Denton St, Rhome, TX 76078
Financing Options:
- Loans
- Leasing program
- Rental program
Locations:
- Georgia
- Texas
Special Features:
- 38-acre lot with trucks and trailers
- Asset management services
- The company can pick you up if you’re flying to them
- No balloon payments or purchase options at the end of the loan
Benefits:
- Locations in Georgia and Texas
- Facilities for trucks
- Relationships with many financing companies
Disadvantages:
- Only located in Georgia and Texas
TLG Financial
TLG Financial provides flexible payment plans and low down payments for fleets and drivers. The company has locations spread across the midwest and southern U.S. Over 10,000 U.S. companies buy products and services from TLG. Former truck drivers run the dealer.
Best For: Various financing options
Location: 713 Hill Street, Willow Springs, MO 65793
Phone: 1-417-414-6305
Financing Options:
- Retail loans
- Working capital loans
- TRAC leases
- Modified TRAC leases
- Sale-lease backs
- FMV leases
Locations:
- Arkansas
- Illinois
- Indiana
- Kentucky
- Missouri
- North Carolina
- South Carolina
Special Features:
- Various financing options
- Reps who can answer your questions
- Adaptability during uncertainty
Benefits:
- Low down payments
- Flexible terms
- Seasonal payment plans
Disadvantages:
- Limited presence outside of the south and midwest
What Is In-House Financing?
In-house financing gives you quick access to cash, even if you have a lower credit score. You can skip banks and go straight to dealers. In-house financing often comes with higher interest rates, but you get access to vital funds for your fleet.
How Does In-House Financing Work for Semi Trucks?
In-house financing companies will review your finances to assign interest rates and down payment minimums. Companies offer to finance semi-trucks or parts if you prefer to repair a truck in your fleet.
Important Facts About In-House Financing
Financing a semi-truck represents a significant investment. Some trucking companies finance several trucks in their fleets. Review these facts before using in-house financing to fund your fleet.
Rates
Rates will vary based on the borrower’s perceived risk. Further complicating matters, lenders measure risk differently. In-house financing companies often have higher rates than banks. These companies do not take your credit score as seriously as financial institutions. Most lenders that overlook credit will have higher rates than banks.
Credit Score
In-house financing companies may look at your credit score, but they offer greater flexibility. Banks may reject a trucking company’s loan request due to a poor score. In-house financing companies may view the same score as satisfactory for financing.
Comparisons
Shop around for different loan amounts and rates before committing to an in-house financing option. You can consult with several banks and in-house choices to find the best rates. Most banks and in-house financing companies let you request a free quote. These quotes help you determine fair rates and deviate away from excessive rates. Don’t commit to any lender before browsing through several free quotes.
Down Payment
The down payment plays a significant role in rates. A higher down payment reduces the lender’s risk. Higher down payments compensate for a low credit score and help you receive financing. Lenders will entice you to make a larger down payment by offering a lower interest rate.
Some in-house financing companies will let you finance a semi-truck with zero money down. While this sounds tempting on paper, zero money down comes with the highest interest rates and monthly payments. Even a small down payment can make a big difference.
Work History
Lenders assess your financial profile before providing a loan. Many of them will ask for your work history and salary. Work history indicates if a borrower makes enough money to afford the loan’s monthly payments. A respectable and reliable salary will boost your chances of obtaining a loan. Lenders will be happy to work with you if your salary can cover monthly payments.
Get the Right Financing for Your Semi Truck
The world economy relies on semi trucks to deliver cargo across routes. Many fleets finance their semi trucks due to their price points. In-house financing offers a solution to trucking companies with low credit scores and a need for speed. Review multiple lenders and their free quotes before making a final decision.
FAQ
The typical financing term for a semi-truck ranges from 5 to 7 years, but the exact term depends on factors such as the truck’s age, condition, and the specific agreement with the lender.
Owning a semi-truck can be a good investment if you have consistent, profitable work such as long-term contracts or if you’re running a trucking business, but it requires significant upfront costs, ongoing maintenance, and dealing with industry challenges like fluctuating fuel prices and regulatory changes.
The profit from a single semi-truck can vary greatly depending on many factors, but on average, an owner-operator may net between $40,000 to $60,000 per year after expenses, although some can earn more with profitable contracts and efficient operations.
