![]() In contrast, others offer a variety of financing products that you could use for any business needs. Some specialize in equipment financing for trucks and other machinery, such as National Funding and US Business Funding. If you’re seeking commercial or semi truck financing with bad credit, alternative lenders offer some of the best bad credit commercial truck loans available. For this convenience, your commercial loan will likely have shorter repayment terms and higher interest rates than you’d find with a conventional lender. These lenders extend funding opportunities to business owners who are often unable to meet the requirements of banks and select equipment lenders. Online lenders offer fast, secure access to commercial truck loans and commercial truck fleet financing. Because they have such a handle on the trucking industry and process a high volume of applications, they might not be as likely to approve less-qualified borrowers. While specialized commercial truck financing companies aren’t as tough as banks, approval is far from guaranteed. From credit scores to time in business, you’ll have to meet a lender’s minimum requirements to qualify for a commercial truck loan. Truck Finance Company RequirementsĬommercial truck financing lenders have their own expectations for borrowers. However, specialized lenders, such as commercial truck financing companies, sometimes carry requirements you won’t be able to meet if you have a startup. This leads to a smoother process overall. Their experience can help you find good value in your purchase and better facilitate the deal with the seller. The main benefit these truck finance companies offer is their knowledge. Wyatt Leasing: Equipment loans and leases for transportation, towing, agriculture, construction and waste industries.Pedigree Truck Sales: Semi truck and semi trailer financing.Dostal Equipment & Financial, Inc.: Semi truck, equipment and commercial truck trailer financing.CAG Truck Capital: Engine overhaul and semi and commercial truck financing programs.Several of them even offer bad credit commercial truck financing options. Some of the best commercial truck financing companies include the lenders listed below. This includes a few dedicated strictly to commercial truck and semi truck financing. Some lenders specialize in providing funding for equipment. Related: Bad Credit Business Loans? These Are Your 5 Best Options Startups and first-time buyers may need to look elsewhere. This makes it a great choice for commercial truck owner-operators with multiple years of experience. They tend to work with high-amount loans, so they need to know you’re experienced and capable of making more than enough to pay them back. According to Experian, a 670 FICO score, a credit score reviewed by many lenders, is considered good.īanks also favor businesses that have a long history of generating revenues. Generally, you’ll need to have a good or excellent credit score to qualify. Bank Requirementsīanks have the strictest prerequisites. If you’re looking for 18-wheeler or dump truck loans and you have bad credit, low revenues or don’t have an established business history, your chance of approval is slim. Typically, however, only the most qualified borrowers are approved by banks. Their resources allow them to offer low rates and long terms. Some lenders are hesitant or unwilling to offer in-house semi truck loans or other 18-wheeler financing.Īlthough smaller chains and regional companies don’t usually take on the risk of providing semi truck financing, you can find large national banks that finance commercial trucks and trailers, such as Wells Fargo and U.S. Commercial trucks need special upkeep, making them expensive assets for any small business.Īdditionally, many of these industries (especially freight trucking) are considered risky because failure rates are high. This is considerable when you realize many truck-tractors are driven 100,000 miles or more a year.Īs you can see, running a business that involves the use of commercial vehicles comes with a particular set of challenges. was $2.90, accounting for such expenses as worker wages and benefits, equipment and maintenance, insurance, licensing, fuel and tires. In 2021, the average trucking cost per mile in the U.S. If you know where to look for lenders - and what they look for when judging your application - you can find the best commercial truck financing rates and get on the road in no time. Looking to add a commercial truck to your business’s vehicle inventory? Unless you have a hefty cash reserve, you’ll likely need some financing.Ĭommercial truck loans and financing work differently than conventional car loans, making the loan application process challenging.
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