Guide to Commercial Truck Financing
Semi-truck financing should be easy. As a truck driver you need to be on the road in your new or used semi-truck generating revenue, and not having to worry about financing options, and which leasing company to deal with.
At TopMark Funding we understand that. We have decades of financing expertise in the trucking industry. Helping small businesses grow by providing expert truck finance advice and providing a quick and easy commercial truck loan and lease process.
We’ve put together a simple and fast semi-truck financing program that fits the needs of owner-operators, small and large fleet owners. Regardless of your credit history. Whether you have bad credit, good credit, new or used semi-truck, we have a finance solution for you.
When you deal with TopMark Funding you’ll have a dedicated truck finance specialist that will make the truck financing process as smooth and easy as possible.
There are several factors that determine your truck lease or semi-truck loan terms, interest rate, and down payment. Below is a breakdown of the requirements and factors that determine your eligibility and financial requirements.
4 Easy Steps to Semi-Truck Financing
#1 DETERMINE YOUR ELIGIBILITY – GET PRE-APPROVED
Before you go semi-truck shopping we recommend getting pre-approved first for semi-truck financing. At TopMark Funding we have a quick and easy pre-approval process. One of our truck finance specialists will ask you a few questions about your business and credit history. We will then do a soft credit check on your credit, not a hard inquiry.
The majority of our competitors do a hard credit inquiry. That’s not good for your credit score. Our pre-approval process is guaranteed not to harm your business or personal credit score. Once we get your credit results back we’ll get you pre-approved with the amount you’re allowed to finance.
HERE ARE A FEW FACTORS THAT DETERMINE ELIGIBILITY
- Credit Score – 600 or Above for the Best Semi-Truck Financing Rates.
- Time in Business with a CDL License – 3+ Years Preferred (But We Can Finance Start-ups Too!)
- Down Payment Amount – How Much Can You Afford to Put Down on Your Semi-Truck.
Learn more about credit – The Trucker’s Guide to Understanding Credit
Making smart choices with semi-truck financing is critical to any trucking company. Having up-to-date equipment to maximize efficiency and stay in compliance with the ever-changing regulations is important to a company’s growth and sustainability. We’ve made the funding process quick and easy so you can get funded fast and on the road with your new truck!
If your credit looks good and you want to get pre-approved today >> Click Here <<
#2 FIND YOUR NEW OR USED SEMI-TRUCK
Here’s the fun part of the semi-truck financing process: shopping for your new big rig! When shopping for your new 18-wheeler you need to keep in mind some requirements the lenders have.
We always recommend buying your new or used semi-truck from a reputable semi-truck dealer. But, we can finance from a private party seller also.
If you’re not sure which semi-truck dealer in your area is reputable, give us a call and we’ll have some suggestions at (866) 627-6644. We have a list of great dealers throughout the US.
- Make, Model, Year (Less than 10+ years)
- Mileage (Less than 700k)
- The truck needs to be for your intended use.
- Condition Report
- Any past major repairs.
- Preferably sold by a semi truck dealer.
- Serial Number of the truck.
- Is the semi truck new or used
- Minimum of 3 pictures
Lenders want to make sure the semi-truck you’re trying to buy is a good investment for you and will last the duration of the financing term. Also, the truck is the collateral for the financing. If something were to happen and you can no longer afford to pay the loan or lease back, the lender will need to repossess the truck and trailer and recover their capital.
Found Your Truck and Need Financing? Great! >> Click to Start the Process
#3 FIND GOOD SEMI-TRUCK INSURANCE
Before you get approved and obtain your semi-truck lease or loan, you’ll need to have semi-truck insurance. Semi-truck lenders will make sure you have good semi-truck insurance. Just like your personal vehicle, you’ll need good insurance for your big rig.
Just like anything else in life, you get what you pay for. Your semi-truck and business are valuable assets and you don’t want to be under-insured and liable for the potentially massive repair and legal bills.
Semi-Truck lenders require you to have the following coverage:
- Liability coverage
- Physical damage coverage
- Bobtail coverage for non-trucking use
- Cargo and storage coverage that covers what you’re hauling
If you own a fleet of semi-trucks and have employees driving for you, you’re going to need workers compensation. Contact your local business insurance agent for more details.
Lenders will not allow you to finalize the deal without the correct type of insurance for a semi-truck. If you have any questions please feel free to contact your truck finance specialist. (866) 627-6644
Insurance ✔ Get Pre-Approved Today – Quick & Easy Application >> Get a Quote <<
#4 SIGN & SUBMIT YOUR DOCUMENTS >> GET FUNDED!
Once you’ve picked out your semi-truck that meets all the requirements and you have the proper insurance in place, it’s time to finalize your funding. Contact your finance specialist to finalize your application.
Documents will be generated and then emailed for review and signature. An electronic signature is acceptable on most documents.
After the signed contract is returned, we’ll process your documents. Most transactions fund within 1 to 3 days. We have a fast turn around to get you the truck you want up and running!
About TopMark Funding
At TopMark Funding® client satisfaction is our top priority. With 20+ years of experience in the semi-truck and commercial vehicle industry. We know what it takes to get you approved for the best commercial truck financing deal possible.
We’re a top-rated semi-truck financing and equipment financing company located in Roseville, CA. We specialize in semi-truck financing and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your fleet and business.
We’re not here for the short-term, we’re on the long-haul with you. We achieve this by being your truck financing advisor, guiding you towards the best financial decisions for your trucking business.
If you’re in the market for a new or used semi-truck, or a commercial truck we can help finance it for you. We have great rates, low down payments, and flexible monthly payments. We have lease and loan programs for several different types of commercial truck and trailers.
Fill out the contact form or give us a call at (866) 627-6644. One of our truck finance specialists will contact you as soon as possible to go over your truck financing needs and learn more about you and your business goals.