Semi Truck Financing: How to Get Truck Financing

Why Semi-Truck Financing Matters

Running a profitable trucking business starts with the right equipment — and the right financing partner. Whether you’re an owner-operator buying your first truck or a fleet owner expanding capacity, how you finance your semi-truck directly impacts your cash flow, growth potential, and long-term profitability.

At TopMark Funding, we understand the unique needs of truckers and fleet owners. From Freightliner and Peterbilt to Kenworth and Volvo, we’ve helped thousands of drivers get on the road faster with custom financing solutions that fit their credit, route, and revenue goals.

How Semi-Truck Financing Works

Semi-truck financing allows you to acquire a truck now and pay it off over time, using the truck as collateral. The structure you choose determines ownership, tax benefits, and monthly payments. Here’s a breakdown of the main options:

• Loan (You own the truck): Fixed term, fixed rate, full ownership, and depreciation. Best for long-term use.
  
• Lease (You use the truck): Lower monthly payments with flexible end-of-term options. Includes TRAC, FMV, or $1 buyout structures.
  
• Equipment Finance Agreement (EFA): Similar to a loan; you own the asset and can take tax deductions.

Each option comes with unique advantages. A loan or EFA gives you full control and tax benefits, while a lease provides flexibility to upgrade trucks every few years. A finance specialist can help you decide which fits your mileage, routes, and budget.

Fast, No-Hassle Application Process

We make the process simple so you can focus on hauling freight, not paperwork. Most deals fund in as little as 1–3 business days.

1. Apply Online (Soft Credit Pull Only) – Click Get Pre-Approved or call (866) 627-6644 to start. We’ll review your file without a hard inquiry.
2. Select Your Program – A dedicated truck-financing specialist matches you with the right loan or lease structure based on your credit, down payment, and truck type.
3. E-Sign Documents – Review and sign electronically — no need for in-person paperwork.
4. Get Funded Fast – Once everything is signed, we coordinate with the seller and release funds so you can hit the road.

TopMark Funding partners with 40+ national lenders, giving you access to programs the big banks can’t offer — including startup owner-operators, used equipment, and private-party sales.

What Lenders Look For

Lenders evaluate several key factors when approving semi-truck financing. Knowing these ahead of time can help you prepare and strengthen your application.

• Credit Score: 650 + is ideal, but we have flexible options for a wide range of credit backgrounds.
  
• Time in Business: Two years or more preferred — startups welcome with compensating factors.
  
• Down Payment: Ranges from 0–20% depending on credit, truck age, and mileage.
  
• Truck Details: VIN, year, make, model, mileage, and seller information.
  
• Cash Flow: Recent business bank statements show your ability to handle payments.
  
• Insurance: Must be active before funding.

Even if you’re new to trucking or rebuilding credit, we can help. Strong cash flow, newer equipment, or a solid co-signer can all improve approval odds.

Rates & Terms

Every truck deal is unique, but most commercial truck loans and leases fall within these ranges:

• Terms: 24–60 months
  
• Payments: Based on credit, collateral, and structure (loan vs. lease vs. EFA)
  
• Funding Time: Typically 1–3 business days once docs and insurance are complete
  

We’ll provide multiple offers so you can compare the lowest monthly payment, lowest total cost, or fastest ownership path — whatever makes the most sense for your business.

Lease vs. Buy: Which Is Better?

When financing a semi-truck, you’ll often decide between buying and leasing. Both can be smart — it just depends on your goals.

Buying (Loan or EFA)

• Build equity and own the asset outright.
  
• Qualify for Section 179 depreciation and other tax benefits.
  
• Best if you plan to keep the truck long-term.
  

Leasing (TRAC or FMV)

• Lower monthly payments and easier upgrades every few years.
  
• Ideal if you want flexibility or run newer, lower-mileage units.
  
• May offer off-balance-sheet advantages for some businesses.

Tip: If you drive high miles and hold onto trucks for years, buying typically wins. If you prefer flexibility and lower upfront costs, leasing can be the better play.

Section 179 Deduction: Tax Savings for Truck Owners

One of the biggest benefits of financing a semi-truck is the ability to write it off under Section 179 of the IRS Tax Code. This allows eligible businesses to deduct the full purchase price of qualifying equipment the same year it’s placed in service.

For 2025, the deduction limit adjusts annually for inflation. Most commercial trucks qualify if they’re used 50% + for business.

Here’s why it matters:

• Immediate tax savings instead of slow depreciation.
  
• Reduces your effective truck cost by thousands.
  
• Encourages reinvestment into newer, more efficient equipment.
  

Example: Financing a $150,000 truck could yield around $36,000 in tax savings if your effective tax rate is 24%. Always consult your CPA for exact numbers.

Understanding Credit (and Protecting Your Score)

Your credit score plays a big role in truck financing, but it doesn’t need to be perfect. What matters most is knowing how to manage it.

• Avoid multiple hard inquiries. Dealers often “shotgun” your app to several banks, which can lower your score.
  
• Use soft-pull pre-approvals. TopMark performs a single soft credit check to shop multiple programs.
  
• Maintain a steady payment history. Consistent, on-time payments improve your profile and future rates.
  

If your credit is less than ideal, don’t worry. We specialize in semi-truck financing with bad credit and can guide you through rebuilding strategies while still getting you approved.

Insurance Requirements Before Funding

Before your loan or lease funds, you’ll need proof of coverage. The main policies include:

• Primary Liability: Usually $750k–$1M minimum.
  
• General Liability: Typically $1M coverage.
  
• Physical Damage: Covers your own vehicle (ACV or stated amount).
  
• Motor Truck Cargo: Covers freight in transit.
  
• Bobtail/Non-Trucking Liability: For off-dispatch use.
  
• Workers’ Compensation: Required if you have employees.
  

Insurance rates depend on your driving record, radius, load type, and experience. Your agent can quickly provide a binder to finalize funding.

What We Finance

We offer programs for nearly every type of commercial vehicle and equipment:

• Class 8 Semi-Trucks: Day cabs, sleepers, over-the-road tractors.
  
• Vocational Trucks: Dump, roll-off, tow, vacuum, refuse.
  
• Trailers: Dry van, flatbed, end-dump, lowboy, reefer.
  
• Equipment: Skid steers, loaders, excavators, and more.
  

If it helps move freight or dirt, we can probably finance it.

Frequently Asked Questions

• Can startups get approved for semi-truck financing? Yes. New businesses can qualify with a larger down payment or newer collateral.
• How long does funding take? Most deals fund within 1–3 days after the docs and insurance are complete.
• Does pre-approval affect my credit score? No — we use a soft credit pull that has zero impact.
• Can I lease a truck with bad credit? Yes. We work with lenders that specialize in challenged-credit truck leasing and EFA programs.
• Do you finance private-party or out-of-state trucks? Absolutely — we handle title, lien, and inspection coordination.

Ready to Get Started?

Getting approved for semi-truck financing doesn’t need to be complicated. With flexible terms, fast funding, and no hard inquiries, TopMark Funding makes it easy to grow your business and keep your wheels turning.

👉 Get Pre-Approved in Minutes — No Hard Inquiry.

Call (866) 627-6644 or click Get Pre-Approved to start your application today.