When it comes to semi truck financing, the semi-truck you decide to purchase becomes the collateral, which helps to limit the lender’s risk on the truck lease or loan. By reducing the risk you’re more likely to be qualified for truck financing.

Several factors will determine your semi-truck financing terms, interest rate, and down payment. Here’s a list of all the truck financing requirements and factors that determine your eligibility and semi-truck requirements.

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 Truck.

SEMI-TRUCK REQUIREMENTS

When shopping for your new 18-wheeler you need to keep in mind some requirements the lenders have. 

• 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. (We can finance private party)
• 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. 

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There are many factors to determine when it comes to the length of time you should or can finance a semi-truck. We have semi-truck financing programs that range from 12 to 72 months.

It really all depends on what term you want and how much of a monthly payment you can afford.

For more information to see what is the best term for you, please call and one of our finance specialist can help with find the best deal for your. (866) 916-3780

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What is bad credit? We get asked this question all the time. To some bad credit might be a 550 credit score and to others, “bad credit” might be a 650 credit score. Some lenders may be fine with a 550 credit score if you have enough time in business, tradelines, ample down payment.

Just like any other financing program, you apply for, getting approved for semi-truck financing is dependant on your credit score, and a few other factors that will determine your eligibility. 

Before you apply for semi-truck financing, you can fill out our quote form (guaranteed no hard inquiries) or give us a call (866) 916-3780 and one of our semi-truck financing specialists can go over the process and see if you’re pre-qualified.

WHAT AFFECTS YOUR CREDIT SCORE?

• Payment history – This shows if you’ve made your payments on time or at all.
• Credit utilization rate – How much of your credit you are using on your credit cards.
• Type, amount, and age of credit accounts – Lenders do want to see diversity on your credit report. Having a good mix of credit cards, a car loan, maybe a mortgage on their helps your score.
• Total Debt Owed – This is the amount you owe in loans and how much is on your cards.
• Bankruptcies, Child Support Due, Public Records – Filing for bankruptcy or having a large amount of delinquent child support will hurt your score.
• New Credit Accounts – Opening a lot of accounts in a short period of time can hurt your score. If you have gotten too many loans or credit cards in a 2-year period, it can ding you.
• Hard Inquiries – The number of times a lender has requested your credit information will affect your score. These searches stay on your report for 2 years.

Learn More About Credit And How It Affects Semi-truck Financing. – The Truckers Guide To Understanding Credit

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Whether you’re looking to buy a Freightliner, Peterbilt, Kenworth or any other popular truck brand, you need to have truck financing that fits your monthly budget and business goals.

We know what it takes to help you grow your business. Whether you’re an owner-operator, small fleet owner, or own a large fleet buying trucks on a regular basis, we have a finance program for you.

We’re one of the nation’s largest commercial truck financing brokers. We have the partnerships and ability to finance equipment and vehicles the big banks can’t. We have partnerships with 25 of the top lenders in the commercial equipment and trucking industry.

QUICK & EASY TRUCK FINANCING PROCESS

We’ve made the semi-truck loan and finance process quick and easy so you can get funded fast and on the road with your new truck.

1. Apply Online: Click the “Get Pre-Approved Today” button. Fill out the contact form and one of our semi-truck loan specialists will call you ASAP! Or for immediate assistance give us a call at (866) 916-3780
2. Select a Solution: A semi-truck loan specialist will contact you to go over your funding and business needs. We want to understand your needs to better help us find the best solution that meets your objectives.
3. Review Documents: Once we have determined the best truck finance solution for you and your business, documents are generated and then emailed for review and signature. An electronic signature is acceptable on most documents.
4. Get Funded: After the signed contract is returned, we’ll process your documents. Most transactions fund within 1 to 3 days. Fast turn around to get you the truck you want up and running.

Get Pre-Approved – Click the Get Pre-Approve link to get started today. Get pre-approved in minutes. We do a soft credit pull, NO hard inquiries (unlike our competitors) and guaranteed not to hurt your business or personal credit score. Or Call (866) 916-3780

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When it comes to buying a big rig, credit can play a big role. When looking for a semi-truck financing, you need to keep your credit health in mind. A lot of truckers actually harm their credit by applying haphazardly to any and every company that promises they can get them the truck of their dreams.

Click the link if you want to read our in-depth Semi-Truck Financing guide. Being knowledgeable about the process and what it means in terms of credit will help you make the best choices.

BREAKDOWN OF FICO SCORE RANGES

Statistically speaking, most people’s credit scores fall between the range of 600 to 720. We did some analysis of the funded deals we did in 2019, the majority of clients that got approved for semi-truck financing had an average FICO of 667 or higher. 

It goes without saying, the better the score the better the terms. But, it is possible to get approved with a lower credit score. You have to consider that your monthly truck payment is a business expense. And without having trucks on the road you can’t get paid. 

• 300-579: A score in this range is considered Very Poor. Credit applicants with a score in this range will often be required to pay larger fees and deposits, or sometimes may not be approved for credit at all. 16% of people have a score in this range.
• 580-669: Scores between the 580 mark to the higher 600s are called Fair credit scores. Often, people with scores in this range will be referred to as subprime borrowers. A total of 17% of people have a credit score in this range.
• 670-739: This range is referred to as Good. Individuals with scores this high have a much lower rate of default. Statistically, about 8% of applicants with a Good range credit score will become seriously delinquent. Around 21% of people have a score in this range.
• 740-799: People with scores in mid to top 700s are in the range of Very Good. Borrowers with scores in this range will receive better than average interest rates from banks and lenders. 25% of people have a score in this range.
• 800-850: The top of the scale is considered an Exceptional credit score. Individuals with a credit score above 800 receive the best rates from lenders. Around 21% of people have scores between 800-850.

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