How to Get Heavy Duty Truck Financing

Heavy-duty trucks play a vital role in the transportation and logistics industry, enabling businesses to move goods across vast distances. 

For many companies, purchasing a heavy-duty truck can be a significant investment. 

This article will explore the different classes of heavy-duty trucks, discuss the financing options available, and provide helpful tips for securing the best possible financing terms.

What is a Heavy Duty Truck

The Federal Highway Administration (FHWA) classifies heavy-duty trucks into two main categories based on their Gross Vehicle Weight Rating (GVWR): of 26,000 or greater.

1. Class 7: Heavy-duty trucks with a GVWR between 26,001 and 33,000 pounds. These trucks consist of city tractors, refuse trucks, and furniture trucks. They are designed for more demanding tasks and longer distances than Class 6 trucks.
2. Class 8: The heaviest category of trucks, with a GVWR exceeding 33,000 pounds. This class encompasses semi-trailer trucks, cement mixers, and dump trucks. These vehicles are built for long hauls and are capable of carrying massive payloads.

Heavy Duty Truck Financing Options

Heavy Duty Truck Loans

Obtaining loans from banks, and credit unions can be challenging. The “big banks” typically lend to customers with really strong credit profiles. Finance companies that specialize in commercial truck financing like TopMark Funding have more options and less strict criteria. 

These loans generally have fixed interest rates and require a down payment of around 10-20% (or greater depending on your credit profile) of the truck’s purchase price.

Get a Risk-Free Quote – No hard inquiries, No impact on your credit

Heavy Duty Truck Lease

Leasing a heavy-duty truck involves signing a contract to rent the vehicle for a specified period, usually ranging from 12 to 60 months.

At the end of the lease term, the lessee can either return the truck, purchase it at a pre-determined residual value, or negotiate a new lease agreement.

Leasing can be an attractive option for businesses looking to keep up with the latest truck models and technologies without the upfront costs of purchasing.

Get a Risk-Free Quote – No hard inquiries, No impact on your credit

Tips for Securing the Best Financing Terms

1. Credit score: A strong credit score is essential for securing the best possible financing terms. A higher credit score can result in lower interest rates, reduced down payment requirements, and better loan terms. It’s crucial to review your credit report for inaccuracies and take steps to improve your score before applying for financing.
2. Down payment: Save up for a substantial down payment, as this can lower your monthly payments and interest rate. A larger down payment also reduces the risk for the lender, making them more likely to approve your loan.
3. Consider the total cost of ownership: In addition to the purchase price, factor in the costs of insurance, maintenance, fuel, and potential repairs when determining the affordability of a heavy-duty truck.
4. Expert advice: Consult with industry professionals or financial advisors specializing in heavy-duty truck financing like TopMark Funding. Our expertise can help you navigate the financing process and secure the best possible terms.

Conclusion

Heavy-duty truck financing can be a complex process, but understanding the different classes of trucks and financing options available can help you make informed decisions. 

By maintaining a strong credit score, and saving for a down payment, you can secure the best financing terms for your heavy-duty truck purchase. 

Don’t forget to factor in the total cost of ownership and consult with industry professionals to ensure you make the most informed decision for your business. 

With the right financing strategy, you can invest in the heavy-duty trucks needed to grow your business and meet the demands of today’s transportation and logistics industry.

ABOUT TOPMARK FUNDING

TopMark Funding is a top-rated commercial vehicle finance company. We specialize in commercial vehicles and construction equipment. Our mission is to become your long-term financial partner by helping you grow your business and fleet.

We have financing programs for semi-trucks, dump trucks, commercial trucks, and small businesses. We have great rates, low down payments, and flexible monthly payments regardless of credit history.

Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.

Extremely helpful and fast.

Norris B.

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Well I have a lot to say in a very short window. TopMark Funding is by far one of the best team yi work with. They're fast, honest, upfront and a true work hours in getting you approved for your purchase. I have spent several months working with different Brokers and Bankers. None of them was able to get me certified and ready for my purchase. They demanded unreasonable down payment like 40% and even wanted me to use my home as calateral. Special recognition to Joshua from TopMark. Sir you have made my dream come true. In forever grateful for your honesty and fortitude in getting my truck. Much honor and appreciation to you and your team.

Campbell T.

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Thomas did a great service for our company in getting us financed for a newer tow truck !! He was very professional, courteous and took us through the entire process step-by-step… he knew the in and outs of what we needed to do the get the approval and also (which I may say was very important) he always contacted us back and gave an immediate response. We are very happy with the purchase!

calvin C.

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I want to say that my good friend Joshua Woodward at Top Mark funding was very professional in the process of financing my truck, he walked me through the whole process and made great about what I was purchasing.I would highly recommend him to anyone who is ready or even considering by equipment..;)

Sharif A.

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Great support from beginning to end.Thanks, Matt!

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Great experience - very professional

Michael W.

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They worked really hard getting me in my first truck. I thank you guys so much.

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I like this company I like it ❤️

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Very experienced and expert he helped me with a loan in 2 days

Victor L.

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In the previous year, I procured ownership of the companies that I have been operating for more than three decades. Among the various aspects that required attention, I had assumed that acquiring financing for equipment would be relatively straightforward. Regrettably, obtaining the necessary funding for equipment proved to be more challenging than anticipated. Despite my long-standing presence in the industry, financial institutions regarded my acquisition as a startup venture, and as such, were hesitant to extend the necessary credit. In contrast, Jeff from TopMark Funding provided the much-needed support during this trying period. His exceptional professionalism and willingness to go above and beyond ensured that our equipment needs were met satisfactorily.

Robin S.

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Thomas was very easy to work with. No confusion or surprises. He took of my situation and got me funded. I will definitely call him when I need more.

richard L.

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Great salesmen awesome service he made this so easy i love this company I’ll be buying three more truck soon from here

Geedup 2.

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Damian is very professional, he always returns calls and completes task as promised. The funding process was quick and painless. I will send all my return business with this organization and refer others. Thanks Damian and Top Mark Funding for everything!!

Luis R.

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Patrick Smith and TopMark funding was awesome throughout my process. Will do business with Patrick and TopMark's team again!!!

John C.

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I had a great experience with top Mark funding. nick worked with me through out the process he's really a great guy thanks again Nick

Michael D.

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Matt was excellent to deal with and was helpful and diligent throughout the process. Company and terms are straight forward. Excellent doing business with.

William M.

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TopMark is Top Notch! As a dealer I have had the good fortune to work with Damian Norris on multiple occasions. I know Damian is always going to go way above and beyond to help my buyers get into the equipment they need.

Justin

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I worked with a guy named Kyle Mota he was awesome I had many questions and he always responded and kept me updated with no issue. He was straight forward and over all made my experience wonderful. Thank u Kyle

Bailey L.

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It was a pleasure working with TopMark Funding . The process was easy and fast because of TopMark's teams working around the clock for me.

Eric F.

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Steve Archambault was awesome! He performed exactly as promised from the first phone call all the way through the funding process. Made buying our first truck the easiest thing about getting our business up and running.

Sarah H.

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