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Commercial Truck Loan with Bad Credit: What Can Lending Networks Offer You

If you're a truck driver with bad credit and want to add a truck or trailer to your fleet, we've got solutions: banks that understand bad credit business loans.

Shira Mizrachi
Shira Mizrachi
September 20, 2020

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Have you been thinking of applying for a commercial truck loan? Have you been discouraged because of your bad credit score? For the best loans, banks often look for a credit score of 660 or more. 

If you are faced with a low credit score, there are options for you so that you can get a commercial truck loan with low credit. 

One of these options is an online credit lender who can help you get a good loan to finance your truck. There are also online networks that put your financing requirements forward to various lenders. You can then look at financing options from the appropriate lenders that the network matches you with. 

Here's what lending networks that provide a commercial truck loan with bad credit can offer you.

Quick Approvals

Getting a loan with a bad credit score can be very tricky if you approach a traditional lending institution like a bank. With lending networks, the whole process can be completed in as little as a day.

Some of these networks only require you to fill a form that takes 30 seconds to fill. Others approve a loan so quickly that you will get an online loan certificate within 24 hours. This short duration makes getting a commercial truck loan with bad credit extremely easy. 

Free Application

Often, a low credit score can also mean a low income. For businesses that need a commercial truck or semi-truck, online applications may seem intimidating, especially if revenues are low. However, most online applications by lending networks for trucks do not need any application fee.

They also come with no obligations on your part. This means that you don’t necessarily have to take the loan once it is offered to you. This will give you ample time to think and make an informed decision about taking a commercial truck loan with bad credit. 

Specialize in Bad Credit

If you opt for a lending network to connect you with a lender for your commercial truck loan with bad credit, opt for networks that specialize in the same. Many networks offer bad credit loans for all kinds of automobiles.

When you register and apply, you will be led to just the right lender through the network. Often, these networks work with a credit score as low as 400. 

These specialized networks also offer loans for bankruptcy. 

Offer a Diverse Range of Lenders

No matter what your credit score and income combination look like, there may be an appropriate lender for you. Lending networks connect you with a national network of lenders that connect thousands of buyers every day. 

They will also have a history of closing millions of dollars in bad credit loans. Hence, they are a good option that can provide you with a range of lenders for your commercial truck loan with bad credit. 

Minimum Income

Some lending networks for bad credit finance your commercial truck loan only if you have a minimum income or balance each month. This can be around $1500 on average. 

Each network may vary, and you should pay attention to this before registering for a commercial truck loan.

Bad Credit Loans for Used Commercial Trucks

If you plan on buying a used truck, some lending networks can provide a commercial truck loan with bad credit for the same. However, these loans may take longer to be approved, depending on the lender providing you with the loan.

Used commercial trucks are often a larger liability. Some lenders may ask you to complete a quality inspection of the used truck before they approve a bad credit loan for you. This may include some documents, pictures, and the like.

What Do Lenders in the Network Look for When Approving a Bad Credit Loan?

Now you know what the lenders on lending networks offer when they approve your commercial truck loan with bad credit. Read ahead to know what they expect of you. 

Valid Driver’s License 

When you apply for a commercial truck loan, you must have a valid driver's license to your name. It should not be an expired license.

Further, the license should be a commercial license. 

An Income

As discussed above, many lenders require you to earn a minimum income. This can vary depending on the make and model of the commercial truck you want to finance. 

A Stable Residence

This is an important expectation from a borrower of a commercial truck loan with bad credit. They will ask you for proof of residence. This assures them that you can pay your loans and that they know where to contact you if needed.

Down Payment on a Loan with Bad Credit

Yes, lenders in these lending networks expect a down payment on the commercial truck you purchase. When you can pay the down payment, it shows that you have some financial resources on you. This indicates that you will be able to pay the loan off. 

In general, a down-payment for a commercial truck is about 5% of the sticker price. This means that you will have to put a down payment between $4000 and $8000. The down payment is largely applicable for a regular loan from a lender.

There are cases where some people opt for a commercial truck loan with bad credit using a lease-to-own program. This requires no down payment. When you get this kind of loan, the truck is owned by the lender. When you finish your payments on time, you then become the owner.


If you are looking for a commercial truck loan with bad credit, it may prove exhausting to look for the right lender for you. Lending networks can connect you to the right lenders who specialize in bad credit loans for commercial trucks. 

In the majority of the cases, many of these approve your loans in as little as 24 hours. However, many of these lenders ask for a minimum monthly income to ensure secure payment on your part.

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