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What Should You Know About Financing Your Commercial Truck

Don't buy another commercial vehicle, truck or trailer without reading our guide on how to obtain the best low-rate financing for your trucking company.

Liara Cohen
Liara Cohen
September 14, 2020

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There are several ways to finance your commercial truck. Each entail varying commercial truck financing rates. Read ahead to find out who can lend you the finances for your truck.

National Banks

Financing a commercial truck can be an expensive business. For this reason, many regional institutions cannot afford to finance your commercial truck. However, in this case, you can opt for national banks.

They have good resources and offer low-interest rates and longer terms compared to many other lenders. Further, they also have finances dedicated to trailers and trucks. Yes, they can offer you some of the best commercial truck financing rates.

For borrowing from national banks, you will need to have a good credit score. They may also require you to have established high revenue and good business history. If these are available, borrowing from them can prove very easy.

Truck Financing Companies

There are dedicated companies that offer to finance with specific commercial truck financing rates. These are experienced in the area and offer dense knowledge and expertise before you make your purchase.

They also help you deal better with the seller so that the entire experience can feel seamless and smooth. However, they are not your best option if you are looking to repair your credit. This also stands true for start-ups.

They often look to finance and provide expertise to companies that can afford their services in the long run.

Other Lenders

Some lenders have sensed the stringent requirements of commercial truck financing companies and national banks. Through this, they have created a secure and fast process through which you can get online loans for your commercial truck.

These online lenders often have high commercial truck financing rates. They may also have shorter repayment times. However, they are beneficial to start-ups as they provide financing opportunities that others may not be able to. 

General Requirements for Commercial Truck Financing

You now know the lenders that you can use to finance your commercial truck. Notwithstanding whom the lender is and what commercial truck financing rates they offer, all of them require you to give them some information. 

This is true whether you are financing your truck or the first time or refinancing it. Here are the general requirements for the same. 

Information About the Commercial Truck

You will have to provide enough information on the vehicle you are buying, its make, quality, and warranty. The lender may even conduct quality inspections before releasing finances.

This is because the loan for the commercial truck is secured by the truck itself. They will ask you whether your truck is a vocational truck used for a single purpose in a limited area. Examples of such trucks are ice cream trucks.

Trucks can also be transportation trucks that carry heavy loads across long distances. You will accordingly be given specific commercial truck financing rates.

You will also have to provide information about the seller, the mileage, and the repair history. They may even ask you for photos and videos of the truck. The process aims to ensure that the truck is profitable for you and them. 

By stocking up on this information before you apply, you will face a much easier financing process.

Information About Your Business

You will have to give information about the business that this truck will be a part of. They may ask you how established the business is and for how long it has been profitable. They may also ask you to show them that you have insurance for the truck.

All of these affect on whether you will be able to pay the loan back at the specific commercial truck financing rates. You may have to provide them with information about your business, like proof of business documents.

Other documents may also include balance sheets, profit and loss statements, and bank statements, among others. The lender will look at how viable your business is before approving your fundability.

If you have a strong revenue history in your business, you will be given better commercial truck financing rates even if you are buying a truck for the first time. 

Information About You

Even if the truck you are buying and your business credentials are strong, your personal history affects the lender's decisions. They look at how you spend your money and what financial commitments you may have outside your business.

They will look at your current credit score when you apply for financing your commercial truck. This gives them the best idea of your financial health. They will also look at any bankruptcies you may have had in the past and your lending history.

One of the most important factors that can affect your loan and the commercial truck financing rates is a criminal background. It is a good idea to keep these personal requirements in mind before applying for a loan for your commercial truck.

If you have a bad credit score or an unpleasant history, banks may not be your best lending options. In this case, it is a good idea to look towards alternative lenders. They finance projects that traditional institutions often don’t.


If you have zeroed in on the right commercial truck for you, it is now time to look at the best loans with some great commercial truck financing rates. You won’t have to worry about security as the truck itself will provide you with that.

If you will have to be mindful of the requirements that most lenders, ask for. It is better to ensure that all your documents are in place. Complete a comprehensive quality inspection of the truck yourself to avoid any delays. 

With this in place, you are well on your way to owning a commercial truck and scaling your business. 

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