Financing a new semi-truck is often the only way most companies can make the purchase. Making sure you’re working with a reputable and reliable lender is key to getting the best loan. Before you look for the truck you want, check with different lenders to know their requirements and what your options are. Some lenders may have mileage or age requirements, or they may need to see you’ve been in business for a certain amount of time. If you’re looking at used semis, make inquiries about a semi truck road service to make sure a breakdown doesn’t impact your operations.
Finding a lender who specializes in commercial vehicle lending can help you get through the loan process quicker. While banks do typically have a tougher approval process, these two banks work with commercial vehicle loans and have lower costs than other options.
Wells Fargo finances multiple types of commercial equipment and has many different options, including lease and refinancing options. Currently, there is a minimum of $100,000 for a loan. Unfortunately, the qualification requirements aren’t disclosed. You’ll likely need a credit score in the high 600s or better and proof of business operations for two or more years.
Bank of America has a good commercial vehicle loan program with loan amounts currently starting at $25,000. The interest rates are competitive, and you may even get discounts through the bank’s Preferred Rewards program. You are required to show a minimum of two years in business with over $250,000 in annual revenue.
Alternative online lenders often have faster lending processes, which can help you get a truck quicker. If you have good credit, you can get competitive rates, but make sure you work with a reputable company and understand all the terms.
With Balboa Capital, you can get same-day funding if you’ve been in business for at least a year with an annual revenue of over $100,000. You’ll also need a minimum FICO score of 620. They do fund many types of commercial trucks.
First Capital has a wide range of funding options for start-ups and businesses with lower FICO scores. There are some restrictions on vehicles, depending on your credit score and down payment. The loan maximum is much lower than other lenders though.
CAG Truck Capital offers direct financing on truck loans for borrowers of all types, but it specializes on borrowers with challenging credit, such as bankruptcies or low scores. You will want to compare rates, because you may pay more, but this can be one option to get a loan on a commercial semi truck.
STTC offers a roadside assistance program to keep your trucks going when you have a breakdown. We do our best to get your truck up and running within 2 hours of your call. Our services improve your productivity and save you money when you’re on a tight budget.
Call us now at 610-954-8473 or contact us online to learn more about our semi truck road service and all tire-related services.