How to get semi truck financing

How To Get Semi Truck Financing

Semi truck financing is not the same as heading off to your nearby dealer and getting a car loan. Small banks don’t offer semi truck financing, and even the banks that give independent venture credits are hesitant to back semi trucks.

Generally, the risk of a trucking organization is high – it’s unreasonably dangerous for loan specialists. In any case, there are loan specialists that are eager to go out on a limb. Semi trucks are necessary for the country to operate, so somebody must finance these vehicles.

Apart from large well-known banks, smaller privately-owned businesses have been able to provide financing options for:

  • Semi Trucks/Sleeper/Big Rigs
  • Vans
  • Box Trucks
  • Tow Trucks
  • Dump Trucks
  • Garbage Trucks
  • Septic Trucks
  • Commercial Equipment
  • Heavy Machinery

These small banks can accommodate owner operators with financing for said commercial trucks. Whether they are start up businesses or established owner operators.

Financing Requirements

How to get semi truck financing
  1. Qualification
  2. Choose the Right Truck
  3. Invoice, Credit App & Truck Specs
  4. Submit Documents to Finance Company


When purchasing a semi truck you first need to determine if you can qualify. Most semi truck financing options have similar requirements. Generally, if you have poor or damaged credit a high down payment can eliminate any risk for your loan provider.

The following is a common qualification scenario:

  • Credit Score: 540
  • Down Payment: 30%
  • Time in Business: 2 Years (Start-Ups Ok)
  • Age of Truck: 8 Years or Less
  • Truck Mileage: 650,000 or Less

Choose the Right Truck

The truck you choose must meet guidelines of the finance institution. Not all banks are willing to finance trucks 8 years or older or with certain engine manufacturers. The truck should be easily re-marketable and in good shape. Here is an example of our guidelines

Deal Size: $40,000 – $250,000 Retail Price

MFG We Do Not Finance: Western Star, Sterling
MFG We Do Finance: Freightliner, Volvo, Kenworth, Peterbilt, Mack, International

Engines We Do not Finance: Maxxforce, Mercedes Benz, Paccar
Engines We Do Finance: Cummins, Detroit, Caterpillar, Volvo, Mack

Transmissions We Do not Finance: None
Transmissions We Do Finance: All

Mileage Restrictions: 650,000 or Less “classic truck models can go up to 1,000,000 with full overhaul or DYNO test.

500,000 Miles: 2.5 to 3 Year Term
400,000 Miles: 3 to 3.5 Year Term
300,000 Miles: 3.5 to 4 Year Term
0 – 200,000 Miles: 4 to 4.5 Year Term

Invoice, Credit App & Truck Specs

Once you have figured out the truck and location of where you want to purchase, it is vital to gather these 3 important documents. At this point the dealer should have prepared an invoice for you already. Next, simply acquire a truck spec sheet that contains make, model, year, mileage and all other necessary information about the truck. Finally, fill out a credit application and make sure to state any financial history that can support you for a faster process.

Submit All Documents

You are ready to get funded. Submit all your documents to the bank, once received a finance specialist should contact you if any information is missing or if you’re approved.

At East Harbor, we have more than 20 years of experience in the trucking industry. Our company has designed special financing programs tailored to each individual customer’s needs. If you are in the market for a semi truck or any other commercial truck contact us today!

How to get semi truck financing

One thought on “How to get semi truck financing

  1. It’s interesting to know that if you have poor damaged credit, a high down payment can eliminate any risk for your loan provider when you are looking for semi-truck financing. My father is looking for advice to buy a semi-truck, and I’m helping him with information. I will let him know about the requirements to get semi-truck financing.

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