Best semi-truck financing in May 2025

National Funding is best for borrowers who want commercial truck financing options for both loans and leases. With National Funding, a down payment isn’t required. You’re also guaranteed to get the lowest payment on your lease, or National Funding will pay you $1,000 if you find a competitor with a lower offer.

• Established in 1999
• Inc. 5000 honoree
• Online application
• No down payment
• Early payoff discount
• Lowest payment guarantee for equipment leases

Credibly is best for bad credit borrowers because the lender accepts personal credit scores as low as 500. Most online lenders set the standard at 600, and many traditional banks require 670 or higher. Its requirement makes Credibly far more accessible than many other lenders. Credibly also ranks as one of the top bad credit business lenders by Bankrate.

• Founded in 2007
• Online application
• Same-day funding
• Accepts bad credit

Triton Capital is best for businesses with a solid financial profile who prefer to use an online lender but want low rates.  Interest rates for equipment loans start at 5.99 percent and go to 24.99 percent. Many online equipment lenders offer rates in the double digits and can go up to 75 percent or higher.

• Founded in 2008
• Online application
• 82% returning customers
• 4 payment schedule options

Bank of America is the best option for business owners wanting a traditional bank because you can find local branch support nearly anywhere you go in the country. The lender offers flexible options for equipment financing, including an equipment loan, lease or line of credit. 

Unlike most lenders, you can also qualify for interest rate discounts of 0.25 percent to 0.75 percent if you’re a Preferred Rewards member.

• Founded in 1948
• Second-largest bank in U.S.
• In-person application
• Thousands of branches
• Interest rate discounts for preferred members

Accion Opportunity Fund is best for owner operator truck owners because it offers funding from $5,000 to $250,000, perfect for owning a single truck. It also accepts new truck owners with a CDL license or six months of driving experience and a personal credit score as low as 600. In short, if you’re a brand-new truck owner, Accion welcomes you to apply. 

• Nonprofit lender
• Works with minority- and credit-challenged businesses
• Offers education and mentorship

CAG Truck Capital is best for semi-truck industry expertise because the lender has over 40 years of experience serving this specialized industry. It claims it’s recognized in the industry by truck manufacturers like Cummins, CAT, Paccar, Detroit, Mack and Volvo. The lender keeps certified diesel technicians and truck experts on staff so that you work with a truck specialist when applying for financing.

• 40 years in the industry
• Recommended by top semi-truck manufacturers
• Certified diesel and truck technicians on staff
• Engine overhaul loans
• Accepts bad or no credit

Balboa Capital is best for fair credit borrowers since the lender approves personal credit scores of 620 or higher. You also need just one year in business and $100,000 in annual revenue. The minimum business requirements needed for Balboa Capital are fairly accessible compared to other lenders, giving newer businesses the potential to get the equipment they need. 

• Established in 1988
• Division of Ameris Bank
• Online application
• Same-day funding

Truck Lenders USA is best for business owners wanting multiple types of truck financing options since it offers more lending and leasing options than other commercial lenders. You get the choice between quick, application-only financing up to $75,000, application-only leasing up to $250,000 or jumbo leases up to $1 million. 

Application-only financing allows you to send a simple application by fax and receive a lending decision within 24 hours. If you choose an equipment lease, you can also opt for a contract with a lease buyout or balloon payments to lower your monthly payment.

• Established in 1977
• Loans and leases up to $1 million
• Lease buyouts and balloon payments
• Funds private semi-truck purchases

Commercial Fleet Financing is best for its quick application. Once you’ve applied, you can often receive the lending decision and funding within 24 hours. This application process shaves days or even weeks off the usual funding timelines provided by many business lenders.

• Established in 1995
• 24-hour funding
• Accepts fair credit
• Equipment loans and leases

This is a term loan that can only be used to purchase a commercial vehicle, including a semi truck. Borrowers make payments for the term of the loan, and once all payments have been made, they own the commercial vehicle.

A business loan for purchasing or repairing equipment that you can reuse once you repay any borrowed amounts. The lender will set a credit limit, and you can purchase a semi truck within the available limit given. 

This is a term loan that can be used to purchase equipment for your business, such as machinery and vehicles. Borrowers repay the loan within a certain period by making fixed payments. Similar to a commercial truck loan, at the end of the loan term, the borrower owns the equipment. 

SBA loans are backed by the U.S. Small Business Administration and offer borrowers caps on interest rates. A few different types of SBA loans can be used for commercial truck financing, but SBA 504 loans are designed specifically for buying fixed assets. Types of SBA loans to consider:

• 7(a) loans
• Express loans
• CAPLines
• 504 loan

Banks can offer you business, semi-truck and equipment loans at fairly competitive interest rates. If you’re a loyal member of your bank, you may get discounts or personalized service, and an easier time refinancing if you choose to do so at the same bank. On the downside, banks may have higher lending requirements or lack expertise in equipment loans.

Credit unions operate like banks, with the difference being that they are not-for-profit and collectively owned by their members. Credit union members can enjoy lower interest rates and fees on their loans, along with more specialized resources for the loans they’re looking for. Business owners in particular can take advantage of the local knowledge their credit union may offer. 

On the downside, credit unions tend to offer lower loan amounts than banks, and be more localized and limited in their scope. In addition, they may have a more limited range of loan options that don’t include equipment or semi-truck financing.

Online lenders can offer you fast approval times at competitive rates for those with fair, good and excellent credit. They often have a quick turnaround time for approval and funding. However, they may charge higher interest rates and fees, and may limit their loans to certain states in the United States.

Direct lenders provide financing directly to borrowers, allowing them to cut out some of the time involved in the underwriting and approval process that may come with banks, credit unions and online lenders. They also often have more specialized knowledge in semi-truck financing. Keep in mind, however, that they often charge higher fees and may not offer the best interest rates.

Refinancing a semi-truck loan comes with the standard costs of borrowing, including paying any origination or application fees for getting the loan. You’ll also need to account for the new interest rate that the lender charges you, which can range from a 6 percent to 35 percent APR. But you will need to show your semi truck’s current value, which may involve getting a professional appraisal. 

Ultimately, the time it takes to receive financing for your semi truck depends on the lender. If you get a loan from an online lender or a direct lender specializing in semi-truck loans, you could get a loan within 24 to 48 hours. But traditional term or equipment loans from a bank could take several days or weeks to secure financing.  

The best interest rates on semi-truck loans range from 6 percent to 35 percent. These rates are reserved for borrowers with strong credit and a healthy financial profile. If you have less-than-ideal finances, you may want to prequalify or apply with several lenders to find the lowest rate available to you.

Access to small business funding is a challenge for many business owners. Rate hikes and bank turmoil have led to lenders tightening credit standards and eligibility requirements. This can make it difficult for startups, bad-credit borrowers and business owners in underserved areas to get approved for small business loans. 

Our experts consider several factors in this category and award higher scores to lenders that offer flexible loan amounts, fast approval and funding and inclusive time in business and annual revenue requirements.

The affordability of a business loan often depends on a business owner's financial profile. A business with high revenue and a flexible budget will likely be able to afford most loan options. Businesses considered high risk, such as startups or those with bad credit, may struggle to find loans with affordable interest rates and reasonable fees. 

We consider a business loan affordable if the payments are manageable, you have the lowest possible rate based on your creditworthiness and there are minimal fees. Lenders that have lower rates, offer rate or fee discounts and have minimal fees receive higher scores. 

A good customer experience requires a lender to be transparent, efficient and responsive. Reputable lenders that value their customers are easy to communicate with, responsive to your questions and concerns and willing to go the extra mile to make sure you have a positive experience for the life of the loan.

Lenders offering online accounts and applications and a range of customer support availability score higher in this category. 

While the Truth in Lending Act (TILA) protects consumers against unfair or harmful lending practices, it doesn’t apply to business loans. This can make it harder to get straightforward and upfront information on loan costs when comparison shopping. We score lenders that make it easy to find rates and fees, as well as eligibility and credit score requirements, higher than those who do not disclose information.

Loan flexibility is finding a loan to meet your needs, even if you don’t have high annual revenue, several years in business or the best credit score. Loan flexibility can look like lenders that offer multiple lending products, variety in loan terms or unique options to give business owners the opportunity to fund their businesses in a way that works for them.

Lenders scoring high in this category offer varied products and services to cater to all types of borrowers and businesses.