Financing a commercial truck can feel overwhelming. Comparing lenders, understanding loan requirements and figuring out what you can actually qualify for can make your head spin. At Coopersburg & Liberty Kenworth, our financing process is straightforward. Our team supports your needs and personalizes your plan specifically to you, your truck, and your business needs.
Whether you’re purchasing your first truck or expanding your fleet, our finance team is here to help you make the best decision for your business. That’s why we’ve put together the most common financing questions drivers ask us during the buying process.
SEMI TRUCK FINANCING FAQs
DO I NEED A CDL?
No, having a Commercial Driver’s License (CDL) is not a requirement to finance a heavy-duty vehicle. However, more often than not, lenders prefer applicants with a CDL, as you will need one to operate the truck after your purchase. If you’re just starting out, we suggest following these steps to getting your CDL before purchasing a truck.
WHAT EXPERIENCE IS REQUIRED?
Lenders generally look for a few things from drivers, especially during the application process.
- A valid CDL
- At least two (2) years of driving experience as an owner/operator
- Proof of financial stability
- A strong credit score
- A positive financing history (if applicable)
- If you’re a new driver and need tips, we’ve got truck financing advice for first-time buyers
- And more semi-truck financing requirements
Having a previous history of financing and a paying off a commercial vehicle loan can significantly boost your chances of being approved. But remember: if your financing history is limited, don’t count yourself out. If you have limited, bad, or zero credit, we’ve got the comprehensive guide to help you finance a truck.
WHAT INFORMATION DO I NEED FOR THE CREDIT APPLICATION?
To apply for financing, you’ll need:
- Personal and financial information
- Business details
- Income documentation
- Insurance information — read more on semi truck insurance coverage, requirements, and FAQs
- Truck details (make, model, year, and condition)
- Plus, there’s additional information you may need when applying for a commercial vehicle loan
Here’s a tip: Be as thorough and transparent as possible on your credit application. Filling in as much information as you can helps our team match you with the most accurate, competitive lending options.
HOW MUCH IS THE DOWN PAYMENT AND INTEREST RATE?
Down payments typically range from 10-20% of the truck’s purchase price. The exact amount depends on your credit score, the lender, as well as the condition of the truck. Read our full guide on semi truck down payments for more information.
Interest rates widely vary and depend on multiple factors such as: credit score, business longevity, CDL and experience level, down payment, loan term, as well as truck age and condition. For the most accurate results, our team will need to review your credit application to help you better understand what range you may qualify for.
HOW CAN I FINANCE A TRUCK WITH COOPERSBURG & LIBERTY KENWORTH?
Financing with us is simple. Start by filling out our Financing Form — which takes less than 30 seconds. Once you’ve filled out all the information to the best of your ability, our team will review your information and work with our network of lenders to match you with the best available financing options.
APPLY FOR FINANCING
If you’d like help getting started, or want personalized guidance based on your own business needs, our financing team is here to help you! Contact us today and we’ll walk you thought every step of the process. Or, see all Financing FAQs and read our Financing Blogs for additional information.
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