The interest rates on a commercial truck loan can widely vary based on several factors such as your credit profile, business experience, down payment, loan term, vehicle age and condition.
Read moreTo qualify for a commercial vehicle loan, most lenders look for a credit score of at least 600, but a 670 or higher makes an approval easier. If you have a credit score below 670, don’t worry – you may still qualify through alternative financing options. For more details, check out our Credit blog. If […]
Read moreMost down payments range from 10% to 20% of the truck’s purchase price depending on your credit score, lender requirements, and whether the truck is new or used. For a personalized estimate, fill out our Financing Form.
Read moreTo apply for semi-truck financing, you’ll generally need information about your business, the truck(s) you plan to purchase, as well as your personal and financial background. This includes income, credit history, insurance, and information about the truck’s make, model, and condition. It is best to be as transparent as possible when filling out our Credit […]
Read moreNo, you do not need a Commercial Driver’s License (CDL) to finance a commercial vehicle. However, it is highly recommended and often required by lenders. Plus, you’ll need a CDL to operate the vehicle after its purchase. If you’re new to truck driving, follow these steps to get your CDL.
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