Purchasing a semi-truck or tractor-trailer is a major step for any trucking company or independent owner-operator. With prices ranging from $70,000 to $200,000+, most buyers turn to semi-truck financing to get on the road without draining their cash reserves.
In this complete guide, we break down everything you need to know about financing semi-trucks and tractor-trailers, including loan types, qualifications, costs, and insider tips to help you make the best decision.
Semi-truck financing is a type of commercial vehicle loan or lease that helps you acquire a new or used semi-truck or trailer for business use. The lender pays the seller upfront, and you make monthly payments over time.
Common loan terms range from 24 to 72 months, depending on the truck’s age and your credit profile.
Lenders will typically finance most Class 7 and Class 8 commercial trucks, including:
Day cabs and sleeper cabs
Box trucks and dry vans
Flatbeds and refrigerated trailers
Dump trucks and tankers
Heavy-duty tractor-trailers
✅ You can also finance trailers, warranties, GPS systems, and even maintenance plans as part of the package.
You own the truck outright after the loan is paid
Typically requires 10%–25% down payment
Terms from 36–72 months
Great for long-term business use
Lower monthly payments
End-of-term options to buy, return, or upgrade
Good for newer businesses or those upgrading fleets
Combines benefits of leasing and ownership
Lower upfront cost, ownership at lease-end
Ideal for building equity while preserving cash
| Truck Type | Cost (Est.) | Term | Monthly Payment |
|---|---|---|---|
| 2021 Freightliner Cascadia | $125,000 | 60 mo. | ~$2,300/month |
| 2018 Volvo VNL | $85,000 | 48 mo. | ~$1,750/month |
| New Reefer Trailer | $65,000 | 60 mo. | ~$1,200/month |
To qualify for semi-truck financing, most lenders evaluate:
Time in business (2+ years preferred, but startups can qualify)
Credit score
(600+ is ideal; 500+ may work with larger down payment)
Truck age and condition (newer trucks = better terms)
Down payment (usually 10%–20%)
Business income and bank statements
Related: Using Equipment Financing to Improve Your Business Credit
To apply, be ready to provide:
Valid CDL (Commercial Driver’s License)
DOT number or business EIN
Bank statements (3–6 months)
Truck/trailer invoice or quote
Proof of insurance
Tax returns or financial statements (optional)
Tip: Having a co-signer or collateral can increase your chances of approval and reduce your interest rate.
Check your credit and time in business
Choose the truck or trailer you want
Get a vendor quote or invoice
Compare truck lenders and terms
Submit an application with documents
Get funded and drive away!
Affordable monthly payments
Preserves working capital
Builds business credit
Immediate access to revenue-generating asset
Interest adds to total cost
May require down payment
Truck depreciation over time
Repossession risk for missed payments
You can secure financing through:
Truck dealers (convenient but often higher interest)
Banks and credit unions (best for strong credit)
Commercial lenders (flexible with credit and startups)
Online platforms like CAG Truck Capital, Lendio, or Commercial Fleet Financing
Related: Evaluating Equipment Leasing Providers: What to Look For
Loan for long-term use and ownership
Lease for flexibility and lower upfront cost
Lease-to-own
for balance between cost and ownership
Whether you're an owner-operator buying your first rig or a fleet manager expanding operations, financing semi-trucks and tractor-trailers helps you move faster without tying up critical funds. With the right loan or lease, you’ll stay on the road and in the black.