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Commercial Truck Financing Terms for Various Financing Options

If you own a trucking company and are considering financing a truck, follow our guide to unlock the best financing terms and options regardless of your credit.


WC Team
WC Team
September 30, 2020

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The industry of commercial trucks is increasing with each day. Commercial truck financing is very beneficial when it comes to starting a business without a huge bank balance. Commercial truck financing can be used for various purposes. It can be very beneficial in the situation where

There are various commercial truck financing terms associated with different financing options. But let us first take a look at what exactly are financing terms. 

What are the financing terms? 

To categorize financing terms, they are generally of two kinds. The two kinds are short-term financing and long-term financing. 

The short-term financing includes short loans which are required to be paid within a year or so. This is also generally termed as working capital. The long-term financing provides larger loans that are supposed to be paid in more than one year.  Generally, commercial truck financing terms stretch from 24 months to 72 (in rare occasions, 84) months.

The various commercial truck financing options have different terms. Let us now look into different commercial truck financing terms. 

Different Commercial Truck Financing Terms

With the increasing demand for commercial truck financing, the options have also increased. It now covers options ranging from 0 down payments to having a good credit score. Let’s look at the various options and their commercial truck financing terms one by one.  

Zero down payment 

Commercial truck financing gives you the option to buy or lease a truck even with a little money. You can always look for options with no money down. After you have matched the qualifications, you can avail of this option for both lease and truck buying. This requires you to pay more interest to the end. 

So, what are the commercial truck financing terms if you choose this option? The terms will majorly depend on the lender in such a case. If you are approaching a traditional bank, you can expect a longer-term. If you are considering alternative options like online lenders, they will have a shorter term. 

In general, you can expect a term anywhere between 1- 7 years. 

Bad Credit 

Are you worried that bad credit will be a hindrance if you want a loan for your truck? If so, you should explore options that will give you a loan regardless of your credit score. You are eligible even with bad credit, but it will cost you more. 

This option isn't available in traditional banks, but some online lenders and companies offer this. The financing terms, in this case, will also depend on the lender. The loans of this category are classified as subprime loans.

Subprime loan lenders usually have a shorter financial term. They require frequent payments. This is done to ensure that you can meet your financial obligations. 

Fair Credit 

There is no option which you can’t explore with fair credit. Fair credit gives you an edge in financing. With a fair credit score, you can approach traditional banks where they will give you good rates. 

Semi-truck financing becomes the best option to explore with fair credits. It gives you a better rate and better terms. Fair credit also makes you match the required qualification without many issues. 

The commercial truck financing terms on this one varies, but there is a possibility of negotiation. Repayment plans can last up to seven years in such a case. An important point to note is that the longer-term will require you to pay higher interests. If there is a possibility to negotiate and pay it sooner, go for a shorter term. 

Commercial Truck Financing for Start-ups

If you are starting with the commercial truck industry, look for companies specializing in equipment financing. Start-ups need a tailored guide which is designed according to the needs of entrepreneurs. 

Start-ups usually face a little difficulty in getting their loan approved. They are considered to be a risky investment. You have higher chances if you have been in business for a longer period. But this doesn't mean that financing for start-ups is impossible. Cardiff, Financial Pacific Leasing, Bryn Mawr Trust, AmurEF and Pawnee Leasing are all known to provide commercial truck financing terms to start-up trucking companies.

In this case, the repayment and the commercial truck financing terms will depend on your qualifications. It is better to use credit for loan payment rather than paying it off for several years. The growth of start-up varies with each month, and thus this gives you flexibility on the terms.

Financing Fleet

If you have financed trucks successfully in the past, it will be beneficial in financing. There will be little or no objection from the lender's side if you already have a fleet. This gives lenders a sense of security. The lenders will consider your past experiences and evaluate them.

The commercial truck financing terms for a fleet can range anywhere from six months to six years. The longer terms will be convenient but will ultimately lead you to pay more. A shorter-term will cost you less but will burden your monthly payments. Choose your payment term accordingly. Look for one which will not burden you. 

Financing of Semi-Trucks

In such financing, the lender will pay for your new truck, and you will promise to pay it back. Semi-truck financing is a separate category as they need more maintenance and careful handling. The lender, in such cases, will review your credit history. This is done to make sure that you are capable of paying it back.

The financing term for semi-trucks depends on the lender you are approaching. It could range anywhere between 4-10 years. If possible, consider going for a shorter term to ultimately save more. 

Endnotes 

The commercial truck financing terms depend on the type of financing you are opting for. It also depends on the lender and your qualifications. In most of the cases, longer-term causes you to ultimately pay more interest than the shorter term. 

A shorter-term is a little burden on the monthly expenses, but it is the best option if you can afford it. Talk to your lender and try to negotiate wherever possible.


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12 Comments
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  • 002-man
    starstarstarstarstar
    Ronny Jerde
    Jul 4, 2019
    Got a merchant cash advance worth $100,000 at 1.27 factor rate. It was quite a lot but the repayment term was 12 months which was a relief. The customer service is great. My representative was highly responsive and friendly! The cash got into my account a little later than they promised but thanks to my representative who d
    id not ghost me and kept me up to date about the whole process. Thanks much!!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Mr. Warren Schuster
    Apr 1, 2020
    Done business with these guys a couple of times. Got business loans at the most reasonable terms. The second time they offered cheaper terms prizing me for my loyalty and the third time, the terms were pretty flexible. Every time I do business with these people, they surprise me with their generosity! Thank you so much!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Maxwell Harvey
    Aug 3, 2021
    I run a bar in manhattan and it’s all going great! I am making good profit. Needed a business loan to get the place renovated and purchase new glasses and stuff. A friend suggested I borrow money from central diligence group. My representative was a nice fellow who worked with me for 2 days on the application and got me a s
    hort term finance loan deal that best suited my business. Got the cash within 48 hours. The renovation has begun and I am so excited to give this fresh outlook to my business!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Elissa BreitenbergI
    Feb 2, 2021
    My friend and I started pharmacy in Detroit straight after finishing school. We both are licensed. The starting couple of months were tough, not many customers and we were still running a place, which means a lot of expenditures which we had to cover, customers or no customers! My friend suggested we look for a business loa
    n from one of those online lenders. I agreed! We found central diligence group online and filled their form. A representative from the company contacted us in the next 24 hours and discussed everything with us. He was very friendly and patient, which was encouraging He did not shut us out for being too new in the business. He told us he could offer us a merchant cash advance at 1.17 factor rate which was perfect! It meant we were down to business. The rest of the procedure he took care of and the application was completed and then submitted in the next 2 days. We got the money in our account the next day. We were over the moon! We put the money to use and continued working. Central diligence group offered flexible repayment terms depending on our revenue. Things are getting much better now and we are getting better sales. It seems we would be able to complete the deal with ease.!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Yolanda Schamberger
    Dec 9, 2020
    Fraudulent service! They talk to you for 2 days and finalize everything and then just disappear from the face of the earth. Kept calling them but nobody picked up! It took me 4 days to get them on the phone and when they finally talked, the put me on waiting, saying they have other customers on priority. I have to wait for
    my turn! This is just downright insulting! I told them I did not want to do business with them anymore and hung up! Good riddance!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Oswald Carroll MD
    Aug 5, 2020
    My wife and I run a restaurant in Baltimore. It’s a pretty cool place with a decent customer turn over and people seem to be happy with our service. We were planning on broadening our scope and adding more cuisines to our menu, you know experiment a little. Now, this seemed like a simple idea at first but when we discussed
    it with our staff, they were uncomfortable with introducing Indian and Korean food as they said they did not have any experience with that. So, we thought we’d need to hire somebody who is expert in these cuisines. This meant a lot of money for not only hiring the new guy but also updating our inventory with new ingredients and probably utensils and everything. We made a plan and sketched everything out and then decided to borrow $250,000 from the bank! Got turned down in ground like, too risky and of course the pandemic is there as well. But central diligence group decided on giving up this merchant cash advance. It took them just 3 days to get us the money! Long story short, it’s been 6 months since we completed the repayments and I am very grateful! We did not get good results in the beginning but I can see things working out now and all thanks to central diligence for trusting us and our business!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Delphia LueilwitzV
    Sep 17, 2020
    Good company
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Audra Pfeffer
    Nov 12, 2020
    Pathetic service! Not many industries they serve! Every industry is probably a “cautionary” industry. My perfectly functional and highly successful law firm in Austin was rejected a 250k merchant cash advance because law firms are a “cautionary industry”. But I am offering you a good credit score and statements that prove m
    y business will be able to payback the business loan in time, even earlier than that. But that did not seem to be enough! What a waste of time!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Lauretta Dooley MD
    Jan 2, 2021
    Restocked my retail store using the $200k merchant cash advance I finalized with the central diligence group. Got the cash in less than 2 days and was able to pay for the shipment on time which was supposed to reach me in a week. I have never been happier with any lender before. Fast service with reasonable rates.
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Mr. Ken DonnellyII
    Mar 4, 2021
    I visited their website and it was pretty straightforward. Filled a small form and gave them my contact information. They replied back in a couple of hours and started a conversation about my business and what I was looking for. They did not ask for much and the application form just required a couple of closing documents w
    hich they gave me a list of and once I filled the form and attached the required documents, I was good to go. The rep told me he would contact me if anything else is required. I got an email a day later that the application has been successfully submitted and that I will get a loan in 24 hours. I thought 24 hours would mean, 48 hours or something like that but it actually meant 24 hours!! I got the capital in my account the next day. Used the merchant cash advance extended to me by central diligence group to replace a broken spin bike at my gym and also tune up the rest of the equipment. The treadmills needed repairing too. Did everything as soon as the cash reached me. Glad I came across this lender as they saved a lot of my time and helped me get my gym back to operating fully!!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Cassandra Stracke
    Jun 11, 2021
    My physiotherapy centre in central Tulsa needed a merchant cash advance for hiring a number of staff members and also manage their payroll. Got a $250,000 MCA from Central Diligence Group for 12 months at 1.20 buying rate. Signed the deal and got the cash in just two days, the fastest I have gotten a loan in my 15 years of
    business experience. The instant cash proved to be very helpful I could put the capital to use immediately without waiting. Within a 20 days or so, I welcomed new people to the team and got down to business, having no time wasted! This is the sort of business I like – fast and productive! Thanks to Central Diligence. Will definitely work with these people again!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Candida Nolan DDS
    Jul 12, 2021
    I run a retail store in Oakland, California. I was looking for a short term business loan but nothing seemed to work out for me. Banks were charging little but only on loans with longer terms. I was not looking for a long business deal, a couple of months, that is all I sought. But there were other issues with banks too, th
    ey asked for collateral against the loan which I couldn’t offer them really. The lenders that I shortlisted Quarterspot or Pearl Capital, they had shorter terms but man were they charging a ridiculous amount of money! I finally decided on Central Diligence Group and they offered me the most reasonable deal at 1.18. I got a 100k short term finance loan for 8 months. There was no documentation fee either! The whole application took 2 days and I got the money in my account on the third day. It’s been 5 months since I took up the business loan and I have done so much with the cash. Only thing they need to work on is their customer service. They take days to respond back for queries regarding repayments and statements. This sort of puts ones off for a while and can be frustrating.
    Reply 0 comment-dislike0
  • SHOW ALL
  • 002-man
    starstarstarstarstar
    Ronny Jerde
    Jul 4, 2019
    Got a merchant cash advance worth $100,000 at 1.27 factor rate. It was quite a lot but the repayment term was 12 months which was a relief. The customer service is great. My representative was highly responsive and friendly! The cash got into my account a little later than they promised but thanks to my representative who d
    id not ghost me and kept me up to date about the whole process. Thanks much!!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Mr. Warren Schuster
    Apr 1, 2020
    Done business with these guys a couple of times. Got business loans at the most reasonable terms. The second time they offered cheaper terms prizing me for my loyalty and the third time, the terms were pretty flexible. Every time I do business with these people, they surprise me with their generosity! Thank you so much!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Maxwell Harvey
    Aug 3, 2021
    I run a bar in manhattan and it’s all going great! I am making good profit. Needed a business loan to get the place renovated and purchase new glasses and stuff. A friend suggested I borrow money from central diligence group. My representative was a nice fellow who worked with me for 2 days on the application and got me a s
    hort term finance loan deal that best suited my business. Got the cash within 48 hours. The renovation has begun and I am so excited to give this fresh outlook to my business!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Elissa BreitenbergI
    Feb 2, 2021
    My friend and I started pharmacy in Detroit straight after finishing school. We both are licensed. The starting couple of months were tough, not many customers and we were still running a place, which means a lot of expenditures which we had to cover, customers or no customers! My friend suggested we look for a business loa
    n from one of those online lenders. I agreed! We found central diligence group online and filled their form. A representative from the company contacted us in the next 24 hours and discussed everything with us. He was very friendly and patient, which was encouraging He did not shut us out for being too new in the business. He told us he could offer us a merchant cash advance at 1.17 factor rate which was perfect! It meant we were down to business. The rest of the procedure he took care of and the application was completed and then submitted in the next 2 days. We got the money in our account the next day. We were over the moon! We put the money to use and continued working. Central diligence group offered flexible repayment terms depending on our revenue. Things are getting much better now and we are getting better sales. It seems we would be able to complete the deal with ease.!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Yolanda Schamberger
    Dec 9, 2020
    Fraudulent service! They talk to you for 2 days and finalize everything and then just disappear from the face of the earth. Kept calling them but nobody picked up! It took me 4 days to get them on the phone and when they finally talked, the put me on waiting, saying they have other customers on priority. I have to wait for
    my turn! This is just downright insulting! I told them I did not want to do business with them anymore and hung up! Good riddance!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Oswald Carroll MD
    Aug 5, 2020
    My wife and I run a restaurant in Baltimore. It’s a pretty cool place with a decent customer turn over and people seem to be happy with our service. We were planning on broadening our scope and adding more cuisines to our menu, you know experiment a little. Now, this seemed like a simple idea at first but when we discussed
    it with our staff, they were uncomfortable with introducing Indian and Korean food as they said they did not have any experience with that. So, we thought we’d need to hire somebody who is expert in these cuisines. This meant a lot of money for not only hiring the new guy but also updating our inventory with new ingredients and probably utensils and everything. We made a plan and sketched everything out and then decided to borrow $250,000 from the bank! Got turned down in ground like, too risky and of course the pandemic is there as well. But central diligence group decided on giving up this merchant cash advance. It took them just 3 days to get us the money! Long story short, it’s been 6 months since we completed the repayments and I am very grateful! We did not get good results in the beginning but I can see things working out now and all thanks to central diligence for trusting us and our business!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Delphia LueilwitzV
    Sep 17, 2020
    Good company
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Audra Pfeffer
    Nov 12, 2020
    Pathetic service! Not many industries they serve! Every industry is probably a “cautionary” industry. My perfectly functional and highly successful law firm in Austin was rejected a 250k merchant cash advance because law firms are a “cautionary industry”. But I am offering you a good credit score and statements that prove m
    y business will be able to payback the business loan in time, even earlier than that. But that did not seem to be enough! What a waste of time!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Lauretta Dooley MD
    Jan 2, 2021
    Restocked my retail store using the $200k merchant cash advance I finalized with the central diligence group. Got the cash in less than 2 days and was able to pay for the shipment on time which was supposed to reach me in a week. I have never been happier with any lender before. Fast service with reasonable rates.
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Mr. Ken DonnellyII
    Mar 4, 2021
    I visited their website and it was pretty straightforward. Filled a small form and gave them my contact information. They replied back in a couple of hours and started a conversation about my business and what I was looking for. They did not ask for much and the application form just required a couple of closing documents w
    hich they gave me a list of and once I filled the form and attached the required documents, I was good to go. The rep told me he would contact me if anything else is required. I got an email a day later that the application has been successfully submitted and that I will get a loan in 24 hours. I thought 24 hours would mean, 48 hours or something like that but it actually meant 24 hours!! I got the capital in my account the next day. Used the merchant cash advance extended to me by central diligence group to replace a broken spin bike at my gym and also tune up the rest of the equipment. The treadmills needed repairing too. Did everything as soon as the cash reached me. Glad I came across this lender as they saved a lot of my time and helped me get my gym back to operating fully!!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Cassandra Stracke
    Jun 11, 2021
    My physiotherapy centre in central Tulsa needed a merchant cash advance for hiring a number of staff members and also manage their payroll. Got a $250,000 MCA from Central Diligence Group for 12 months at 1.20 buying rate. Signed the deal and got the cash in just two days, the fastest I have gotten a loan in my 15 years of
    business experience. The instant cash proved to be very helpful I could put the capital to use immediately without waiting. Within a 20 days or so, I welcomed new people to the team and got down to business, having no time wasted! This is the sort of business I like – fast and productive! Thanks to Central Diligence. Will definitely work with these people again!
    Reply 0 comment-dislike0
  • 002-man
    starstarstarstarstar
    Candida Nolan DDS
    Jul 12, 2021
    I run a retail store in Oakland, California. I was looking for a short term business loan but nothing seemed to work out for me. Banks were charging little but only on loans with longer terms. I was not looking for a long business deal, a couple of months, that is all I sought. But there were other issues with banks too, th
    ey asked for collateral against the loan which I couldn’t offer them really. The lenders that I shortlisted Quarterspot or Pearl Capital, they had shorter terms but man were they charging a ridiculous amount of money! I finally decided on Central Diligence Group and they offered me the most reasonable deal at 1.18. I got a 100k short term finance loan for 8 months. There was no documentation fee either! The whole application took 2 days and I got the money in my account on the third day. It’s been 5 months since I took up the business loan and I have done so much with the cash. Only thing they need to work on is their customer service. They take days to respond back for queries regarding repayments and statements. This sort of puts ones off for a while and can be frustrating.
    Reply 0 comment-dislike0
  • SHOW ALL