TruckLenders USA Reviews - Financial Lender Pros & Cons

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Lender Overview

Types of loans
  • Operational equipment leases
  • Capital equipment leases
Loan amounts
  • $15,000 to $75,000 for application-only loans
  • $75,000 to $250,000 for commercial financing
  • Up to $1 million “jumbo” leases
Terms of payment
24 to 60 months
  • Same-day application approval
  • Offers both operating and capital leases
  • Will consider businesses with “challenging credit”
  • Praised for its excellent customer service
  • Rates not available without requesting a quote
  • Application process may require additional paperwork for large loans

What businesses benefit most from TruckLenders USA financing?

Companies in need of funding to cover equipment purchases for commercial fleets or construction vehicles and machinery can go to TruckLenders USA when other lenders won’t provide funding. Many alternative loan providers won’t work with trucking or construction companies, so TruckLenders USA may be able to provide an alternative source for equipment leasing in these industries.

Company Profile

Founded in 1977, TruckLenders USA is a small commercial equipment financing company located in Oyster Bay, NY. Using industry-leading technology, TruckLenders USA seeks to provide the best equipment leasing options to businesses operating fleets of trucks, providing construction services or hauling trailers.

Citing fast turnaround times and flexible lending policies as highlights of its services, this lender caters to industries other lenders hesitate or refuse to work with due to the high level of risk involved. Transportation and construction companies tend to have high default rates due to fluctuating cash flow, the uncertainty of the market and the potential for equipment to be damaged or stolen. Providing funding in light of these risks and being willing to extend equipment leases even to struggling businesses makes TruckLenders USA unique among alternative lenders.

Businesses may obtain operational or capital leases for commercial equipment from TruckLenders USA. The company will fund both dealership and private party transactions on new and used equipment meeting its lease qualification requirements. More information on a variety of equipment types may be found on the lender’s website, although the concentration of content can make it difficult to locate specific details regarding available funding options.

Credit Policy

Applying for equipment leasing from TruckLenders USA requires a minimum FICO score of 675. This is higher than what most alternative lenders require, but lenders operating in high-risk industries tend to exercise a greater level of caution to ensure the merchants to which funding is granted are able to make payments on time and pay loans back in full. Other financial factors are also considered when TruckLenders USA reviews applications for approval.


Companies not meeting the minimum credit requirement can still apply for funding from TruckLenders USA. The lender works with businesses in “challenging credit” situations and those facing financial difficulties to find leases with affordable rates and reasonable term lengths. By looking at the company’s full financial picture, TruckLenders USA may be able to offer financing despite a low credit rating.

Target Market

The target market for TruckLenders USA is unique among alternative and online lenders. While most exclude trucking, hauling, transportation and construction or work with these industries only on a limited basis, TruckLenders USA lends only to companies seeking financing for heavy commercial equipment.

Businesses operating commercial fleets or providing construction services can go to TruckLenders USA when in need of an alternative funding source. This includes companies with established fleets and those just starting to expand. TruckLenders USA works to find the best option, rates and terms for each company’s situation. By operating in such a small niche, this lender provides a potential alternative for companies that often fall through the cracks when seeking funding.

Cautionary Industries

Trucking and construction are generally considered high risk by lenders. Banks may or may not be willing to provide loans for this type of equipment due to high failure rates in the industry and the general risk of owning and operating trucks and heavy machinery. Alternative lenders providing trucking loans often do so with caution and may charge high rates. By putting its focus only on trucking and construction, TruckLenders USA is able to serve the specific financial needs of a select group of industries.

Term Length

Lease terms from this lender range from 24 to 60 months. Shorter terms require larger monthly payments unless funding is provided through an operating lease with a balloon payment at the end. In this case, 10 to 15 percent of the residual value of the equipment is payed in a lump sum when the lease terms are up.

Businesses also have the option of a capital lease to pursue long-term ownership of equipment. This lease type has the same terms as an operating lease, but monthly payments are larger, and the equipment is purchased for $1 at the end of the term.

Although term lengths from TruckLenders USA are longer than those offered by many alternative lenders, merchants seeking equipment funding must still be discerning before signing a loan agreement. Equipment purchases are inherently expensive, and taking on a large lease even with low rates and long terms can still add up to hefty monthly payments.

What’s Required to Apply

To qualify for a loan from TruckLenders USA, a business must have:

  • A minimum credit score 675
  • 2 years verifiable time in business
  • Commercial truck references
  • Current bank account in the business name or name of the applicant
  • Proven and accessible used-vehicle market
  • Minimum of 3 trucks if operating a fleet with sleeper vehicles

Despite repeatedly listing these basic requirements on different pages of its website, TruckLenders USA does offer some flexibility with approvals. The lender will look into leasing options for businesses with lower credit scores and even those that have experienced bankruptcy. Credit score alone isn’t a make-or-break factor in the final lending decision.

Interested merchants can start by obtaining a quote via a simple online form asking for personal contact information, the business name and details about the equipment for which financing is desired. TruckLenders USA states someone will reply “immediately” with the maximum credit limit available.

To submit an application with or without first acquiring a quote, merchants click the “Apply Now” button on any page of the site and download a one-page PDF application. TruckLenders USA requests the following information to be provided before the application is faxed for approval:

  • Basic business details, including contact information
  • Personal details and contact information
  • Bank references for a branch with which the applicant has been working for at least two years
  • Commercial lease references
  • Personal references
  • Fleet information
  • Information regarding the equipment to be financed
  • Equipment vendor information

The website indicates the application may also be submitted for approval with an electronic signature via DocuSign, but no instructions are given on how to do so.

In addition to the application, merchants must send the first page of the most recent three months’ worth of bank statements. TruckLenders USA may request additional financial details and paperwork for lease amounts exceeding $125,000. Approved merchants then submit the invoice or bill of sale once a final equipment purchase is made.

For companies seeking less than $75,000 in financing, TruckLenders USA offers the option of an application-only process. No bank statements are required. Instead, a certified financial specialist conducts a credit evaluation to determine the right funding amount, terms and rates. Qualifying merchants receive an offer without the need to submit any further information.

Both the commercial and application-only approval processes usually take 24 hours or less if equipment meets the lender’s criteria:

  • Commercial trucks no more than 7 years old
  • Commercial trailers no more than 7 years old
  • Priced within 10% of comparable rates

The amount of the loan must be at least $15,000 to be considered for coverage by TruckLenders USA, so applications for smaller equipment purchases may not be approved.


Fee percentages depend on an applicant’s credit profile and the financial standing of the business. The average rate of approval is 9 to 11 percent; however, some merchants may qualify for rates as low as 8 percent. This means the cost of a $100,000 loan can range from $8,000 to $11,000. Merchants receive information about the best available rates when they contact TruckLenders USA for a quote.

Payments on equipment leases are made monthly and may be tax deductible. Using the above example, a loan at the lowest rate over the longest terms would require payments of approximately $1,800 per month. Total payments depend on the terms and rates for which a merchant qualifies based on financial standing.


Although TruckLenders USA doesn’t state whether or not they allow applicants to have outstanding loans or liens, the company is willing to work with businesses facing financial challenges. However, because stacking isn’t often acceptable in the lending industry, having a lease from TruckLenders USA may disqualify businesses from applying for additional funding from other loan providers.

Documentation Fees

TruckLenders USA requires applicants to pay a documentation processing fee of $395.

Origination Fees

This lender doesn’t appear to charge origination fees.

Renewal Policy

Each lease granted by TruckLenders USA is associated with one vehicle or piece of equipment. Because of this structure, businesses must apply for a new lease each time equipment financing is desired. More than one piece of equipment may be financed at a time if an applicant qualifies for funding, but taking on too many leases at once can strain a company’s budget, especially if cash flow tends to fluctuate.

Interest Forgiveness

Because TruckLenders USA provides equipment leases and not business loans, interest forgiveness isn’t part of the loan structure. Merchants may opt for lower monthly payments with a final balloon payment based on the residual value of the vehicle or equipment or choose a dollar buyout lease if equipment ownership is desired.

Loan Use

In contrast to the majority of alternative lenders, TruckLenders USA doesn’t provide loans with a wide range of business uses. Its products are limited to operational and capital equipment leases; therefore, funding can only cover the purchase of trucks, trailers and heavy construction equipment.

Businesses may take advantage of this type of financing to:

  • Expand a commercial fleet
  • Increase hauling capacity
  • Replace broken equipment
  • Upgrade to new, better or safer equipment
  • Afford pricey equipment without severely inhibiting cash flow

Leasing is also a viable option for businesses interested in keeping equipment up to date. Operating leases allow merchants to choose to lease a newer model when the lease terms are up, which may be preferable if local competition is aggressive. Having the latest equipment reduces fuel costs for trucking companies and can improve results in construction. For equipment unlikely to become obsolete, capital loans spread out the cost of large purchases and provide the option to purchase at the end of the lease.

Online Reputation

As of this writing, TruckLenders USA hasn’t been profiled by any major lending sites like Fundera or NerdWallet, nor does it have a BBB profile or a listing on TrustPilot. The majority of feedback from customers can be found on the lender’s website, where a significant number of five-star reviews have been posted. Customers praise TruckLenders USA for its straightforward application process, good customer relations, supportive attitude and willingness to help businesses in need.

The lender has a 4.9 out of 5 rating on Facebook with similar feedback. Reviewers say it’s a pleasure to work with the staff members, customer service is good, merchants are treated well and the account representatives are patient when things don’t go as expected.

Google reviewers give TruckLenders USA 5 out of 5 stars for its professional manner and great customer service. Several reviewers state they would highly recommend the lender to others. The company also has a 5 out of 5 rating based on two reviews on Yelp.

Licenses & Accreditations

TruckLenders USA is not currently registered with or accredited by the BBB and displays no licenses or awards on its website.

Company Contacts Details

Phone number:

  • New accounts: 1-877-233-1275
  • Customer service: 1-877-233-1475



Key personnel:

  • Jason Spates, Managing Partner
  • Andrew McClellan, VP Sales and Marketing
  • Dawn Leo, General Manager

Social media:

1 User Reviews

James Egger

Feb 19, 2019 1:47 AM

The state of California said l have to get a new truck it has to be a 2011 or better I have a 1997 and the motor is no good