How to finance a semi truck for business?
To finance a semi truck, you use commercial equipment financing: a lender pays the dealer or seller, the truck serves as collateral, and you repay over a fixed term, commonly 24-84 months, at rates around 7%-20% depending on credit, the truck's age and mileage, and your driving and business history. New and used trucks both qualify, and owner-operators are financed every day. Every month without a truck is a month of hauls you can't take, so the practical question isn't whether financing exists: it's which lender will approve your specific situation at a workable rate.
Last updated · Reviewed by Cody Dreis
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What semi truck lenders look at
The truck itself: Year, mileage, engine hours, make, and condition set the collateral value. A three-year-old truck from a dealer finances on better terms than a high-mileage private-party unit, though both can get done, with used trucks simply priced and termed for their remaining life.
Your experience and history: Lenders weigh CDL experience, time in business, and authority history. Established carriers with 2+ years get the best structures; newer owner-operators can still qualify, often with a down payment doing the persuading.
Revenue and bank statements: Expect to show 3-6 months of business bank statements; alternative lenders typically want roughly $10K+ in monthly revenue. Contracted or dedicated freight strengthens any file.
Down payment: Varies with the file: stronger borrowers may finance most of the purchase, while first-time owner-operators or challenged credit should plan for a meaningful down payment that lowers the lender's exposure.
Trucking is an industry many banks avoid outright. Specialty transportation lenders, well represented in Quordx Capital's 50+ lender network, underwrite it daily and read trucking files the way generalist banks can't.
Financing routes for a truck purchase
Equipment financing: the standard path: $5K-$5M+, truck as collateral, fixed monthly payments, new or used. Best for tractors, trailers, and day cabs alike.
Business lines of credit: $10K-$250K+ revolving. Best for fuel, tires, repairs, and the cash gaps between delivery and payment.
A/R financing / invoice factoring: 70-90% of invoice value advanced. Best for carriers waiting 30-45 days on broker and shipper payments.
Working capital loans: $5K-$500K. Best for insurance down payments, permits, and launch costs around the truck itself.
How Quordx Capital Works
One 5-minute application, truck details, bank statements, ID, and Quordx Capital's matching process screens 50+ lenders, including transportation specialists, to surface the 3-7 most likely to approve your deal, ranked by probability. The process is fully digital with no cold calls, decisions generally return within 24-48 hours, and funding lands in 3-7 business days.
What to Expect
If you're a newer owner-operator or carrying bruised credit, expect honest structuring, likely a down payment and a rate that reflects the risk, rather than a fantasy quote that dies in underwriting. All terms and fees are disclosed before you sign, the service is free to you, and checking your matches doesn't obligate you to anything.
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Written by
Cody Dreis
Founder, Quordx Capital
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