Finimpact

FAQ

What credit score do I need to finance a semi truck?
While every lender has their own specific criteria, most of them require a credit score of at least 600. If you have a lower credit score, however, you may still get approved for semi truck financing, especially if you have a larger down payment and strong financials.
Can I get semi truck financing with no down payment?
Some lenders will let you take out a semi truck loan with no down payment. But you’ll often need to meet rigorous credit and time in business requirements. You may also receive a higher interest rate, which will increase the cost of your semi truck(s).
Do you need a CDL to purchase a semi truck?
In most cases, you won’t need a CDL to purchase a semi truck. Having one, however, can make you more attractive to lenders who offer semi truck financing. In most cases, you won’t need a CDL to purchase a semi truck. Having one, however, can make you more attractive to lenders who offer semi truck financing.
Is equipment financing available for trucking companies?
Yes. You can use equipment financing to cover a variety of equipment costs for your trucking business. These may include cable ties, coolant, emergency flares, flashlights, and toolboxes.

About the Authors

Anna Baluch

Written by: Anna Baluch

Personal Finance Writer

Freelance copywriter who enjoys writing for large publications as well as startups, small to medium sized businesses.

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Kal Salem

Reviewed by: Kal Salem

CPA, PMP and Finance Consultant

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. Kal started his career in public accounting supporting SEC, regulatory, and both internal and external audits. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA Services LLC.

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Somer G. Anderson

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

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