Trucking · Equipment financing
Truck and trailer financing for trucking companies
A tractor is both the biggest purchase and the asset that earns the revenue. Equipment financing uses the truck as collateral, which is why newer carriers can often qualify.
What to know
What carriers should know about truck financing.
New vs. used changes the terms.
Newer trucks typically qualify for longer terms and lower rates. Older, high-mileage units usually mean shorter terms and larger down payments.
CDL experience can offset a short operating history.
Providers that finance newer carriers often weigh the driver’s years of experience and personal credit alongside the business’s age.
Plan for the total cost of operating the truck.
Payments are one line next to insurance, fuel, maintenance and downtime. Financing a truck you cannot keep loaded is the most common cause of default.
Lease-purchase is not the same as a loan.
Some lease-purchase programs with motor carriers have different ownership and termination rules than equipment financing, so compare the contracts carefully.
FAQ
Common questions from trucking companies.
Can I finance a truck with a new MC authority?
Often yes, though a larger down payment or higher rate is common for authority under two years old. Providers also look at personal credit and driving experience.
How much down payment is needed for truck financing?
It commonly ranges from around 10% to 20%, and can be higher for older trucks or thinner credit. Some programs offer lower down payments for strong applicants.
Can I finance a used truck?
Yes. Used trucks can usually be financed, with terms depending on the age, mileage and condition of the unit.
Is Truidian a lender or factoring company?
No. Truidian is a business solutions company. It helps businesses identify and connect with participating third-party providers, who make every approval, pricing and terms decision.
Tell us about your trucking business.
Share a few details and we'll identify participating providers whose programs may fit.
Truidian is a business solutions company, not a lender, factoring company or payment processor. Financing and services are offered by participating third-party providers and are subject to their approval and terms. Approval, funding, rates and terms are not guaranteed.