5 Steps to Commercial Truck Financing

There are a lot of good reasons for a business to finance its commercial trucks. However, financing a commercial vehicle, such as a semi-truck, is inherently different from financing a personal vehicle that won’t be used for business purposes. Commercial truck financing is understandably more involved. That’s why it’s important to do your research so you can tailor your loan to your specific situation.

At Nextran Truck Centers, we can walk you through the entire commercial truck financing process to make sure you understand all the available options and choose the right one for your business. We do this all day, every day so that you can get out there and serve your customers instead of spending time talking on the phone and doing paperwork.

1. Make sure you qualify for commercial truck financing.

If you’re eligible, the truck you’re buying will be the collateral for the loan. For this reason, the value of the truck and your financials are the main factors lenders will use when determining your eligibility. Qualifications will vary by lender.

At minimum, your lender will want you to have a credit score of at least 600, and many lenders will have higher requirements. The second important qualification factor to be considered is your down payment. If you’re experienced (minimum of five years with a CDL License), you may only be required to put 5% down, but new owner-operators typically need to put at least 10–20% down to minimize the lender’s risk. Of course, the age and mileage of the truck will affect your loan terms as well.

2. Collect all necessary info—before heading to the dealership.

Do this prior to finding your ideal vehicle. You don’t want someone to make an all-cash offer on your perfect truck before you can secure a loan. Here’s a list of documentation you’ll most likely need to secure commercial truck financing:

  • Your CDL
  • United States Department of Transportation (USDOT) number
  • Motor carrier number
  • Documents showing proof of your registered business
  • Current and past bank statements (up to 12 months)
  • Current business balance sheet
  • Current year profits and loss for your business
  • Business tax returns (up to three years)
  • Any necessary business licenses or certifications

3. Search for the right truck.

At Nextran Truck Centers, this is the easy part. Whether you need one truck or a fleet of semi-tractors, we have a wide selection of brands, including Mack, Volvo, Isuzu and Ford. And you won’t just get a truck. You’ll get a support and service team dedicated to keeping your business up and running, no matter what.

To ensure you make the best possible financial decision, we recommend that any commercial truck you plan to finance meet the following minimum requirements:

  • Less than 10 years old
  • Fewer than 700,000 miles
  • Ideally, sold by a dealer

Again, it’s important to move quickly through the commercial truck financing process once you find the right vehicle for your purposes. At Nextran, we’ll help you through the next steps as fast as we can to get you in the driver’s seat as soon as possible.

4. Get high-quality insurance.

As with financing a personal vehicle, you’ll need proof of insurance to finalize your loan. Commercial truck accidents cost tens of thousands of dollars at minimum, so this qualification is very important to lenders who will now have a vested interest in the success of your business.

Unlike financing a personal vehicle, the type of insurance you need for a semi-truck or other commercial vehicle varies depending on the kind of business you own. If your truck is the only asset you have, you will need things like primary liability, physical damage, cargo coverage, etc. However, if you have an office and a staff, you may need to look into general liability and workers’ compensation policies. We can help you with that.

5. Send all documentation and applications to the financing company.

Once you’ve checked all the other boxes, this is your last step! And if you finance your commercial truck through Nextran Truck Centers, we can ensure that your process runs smoothly and in a timely manner.

Contact Nextran Truck Centers for All Your Commercial Truck Financing Needs

We do more than just set you up with your perfect vehicle and help you navigate the commercial truck financing process. We’re your partner for the long haul to help keep you on the road 24/7/365. To learn more about maximizing your fleet’s resources with brands like Ford, Volvo, Mack Trucks or Isuzu, contact Nextran Truck Centers. With 17 locations across Florida, Georgia and Alabama, we’re here for all your trucking needs.

Contact Us

Have Additional Questions? Contact us to learn more about all Nextran has to offer.

Truck Inventory

We’re proud to offer some of the most well-known and respected OEMs in the world along with a large selection of Pre-Owned Trucks.

Buy My Truck

Whether you’re looking for new commercial and semi trucks for sale, or a hard-working used truck, we have plenty of options.