Call Us & Get Prequalified For Your Loan
Call Us & Get Prequalified For Your Loan
First Capital Business Finance
Whether you’re an owner-operator or a growing fleet, finding reliable commercial truck financing can make or break your business. At First Capital Business Finance, we specialize in commercial truck financing programs designed to help you secure the trucks you need with flexible terms, fast approvals, and minimal down payments.
Our Commercial Truck Financing experts can provide you with comprehensive insights into the financing options available, empowering you to make informed decisions for your business. It’s not just our wide variety of financing programs, but the fact we listen to customers and work hard to get you the right funding that makes our company stand out from the rest.
Our financing solutions are specifically tailored to our clients’ needs, from owner-operators to larger companies. Regardless of whether you have excellent credit or very challenging or bad credit, we have options for that will help you get your truck financed today!
We go over with you what finance companies are considering when qualifying applicants for financing.
We help you understand all the requirements for qualifying and how you can get started on the application process.
We offer financing solutions with terms that work for your business, including customized repayment schedules.
We help you navigate the landscape of interest rates to secure a financing arrangement that suits your budget.
The trucking and transportation industry is very unique when comparing it to other industries. Our economy heavily relies on truckers to keep our country moving and growing. These transportation companies are one of the most important pieces of our supply chain puzzle. If you’re thinking about starting your own business, or if you have an existing business that you’re looking to expand, we are here to help! cash to begin the process. Commercial truck financing is an ideal solution in this situation, and our team at First Capital Business Finance offers this type of financing to clients.
Our company offers commercial truck financing to business owners who might have excellent or bad credit. Eligible borrowers can be prequalified with a simple phone call 888-565-6692.
Condition of the Truck: We scrutinize various aspects of the truck, including make, model, VIN number, engine type, transmission, average fuel mileage, accident history, mileage, photographs, and current valuations.
Truck Vendor: We continuously expand our list of approved truck vendors, prioritizing reputable dealers over private sellers. Private party sales from established trucking fleet companies with documented service and maintenance records are also considered.
Credit Scores: Both your trade business credit score and personal credit history undergo assessment. We offer programs catering to borrowers across the credit spectrum, including those with poor credit. However, demonstrating consistent monthly revenue and sustained sales over the past six months is crucial. We also have programs that don’t require a credit score. We also have programs that don’t require a credit score.
Proof of Down Payment: We require confirmation of adequate cash reserves for the down payment and other associated expenses. A down payment of 10% to 30% is typically advised based on factors like the truck’s cost, credit profile, and business tenure. If you have very challenging credit, like a recent bankruptcy or repossession have programs for those as well. You can expect a higher down payment for the more credit challenged business owner.
Time in Business: For businesses under two years, detailed financial records are essential to showcase profitability and reserve funds for future expenses. Established trucking companies with over two years of historical data are more likely to receive approval but must still demonstrate profitability and financial stability.
Proof of Income: Not all programs will require proof of income. If you are an existing business, even if it’s been for several months, underwriting will most likely request a copy of your last three months business bank statements. If the business owner has lower credit and is trying to qualify for a lower down payment program, underwriting will want to see the last two years tax returns. This can be your business tax returns and/or personal tax returns. If you are just starting out, we understand that there won’t be current business revenue, so we might ask for other sources of funds if needed.
Truck Insurance: Proof of insurance covering property damage and liability for at least $1 million is mandatory.
Other Documents: Typical documentation includes proof of business, tax returns, profit and loss statements, balance sheets, bank statements, permits, and insurance records. Not all of our programs will require these items, so it’s always best to speak with one of our advisors to see which programs suit you best. We also offer business loans that don’t require tax returns if you are looking for working capital.
Lowest Down Payment Option:
Lowest Down Payment Option:
Lowest Down Payment Option:
Moderate Down Payment Option:
Large Down Payment Option:
Lowest Down Payment Option:
Moderate Down Payment Option:
Moderate Down Payment Option:
Moderate Down Payment Option:
Our company offers fleet financing for existing businesses who have an existing fleet of vehicles, like semi trucks, box trucks, pickup trucks, vans, etc. Companies who have been in business longer than 2 years are no longer considered a “start-up” and will qualify for other programs. Eligible borrowers can be prequalified with a simple phone call 888-565-6692
Same Day Loan Approval
Getting the loan you need is simple. Contact us & you can get prequalified for your loan on the same day!
Step 1
Reach out to us via phone or the contact form on this website.
Step 2
We'll contact you to get the information we need to process your loan.
Step 3
You'll receive a decision on your loan shortly (typically the same day).
One of the most significant investments made into a transportation business is the cost of the vehicle. A semi truck can cost anywhere from $30,000 to a quarter of a million dollars, and even a box truck will be a significant investment. But a reliable vehicle is necessary when providing valuable transportation services that people and businesses rely on every day. Our financial team can quickly determine what you can qualify for and pre-approve you for commercial truck financing.
We specialize in commercial vehicle financing and have a wide variety of programs. These offerings include good and bad credit, startup companies, and already established businesses. We also offer commercial vehicle title loans if you are needing working capital. Even if you have had a recent bankruptcy or late payments on your account, you may still qualify for financing. If your bank can’t get you approved for financing, give us a call. One of our financial advisers will be able to assist you.
Commercial truck financing provides you with cash that you can use to buy one or more new or used semi trucks. This type of loan is referred to as a secured loan because it uses the vehicle purchased as collateral. A secured loan can typically qualify for a lower interest rate than an unsecured one, and commercial truck financing often doesn’t have stringent personal credit requirements. Those with good credit, bad credit, and even no credit may qualify for this type of loan.
It’s essential to thoroughly research and compare financing options, considering your business needs, financial situation, and long-term goals. Consulting with financial experts and experienced lenders can help you navigate the complexities of semi-truck financing and find a solution that aligns with your objectives.
If you’ve experienced a recent bankruptcy, slow payments, previous repossessions, and low credit score, look no further than First Capital. We don’t require financials or tax returns, and we offer no-money-down programs. If you are not a holder of a commercial driver’s license (CDL), we have programs for that as well.
For more information about our title loans on commercial trucks & trailers
To learn more about the benefits of financing your next semi-truck purchase.
Or, to learn about what to look for in commercial truck financing companies
*Please note, programs & guidelines are always subject to change. Please call and ask to speak to one of our advisors to be prequalified.
Testimonials
What Our Customers Say
Commercial truck financing offers several benefits to businesses in the transportation and logistics industry. Here are some advantages of opting for commercial truck financing:
Preservation of Capital: Financing allows you to acquire essential commercial trucks without depleting your working capital. This capital can then be allocated to other critical aspects of your business, such as operations, maintenance, and growth initiatives.
Flexible Payment Options: Commercial truck financing offers flexible payment terms, enabling you to choose a repayment plan that aligns with your revenue streams. This flexibility helps in managing cash flow and avoiding financial strain.
Access to Newer Equipment: Financing allows you to access state-of-the-art, modern commercial trucks that are equipped with the latest technology, safety features, and fuel efficiency improvements. This can improve your business’s efficiency and competitiveness.
Tax Benefits: Depending on your jurisdiction and the financing structure, you may be eligible for tax benefits. These could include deductions for interest and depreciation, potentially reducing your tax liability.
Fixed Interest Rates: Fixed interest rates in financing agreements provide predictability in monthly payments. This allows you to budget more effectively and avoid fluctuations in interest rates.
Ownership and Equity: Financing a commercial truck allows you to eventually own the asset. As you make payments, you build equity in the vehicle, which can be valuable when considering future equipment upgrades or resale.
Build Credit History: Successfully managing a commercial truck financing agreement can help you establish or improve your business’s credit history, potentially leading to better terms and rates in the future.
Diverse Financing Options: Various financing options are available, including traditional loans, leases, and specialized programs designed for the trucking industry. This allows you to select the option that best suits your business needs.
Maintain Working Capital: Financing allows you to retain cash for unforeseen expenses, emergencies, or opportunities that may arise in your business operations.
Customization: With financing, you can choose the make, model, and specifications of the commercial trucks that best suit your business requirements, ensuring optimal functionality for your operations.
Reduced Upfront Costs: Commercial truck financing often requires a lower upfront payment compared to purchasing vehicles outright, making it a more accessible option for businesses.
Industry Expertise: Many commercial truck financing providers have industry expertise and can offer valuable insights and recommendations based on your specific needs and challenges.
Commercial truck financing empowers businesses to acquire the equipment they need to operate efficiently and profitably, without the burdens of substantial upfront costs. It’s important to carefully evaluate your options, understand the terms of the financing agreement, and work with reputable financing partners to make the most informed decision for your business.
These are just to name a few. If you don’t see your type of equipment listed, simply give our office a call. We offer financing on just about any type of equipment if it’s related to your business.
When you’re stepping into the world of purchasing a semi-truck for the first time, you’ll be facing a series of critical decisions. Questions will arise: Which commercial truck suits your needs? Should you opt for a new or used one? What specifications are essential for your rig? Are you in the market for a single truck or an entire fleet? And where should you make this significant purchase?
Yet another crucial question lingers: How will you fund this endeavor?
Even if you’re considering a used tractor-trailer, the cost is likely more substantial than your immediate funds can cover. Thus, contemplating the prerequisites for securing financing for a semi-truck becomes necessary.
Securing financing for a commercial truck shares some commonalities with other loan processes, with a good credit score being advantageous. However, several key distinctions demand your attention when you embark on the journey of selecting the right lender and completing your loan application.
Interest Rates & Down Payments for Commercial Truck Loans: One of the primary misconceptions made by first-time semi-truck buyers: assuming that the loan process mirrors that of obtaining a mortgage or personal auto loan.
Primarily, it’s crucial to remember that you’re not procuring an 18-wheeler for personal transportation but rather to sustain and grow your business. Consequently, lenders tend to impose more stringent criteria when qualifying applicants for commercial vehicle loans.
Your objective is to minimize the lender’s perceived risk as much as possible. Demonstrating driving experience, an established revenue stream, alongside a good credit score, strengthens your case. In cases of low credit scores, a co-signer may be required. Diversifying your credit profile with various types of credit, such as installment credit, and maintaining a credit history spanning seven to ten years are also ideal. Note that establishing an LLC or corporation at least 2-3 years before applying can significantly enhance your loan approval chances.
Experience Matters – for You and Your Seller: Experience plays a pivotal role in financing your truck purchase. We advise aspiring truck owners to accumulate at least three years of total driving experience, with a minimum of two years as an owner/operator. Experienced drivers are favored by lenders, as it signifies immediate profit-generating potential for your truck. Additionally, purchasing your truck from a reputable and well-established seller, such as First Capital, can enhance your financing prospects.
Semi-Truck Leasing vs. Purchasing: For those lacking experience or substantial capital, securing financing for a semi-truck can be challenging. Commercial truck leasing can be an appealing alternative. For instance, Success Leasing offers semi-truck leasing arrangements under the authority of Prime, Inc., enabling you to start earning by agreeing to weekly lease payments. If you opt for leasing, prioritize trucks in good condition, less than 10 years old, and with fewer than 700,000 miles.
Gather Your Documentation: Having your documents in order demonstrates your readiness for a significant purchase. Be prepared with:
Select a Quality Semi-Truck: Remember, your truck serves as collateral for the loan. Your lender will assess its condition and quality when determining your financing approval. Prioritize trucks less than a decade old, with fewer than 700,000 miles, as older trucks tend to experience more breakdowns and incur higher ownership costs.
Prequalify to Expedite the Process: Consider applying for pre-approval to expedite the financing process. At Pedigree, this is a straightforward online procedure, streamlining your financing journey.
We can also finance an array of semi-trailers, including flatbeds, reefers, and tankers. Ask about our Truck Trader Programs!
Q: What types of commercial truck financing options are available?
Q: What are the eligibility criteria for commercial truck financing?
Q: How does the application process work?
Q: What interest rates can I expect for commercial truck financing?
Q: Are there down payments required for commercial truck financing?
Q: Can I finance used commercial trucks, or is it limited to new vehicles?
Q: How does my credit score impact commercial truck financing?
Q: Are there government programs or incentives for commercial truck financing?
Resources for Additional Information and Support:
For more information and personalized assistance, contact our team today. We’re here to support you on your journey to securing the right financing for your commercial trucks.
At First Capital, specializing in used semi-truck financing is our forte. We recognize the distinct requirements of drivers and owner-operators, thus crafting financing packages and payment schedules tailored to your specific needs and financial constraints. Our objective is to facilitate your acquisition of the semi-truck you require, ensuring that the investment aligns with your business objectives. Each of our locations features an onsite financial and insurance manager dedicated to assisting you in constructing a personalized financing package, ensuring that you depart with a payment plan suited to your circumstances.
Questions or apprehensions? Don’t hesitate to reach out to our team to learn more about the financing process at First Capital. Ready to embark on financing your next semi-truck? Complete our brief form to gain insight into your potential to finance a semi-truck or trailer through First Capital Business Finance.
Same Day Loan Approval