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How to Get Financed for Your Commercial Truck

Posted On: January 12, 2023 author Paul Kendall

Looking into getting a truck for your commercial enterprise? Having the cash to purchase or lease a truck for your business can make the difference between working for someone else and being your own owner-operator.

There’s pros and cons to each, but we’re willing to bet that you’re here because you want to start branching off on your own. And for that, you’ll need to be able to acquire ownership of a commercial truck to begin your new entrepreneurial pursuits.

This new journey is always an exciting time for entrepreneurs like you, even if you don’t yet have the financing to purchase a truck yet. 

Below you’ll find some tips to help you zero in on what needs to be done to acquire the final answer of, “how to buy a commercial truck?” for your new entrepreneurial enterprise.

Proof of Business Is Required for Many Lenders

Of course, the first thing you need to do is make the decision to become an entrepreneur and owner-operator of your own commercial truck. But there are a few steps you have to go through to make that a reality.

You’ll need the proper paperwork to prove that you’re operating a business in the country. As an example, you’ll need to start an LLC or corporation and work through the paperwork so that you can “prove” your legitimacy in business.

It's possible to lock in a pre approval for your commercial truck prior to showing proof you started a business. Just know that you will need to provide proof prior to funding your vendor. 

There are a multitude of business structures out there, so make sure you take the time to explore each and learn which is best for the type of entrepreneurial style you want to operate: LLCs, Corporations, Existing Sole Props, Partnerships, New Sole Props, and more.

Note that in some situations, you may also need to prove additional authority in order to become an owner-operator and acquire a commercial truck. In these situations, you’ll be required to have your Commercial Driver’s License (CDL), as well as a USDOT and MC number in some cases.

Improve Your Personal Financials

If you are just starting out, you won’t have “years in business” to use for negotiation. This is why it’s important to focus as much as possible on increasing your personal credit score, that way it’ll be in better shape by the time you seek out commercial truck financing.

Most new business owners don't know this. In order to have great personal credit for a new business loan or business lease you must show 5 credit tradelines that have been on the credit buruea for atleast five years. Also to be viewed as top shelf credit you should have borrowed personally and have some personal credit history showing you borrowed a similar amount that you're requesting for your business. 

This doesn't mean you won't be approved if you don't have your credit history like this but you'll get the best financing deals if you do. So if you're thinking about starting out in the future start building that credit report up now to get the best business financing deals in the future. 

Don’t be discouraged if you’re just starting out and don’t have great credit yet. Spend as much time as possible on improving your credit score. But know that you can still get commercial truck leasing even in less-than-ideal business situations. At worst, you will just need to make a larger down payment and/or deal with higher monthly payments.

Not a bad trade off to follow through with your goal of becoming an owner-operator and getting your own commercial truck.

In short: know your credit score inside and out. Read guides and take as much action as possible to improve your credit score. Avoid filling out too many applications for commercial truck loans, as each attempt can negatively impact your credit score. Apply only when you think you’re ready.

Know your personal credit score inside and out. Read guides and take action to improve your credit score. Avoid making too many applications for commercial truck loans, as each attempt can cause an adverse effect on your credit score. Some places will only do a soft credit inquiry so be sure to check. Some places will allow you to provide a copy of your credit report.


Start Your Commercial Truck Search

Once your personal finances are in order, you can start to research more in depth about the type of commercial truck you want to acquire. Start considering and filtering commercial trucks on the following information:


  • Make and Model
  • Serial Number
  • New or Used
  • Year
  • Mileage
  • Report of Condition


There are plenty of stats to keep in mind, influenced by your personal goals. These are just a good starting point to begin your search. Remember to check that each listing has a few pictures of the vehicle for you to reference.


Consider Payment Options


Once you’ve picked out a commercial truck, you’re going to need to get it financed. Chances are if your a start up business or have weaker credit you will need to put some money down to get a lender involved in fronting the remaining amount for your purchase. 

Make sure you have enough cash saved, separate from the purchase in order to cover expenses like insurance, repairs, fuel, expenses for personal living and other vehicle related expenses.

As you work with a financier, you’ll learn more about the exact commercial truck financing rates that you can expect for the truck you are looking to purchase. 

Click here for a commercial truck financing calculator  to calculate how much your commercial truck financing payments could be and how much of a truck you can afford to buy based on your monthly budget.


Commercial Truck Financing Companies

Commercial truck financing companies can offer the best choice on how you can finance your commercial truck. 

In fact, even the experienced commercial truck owners will advise you to use commercial truck financing because it can help you save a lot of money. Truck financing companies will also offer you to lease reliable trucks  from trusted vendors.

If you are looking for a financing company that can offer you the best commercial truck loan, look at companies like Trust Capital,

Trust Capital also offers commercial truck leasing even if you have a bad credit. You can get a $150,000 worth of a truck loan by just filling up a single page application on their website. You can qualify for little to no money down or no payments for the first 90 days. 

The best thing about their truck loans is that your application can be approved within 2 - 4 hours! 

Their truck loans are offered with flexible payment options and they have better rates than banks for qualified borrowers.

All of their services is available whether you have a startup business or you are planning to have an expansion or upgrades.

Commercial Truck Financing Tax Benefits

Having the most reliable and upgraded commercial truck for your logistics business, acquired with affordable and flexible monthly payments, can have a lot of benefits for your business.  With commercial truck financing you get section 179 tax benefits. With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2018 and beyond. The limit on commercial truck purchases likewise has increased to $2.5 million.

Ready to Apply online for commercial truck financing? Feel free to call Trust Capital and speak with a commercial truck financing specialist that can take your application over the phone at 866-458-4777 and discuss How to Get Financed for Your Commercial Truck. 

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