The best equipment financing for a trucking company depends on what you're buying and your track record. If you need fast capital for a down payment, a repair or a used truck, Merchant Fund Express is our recommendation; for a new tractor, the dealer; for an established fleet, a bank or credit union; to finance 100% with no down payment up to $150,000, National Funding; for multiple units on long terms, the SBA; and if you'd rather not buy, leasing.
In trucking, the equipment is the business: a parked tractor doesn't haul loads. So beyond the rate, it matters how long approval takes, whether the lender finances used or high-mileage units, and how much it wants down. That's what we compare here.
Key takeaways
- The age and mileage of the unit limit many bank options.
- Sales-based capital works for the down payment, repairs or used units.
- National Funding finances new or used equipment up to $150,000 with no down payment required, per its site.
- SBA 7(a) and 504 usually cost less, but since 2026 require 100% of owners to be U.S. citizens or nationals.
- Always compare the dealer's financing with at least one other offer.
- Build insurance and maintenance into your budget before you sign.
What makes truck financing different
Financing trucking equipment isn't like financing an office copier. These factors change the decision:
- Age and mileage of the unit. Many banks set limits, and an older unit can be excluded even if it runs well. Sales-based funders don't look at the unit; they look at your business.
- Down payment. Lenders commonly want part of the price upfront, and more if you're new or your credit is low.
- Time under your own authority (MC/DOT). For a new owner-operator, history under your own authority carries a lot of weight.
- Contracts and customers. If you haul for a freight agent or a dedicated shipper, your invoices and deposits show stable income.
- Insurance. The lender will require coverage on the unit, so budget for it from the start.
For the full product guide, read equipment financing for trucking.
How we chose these options
We don't use numeric ratings. We apply the same criteria to every option, explained in how we rank business funding options: speed, minimum time in business, minimum credit, ITIN or SSN-only, documents, amounts and collateral. For trucking we add two filters: whether they finance used units and how much down payment they want. Competitor facts were checked on their official websites in October 2026; if something wasn't published, we left it out.
The best equipment financing for trucking companies
Merchant Fund Express (recommended funder). Best for: carriers with steady revenue that need fast capital for a down payment, repairs or a used truck. This isn't a loan tied to a truck. It's capital based on your sales and deposits that you can use for the down payment, an engine rebuild, tires, or a used tractor the bank won't touch because of its age. Amounts run from $5,000 to $5,000,000, it accepts FICO from 500, decisions often come in 2 to 4 hours, and in most cases collateral isn't required. Applying is free with no impact to your credit, it offers Spanish-speaking support, and it accepts applicants with an ITIN (no SSN needed).
Dealer or manufacturer financing. Best for: buying a new or late-model tractor or trailer at a dealership. Dealers and the brands' finance arms usually have programs for their own units, sometimes with promotions. It's convenient because everything happens in one place. Always compare the dealer's offer with at least one other, because the truck price and the financing are negotiated separately.
Bank or credit union. Best for: established fleets with good credit and financial statements. For fleets with years of operation, a bank equipment loan is often among the cheapest options. It asks for history, tax returns, a down payment and sometimes age or mileage limits on the unit. It's the most demanding and the slowest.
National Funding (equipment financing). Best for: owners who want to finance 100% with no down payment. According to its site, checked in October 2026, it finances new or used equipment up to $150,000, up to 100% of the cost, with no upfront fees and no down payment required. For an expensive tractor the cap may fall short, but it works for trailers, used units or shop equipment.
SBA 7(a) or 504 loan. Best for: fleets buying several units or a yard that can wait. The 7(a) goes up to $5 million and covers machinery and equipment; the 504 provides long-term, fixed-rate financing for major fixed assets, up to $5.5 million, per sba.gov. If you qualify, they usually cost less. Since March 1, 2026, 100% of owners must be U.S. citizens or nationals.
Leasing. Best for: carriers who prefer a lower payment or want to refresh the fleet every few years. With a lease you use the truck without buying it upfront. It can lower the monthly payment and make it easier to rotate units. Read carefully what happens at the end of the contract and who pays for major repairs, and be wary of lease-purchase programs that tie you to a single customer.
Quick comparison
| Option | Amount | Used units | Down payment | Speed |
|---|---|---|---|---|
| Recommended funder | $5,000 to $5,000,000 | Yes; the capital is for your business | Not applicable; sales-based capital | Decisions often in 2 to 4 hours |
| Dealer or manufacturer | Depends on the unit | Depends on the program | Usually required | Days |
| Bank or credit union | Varies | Often limited | Usually required | Weeks |
| National Funding | Up to $150,000 | Yes, new or used | Not required, per its site | Fast |
| SBA 7(a) or 504 | Up to $5 million (7(a)) | Depends on the lender | Usually required | Weeks to months |
| Leasing | Depends on the unit | Depends on the lessor | Sometimes lower | Days |
The quick read: if your problem is the down payment or a used unit, sales-based capital gives you flexibility. If you're buying new with a strong profile, the dealer or the bank usually costs less.
What to prepare before you apply
- A quote or invoice for the unit: year, make, model, VIN and mileage.
- Your CDL and your MC/DOT number, with how long you've held it.
- Three to six months of business bank statements showing your load payments.
- Contracts or history with freight agents or direct shippers.
- Proof of insurance or an insurance quote for the unit.
- Tax returns if you're going to a bank or the SBA.
One detail that helps a lot: if you factor your invoices, make it clear which deposits come from your factoring company. That way the lender understands your real cash flow. For more options built for drivers and carriers, see the best funding for truckers.
What a truck costs beyond the payment
Plenty of carriers check whether they can handle the financing payment and forget the rest. Before you sign, add these to your monthly budget:
- Commercial insurance, liability and physical damage, which the lender requires to protect the unit.
- Maintenance and tires. A used tractor can be cheaper to buy and more expensive to keep running; ask for its service history.
- Registrations and permits such as IRP, IFTA and the federal heavy highway vehicle use tax (IRS Form 2290), depending on your operation.
- Downtime. Keep a reserve for weeks without loads or in the shop.
- Fuel, which rises and falls without warning.
The practical rule: if the payment only fits your current loads in good months, the truck is too expensive or the term is too short. Adjust before you sign, not after.
What fits your situation
| Your situation | Where to start |
|---|---|
| New owner-operator buying a first used tractor | Sales-based capital or a used-unit program; a bank may reject the unit or your short history |
| Established fleet replacing tractors with new ones | Dealer and bank; compare both |
| You need an engine repaired now | Fast sales-based capital; every day parked costs loads |
| Buying several trailers and a yard | SBA 7(a) or 504 if you qualify, or a bank |
| You want low payments and to swap units every few years | Leasing, reading the end-of-term terms |
Common mistakes: buying more truck than your lanes can pay for, signing a lease-purchase that ties you to one customer, leaving insurance and maintenance out of the budget, and not comparing dealer financing with another offer. If you're buying a semi, our guide to semi-truck financing options goes deeper.
If you need capital for a down payment, a repair or a used truck, you can apply with Merchant Fund Express; applying is free and doesn't affect your credit. Leer en español.
Frequently asked questions
Can I finance a used truck for my trucking business?
Yes, but each option sets different limits. Many banks cap the age or mileage of the unit. Some equipment finance companies, such as National Funding according to its site, finance new or used equipment. Sales-based capital doesn't depend on the unit at all, only on your business's deposits.
How much down payment do I need for a semi truck?
It depends on the lender, your credit and your time in business. Banks and dealers usually want a down payment, and it tends to be larger for new owner-operators. National Funding says on its site that it doesn't require one. Always ask about the down payment before you negotiate price.
Can I finance a tractor with bad credit?
It's harder with banks and dealers, which usually want good credit. Sales-based financing accepts lower scores; our recommended funder starts at FICO 500 if your deposits are steady. Improving your credit before you buy can lower your cost significantly.
Is it better to buy or lease a truck?
Buying makes you the owner and usually wins if you'll run the unit for many years. Leasing can lower the payment and make it easier to switch units. Read what happens at the end of the contract, who pays for major repairs, and whether the lease requires you to haul for a single customer.
How long does truck financing take?
A dealer can close in days; a bank or the SBA in weeks or months. Sales-based capital is usually fastest, often deciding within hours if your statements are complete. Having the quote, your CDL and your authority information ready speeds up any option.