08 Jul


If you’re looking to purchase a new or used truck, here’s a quick list of 7 things that could stop you from getting semi truck financing:

  1. Lack of Time In Business:

Typically, you’ll need 2+ years in business as an LLC or DBA before borrowing large amount of money to purchase a new or used truck or trailer. Being a newer business may not stop you from getting a loan, but it does make it more challenging.

Commercial Fleet Financing offers a separate program called Fresh Start for those that are still working to build up their time in business. When you call CFF, ask for our financing pro that handles Fresh Start.

  1. Insurance Requirements:

Insurance is a requirement on your financed truck. If you’re new to the industry, you may be surprised by the high cost of premiums and the cash you’ll need to pay up front. So, if you’re struggling with cash on hand, insurance will create additional pressure on your cash flow.

  1. Poor Credit:

As with most other loans, it’s difficult to get semi truck financing with bad credit. The exact requirements may differ, but generally you’ll need an established credit score of at least 670+ to qualify.

  1. Purchasing an Old Truck:

If the truck you’re purchasing is older than 10 years or has more than 700k miles on it, you’ll find it very difficult to get financing. Older trucks breakdown more frequently and have less value for collateral to protect the money loaned to you.

  1. Debt to Income

Your financing request may be rejected if your debt to income ratio is too high. Don’t max out your credit cards and limit other expenditures to keep your debt low in relation to your income.

  1. Renting Your Home vs Home Ownership

If you rent your home instead of owning, that may prevent you from being approved for truck financing. Homeownership is viewed as a helpful way to demonstrate you can repay large loans on a timely basis.

  1. No Depth to Your Credit Profile

If you show minimal credit in your credit report with a history of low balances, that may hurt your chances of getting your semi truck purchase funded. Just as with homeownership, larger credit balances and a history of on-time payments will help get you on the road to success.

 Handpicked Related Resource:

Get Commercial Truck Financing Quick Reference Guide: https://commercialfleetfinancing.com/get-commercial-truck-financing-quick-reference-guide/

At Commercial Fleet Financing, our pros have given smart advice to fleet owners and owner-operators in the transportation, moving, towing or construction industries for more than two decades. With CFF, finding the right financing solutions is a phone call away and most borrowers secure commercial vehicle financing with ease. To talk directly with one of our finance pros and get started with a credit approval in as little as 2 hours, CFF’s phone number is (469) 208-4701.

Other Related Resource:

 About Commercial Fleet Financing, Inc.:

Founded in Dallas, TX in 1995, Commercial Fleet Financing, Inc. has become a valuable partner in equipment financing for the semi truck, box truck, tow truck, construction equipment, and moving truck industries. CFF is committed to helping customers grow and has funded more than a billion dollars to over 10,000 businesses. A four-time winner of Inc. Magazine’s 500/5000 fastest growing companies in America, at CFF, We Finance AMERICA, One Truck At A Time™.