Semi Truck Financing
Financing for new and used Class 8 tractors, for owner-operators with their own authority and fleets adding units.
Financing for new and used Class 8 tractors, for owner-operators with their own authority and fleets adding units.
Updated October 2026
Semi truck financing is a loan or lease on a Class 8 tractor, secured by the truck’s title. It runs 6–22% APR over 3–6 years. Established carriers with two or more years of authority sit at the low end with 0–15% down; new owner-operators should expect 10–25% down and rates toward the top of the range, and most lenders want at least two years of CDL experience. A new sleeper costs roughly $160K–$240K in 2026, including the 12% federal excise tax, which can be financed.
| Typical amount | $40K–$250K per truck; fleet packages to $5M |
|---|---|
| Rates | 6–22% APR; new authorities toward the high end |
| Terms | 36–72 months; shorter on older, high-mileage trucks |
| Down payment | 0–15% for established carriers; 10–25% for new authorities |
| Driver experience | 2+ years with a CDL is the common requirement |
| Authority | 2+ years for the best terms; new MC authorities financeable with more down |
| Used trucks | Lenders cap model year and mileage at the end of the term |
| Speed | 1–3 business days for a clean file |
| Equipment | New | Used |
|---|---|---|
| New sleeper tractor | $160K–$240K | — |
| New day cab | $130K–$190K | — |
| Sleeper, 3–5 years old | — | $50K–$110K |
| Sleeper, 6–10 years old | — | $25K–$60K |
New prices include the 12% federal excise tax on the first retail sale of tractors over 33,000 lb GVWR; heavily optioned premium builds approach $300K. A single used truck under $25K falls below Bay Street’s minimum, but pairs with a trailer or a second unit.
Illustrative level monthly payments on the amount financed after the down payment. New authorities and older trucks price higher.
| Example | Financed | APR · term | Payment |
|---|---|---|---|
| New sleeper, established carrier | $185K | 9% · 60 mo | $3,840/mo |
| New sleeper, new authority after 20% down | $170K | 18% · 60 mo | $4,320/mo |
| Used sleeper, about four years old | $85K | 14% · 48 mo | $2,320/mo |
| Fleet add: three used trucks | $240K | 11% · 48 mo | $6,200/mo |
Truck lenders underwrite the driver and the freight as much as the truck. Your credit tier sets the down payment and the rate band, the truck’s age and mileage set the term, and your CDL and authority history decide where in the tier you land.
| Credit | Typical down payment | Typical APR | Term |
|---|---|---|---|
| 700+ FICO (2+ years in business) | 0–10% new, 10–25% used | 6–14% | 3–6 years |
| 650–699 FICO | 10–25% | 12–18% | 3–5 years |
| 620–649 FICO | 15–25% | 12–20% | 3–5 years |
| 580–619 FICO | 20–30% | 18–22% | 3–4 years |
| Below 580 FICO | Case by case | No standard program | Case by case |
| Check | What most lenders want |
|---|---|
| Truck age | About 10 model years old or newer at the end of the term for standard terms; older trucks get shorter terms, often 24–48 months, or need more down |
| Mileage | Commonly under about 700,000 miles at purchase and 1,000,000 by the end of the term; past that, a shorter term, a larger down payment or an engine report |
| CDL experience | 2+ years is the common minimum; some programs accept 1 year with a larger down payment |
| Authority age | 2+ years for the best terms; a new MC authority is financeable with 10–25% down, priced toward the top of its tier until it has 12–24 months of history |
| Time in business | 1+ year preferred; 2+ years for the best pricing. Owner-operators leased onto a carrier can use their settlement history |
| Revenue | $15K+ a month in business deposits, shown on 3–6 months of bank statements plus settlement or broker statements |
| Insurance | $750,000 primary liability is the federal minimum for general freight, and most brokers and shippers require $1 million; physical damage coverage names the lender as loss payee |
Within a tier, a late-model truck with a clean ECM report prices toward the bottom and an older, high-mileage truck toward the top. The core of the file:
An owner-operator leased onto a carrier has settlement statements that show exactly what the truck earns, which is the easiest income for a lender to underwrite. A brand-new MC authority has no history yet, so lenders lean on driving experience, personal credit and a bigger down payment. Expect 10–25% down, a rate toward the top of the range, and sometimes a shorter term on a first truck under a new authority. Once the authority has 12–24 months of clean history, the next truck prices noticeably better.
Most owner-operators start with a used tractor. Lenders set limits on model year and on mileage at the end of the term, so an older, high-mileage truck gets a shorter term or needs more down. Before you commit:
Carrier lease-purchase programs let a driver get into a truck with little down, and payments come straight out of weekly settlements. The trade-offs are real: the truck is usually tied to that carrier, weekly payments tend to be high relative to the truck’s value, and many programs end with a balloon payment. If you leave the carrier, you can lose the truck and every payment you made.
Independent financing costs a down payment up front, but the truck and its equity are yours, and you can haul for anyone. If you can put 10–20% down, compare both before signing. A trailer can go on the same deal as the tractor; see semi trailer financing, and for temperature-controlled freight, refrigerated truck financing.
The truck payment is the predictable part. Fuel, tires, a repair on the road and insurance down payments are not. Freight factoring turns delivered loads into cash in a day or two, and working capital covers a larger repair or a slow month based on your deposits. For fleet-level strategy, see trucking equipment financing, or apply once at equipment financing to compare offers across 1,800+ funding partners.
Standard programs start at 580 FICO, and most lenders look for 600 or higher, 2 or more years of CDL experience, $15,000 or more a month in business deposits, and a truck about 10 model years old or newer at the end of the term. With 700+ credit and 2+ years in business, expect 6 to 14 percent APR with down payments of 0 to 10 percent new, 10 to 25 percent used. With fair credit, expect at 650 to 699 FICO, 10 to 25 percent down at 12 to 18 percent APR; at 620 to 649 FICO, 15 to 25 percent down at 12 to 20 percent APR; at 580 to 619 FICO, 20 to 30 percent down at 18 to 22 percent APR. A new authority can qualify with 10 to 25 percent down, priced toward the top of its tier until it has 12 to 24 months of history.
It is difficult. Most lenders require at least two years of CDL driving experience, and some accept one year with a larger down payment. Drivers with less experience usually start by leasing onto a carrier to build a record.
Established carriers often put 0 to 15 percent down. New owner-operators and new authorities should plan on 10 to 25 percent, depending on credit, experience and the truck.
Yes, with more down and at a higher rate. Lenders lean on your driving experience, personal credit and down payment until the authority has 12 to 24 months of history.
Lenders set limits on the truck’s model year and mileage at the end of the financing term. Older, high-mileage trucks can still be financed, usually with a shorter term or a larger down payment.
Most lenders look for 600 or higher. Lower scores can qualify with a larger down payment and strong driving and revenue history.
It can be. The 12 percent federal excise tax on a new Class 8 tractor is part of the invoice and is usually financed with the truck. Used trucks do not carry it.
A lease-purchase needs little money down but usually ties the truck to one carrier, often with high weekly payments and a balloon at the end. Financing it yourself requires a down payment, but you own the truck and its equity and can haul for anyone.
One application goes to 1,800+ funding partners, with no impact on your credit score. Send a quote or invoice and we will come back with real numbers.
