How to Get Semi Truck Financing | Commercial Vehicle Financing Guide

Semi Truck Financing & Commercial Vehicle Financing

Commercial Truck Financing Made Easy

How to Get Semi Truck Financing

Are you in the market for a new or used semi-truck and need semi truck financing? TopMark Funding® can help! We specialize in commercial vehicle financing. Whether you’re a truck driver with good credit or bad credit we have semi-truck leases and loans options for you and your trucking business. 

Click the Get Started Today button below and get pre-approval today. Our application and approval process is quick & easy. No hard inquiries or negative impact on your business credit or personal credit.

Get Pre-Approved Today. Free No-Obligation Quote
No Hard Inquiries or Negative Impact on Your Personal Credit

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With decades of commercial vehicle financing experience. We know what it takes to get you approved and with the best truck financing deal as possible. At TopMark Funding®, we have a proven track record of helping owner-operators, fleet operators, and tractor-trailer trucking companies grow. Offering great loans and lease purchase programs that fit your monthly budget and add profit to the bottom line.

Regardless of credit history, credit score, we can utilize for vast expertise in the truck finance industry to get you the monthly semi-truck payments you can afford. Getting you on the road, increasing cash flow, and adding more profit to the bottom line.

Trucks & Commercial Vehicle We Finance
Commercial Truck loans & Leasing Programs

As a small business owner, you know the importance of having up to date equipment & machinery. We also offer equipment leasing and equipment loans. 

Small business loans and working capital to help with purchasing the equipment or cover your monthly operating expenses. We have great interest rates. Much lower than putting your equipment purchases on a credit card.

Get Approved the Same Day!

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Get Funded in 1 to 3 Days!
Our Process is Quick & Easy

Deciding whether to get a loan or lease, choosing between new or used Freightliner, Peterbilt, Kenworth, or Mack trucks. Having a partner like TopMark that understands the big rig industry and all that comes with truck and trailer financing  (titling, registration, insurance, warranties, etc.) is paramount to your success and growth in the trucking industry.

 1. Apply Online: Fill out the quick and easy online application. Or give us a call at (866) 627-6644

2. Select a Solution: A commercial finance specialist will contact you to go over your financial business needs. We want to understand your needs to find the best solution that meets your objectives. And help you grow your business.

3. Review Documents: Once we have determined the best solution for you and your business, documents are generated and emailed for review and signature. An electronic signature is acceptable on most documents.

4. Get Funded: After the signed contract is returned, we’ll process your documents. Most transactions fund within 1 to 2 days. Fast turn around to get you the truck or heavy equipment you want up and running.

Semi Truck Financing and Credit

When it comes to getting a new truck, credit can play a big role. When shopping for a loan for a new truck, you need to keep your credit health in mind. A lot of truckers actually harm their credit by applying willy nilly to any and every company that promises they can get them the truck of their dreams.

What actually happens is a LOT of hard inquiries on your report. Remember, each hard inquiry can ding you about 10 points. If you even apply to 4 places, that’s enough to drop your score a whole credit grade.

Dealers are another avenue you want to be wary of in regards to credit. When you “apply” or see if you can get financed for a truck you like at dealership, what that dealers often do is send your information around to any bank or company they think you can get approved at. Again, this leads to many unnecessary and damaging hard inquiries.

Don’t worry, there are companies out there that can get approved for Commercial Truck Financing without harming your credit. We here TopMark Funding can help you by getting you pre-approved with just a soft inquiry. This way, you can see your rates without any damage done to your credit or commitment from you.

For these reasons, it is important for you to be familiar with both your credit score and what financing companies can offer you at your current credit rating before you ding your score. Do your research and make sure you are making good choices for your business. Click the link if you want to read our in-depth Semi Truck Financing guide. Being knowledgeable about the process and what it means in terms of credit will help you make the best choices.

Here is the detailed breakdown of FICO Score Ranges

300-579: A score in this range is considered Very Poor. Credit applicants with a score in this range will often be required to pay larger fees and deposits, or sometimes may not be approved for credit at all. 16% of people have a score in this range.

580-669: Scores between the 580 mark to the higher 600s are called Fair credit scores. Often, people with scores in this range will be referred to as subprime borrowers. A total of 17% of people have a credit score in this range.

670-739: This range is referred to as Good. Individuals with scores this high have a much lower rate of default. Statistically, about 8% of applicants with a Good range credit score will become seriously delinquent. Around 21% of people have a score in this range.

740-799: People with scores in mid to top 700s are in the range of Very Good. Borrowers with scores in this range will receive better than average interest rates from banks and lenders. 25% of people have a score in this range.

800-850: The top of the scale is considered an Exceptional credit score. Individuals with a credit score above 800 receive the best rates from lenders. Around 21% of people have scores between 800-850.

Statistically speaking, most people’s credit scores fall between the range of 600 to 720.

What Affects Your Credit Score

Payment history – This shows if you’ve made your payments on time or at all.

Credit utilization rate – How much of your credit you are using on your credit cards.

Type, amount, and age of credit accounts – Lenders do want to see diversity on your credit report. Having a good mix of credit cards, a car loan, maybe a mortgage on their helps your score.

Total Debt Owed – This is the amount you owe in loans and how much is on your cards.

Bankruptcies, Child Support Due, Public Records – Filing for bankruptcy or having a large amount of delinquent child support will hurt your score.

New Credit Accounts – Opening a lot of accounts in a short period of time can hurt your score. If you have gotten too many loans or credit cards in a 2-year period, it can ding you.

Hard Inquiries – The number of times a lender has requested your credit information will affect your score. These searches stay on your report for 2 years.

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No Hard Inquiries or Negative Impact on Your Personal Credit
Semi Truck Frequently Ask Questions

Why Do They Call it a Semi-Truck?

A semi-trailer truck more commonly semi truck or simply “semi” is the combination of a tractor unit and one or more semi-trailers to carry freight. A semi-trailer attaches to the tractor with a fifth-wheel coupling also known as a hitch, with much of its weight borne by the tractor. The result is that both the tractor and semi-trailer will have a design distinctly different from that of a rigid truck and trailer. Semi-trucks are also known as big rigs or 18 wheelers.

What are the Different Semi-Trucks Styles?

Flat Roof Sleeper – A sleeper cab or truck sleeper is a semi-truck that has a compartment attached to the cabin for the truck driver(s) to rest and sleep. Typically has a bunk and side storage compartments. The flat roof sleeper has a flat roof and less headspace.

Mid-Roof Sleeper – A 76-inch mid-roof sleeper is a semi-truck that has a compartment attached to the cabin for the truck driver(s) to rest and sleep. Typically has a bed, tv, and storage compartments. The mid-roof sleeper has a slightly higher and rounded roof for more headroom and space. 

Raised Roof Sleeper – A raised-roof sleeper is a semi-tractor with a compartment attached to the cabin for the truck driver(s) to rest and sleep. Some sleeper offers a premium sound system, flat-screen TV, and side storage tower. The raised-roof sleeper has the highest roof for more space and better driver comfort. 

Day Cab – The day cab semi-trucks a tractor that is designed for day trips. It does not include the on-the-road overnight sleeping compartment. The purpose of the day cab is to hook up and haul large loads on short trips within the same day.

For more types and styles of commercial vehicles check out our articles about the Different Types of Commercial Trucks & Vehicles

What The Difference Between a Semi Truck and 18 Wheeler?

Semi-truck refers to the actual truck or tractor, which contains the engine. Semi-trucks can run on its own without hauling a semi-trailer.

18-wheeler refers to the combination of a semi-truck and semi-trailer. When connected they form a tractor-trailer unit, also referred to as an 18-wheeler. Which is based on the total number of wheels for the entire tractor-trailer unit.

What Is The Best Semi Truck

Freightliner is the best selling semi-truck in America today. They sell about 190K trucks per year! Freightliner dominates with 40% of the commercial truck market share. 

They also employ over 3,000+ workers in their MT. Holly and Cleveland facility. 

Freightliner manufactures several models and styles of commercial trucks from on-highway, medium-duty, severe duty and natural gas vehicles. 

They are soon to roll out their new line of all-electric commercial vehicles named the Freightliner e-Mobility. There will be two models, the eCascadia and eM2 106.

To learn more about The Most Popular Semi Trucks in American read our latest article.

Different Types of Trailer for Semi Trucks

There are several styles and types of commercial trailers for semi-trucks. Here’s a list of the most common trailers in use today.

For more details about commercial trailers read our article Different Types of Trailers for Semi Trucks.

About TopMark Funding®

We have the track record and expertise in commercial vehicle and semi-truck financing. Our mission is to become your long-term lending partner by helping your business grow, not just for the short-term, we’re here for the long-haul. 

We achieve this by being your commercial finance partner, guiding you towards the best financial decisions for your business. Making smart choices with truck financing is critical to any trucking company working in logistics. 

Having up-to-date equipment to maximize efficiency as well as to stay in compliance with the ever-changing regulations is important to a company’s sustainability and growth. You can learn more about financing versus leasing by clicking Here.

Your business has unique financing needs when it comes to financing commercial vehicles. We get it. From deciding whether to get a loan or lease, to have the ability to choose from new or used equipment. Having a financing partner like TopMark that understands your industry and all that comes with semi-truck financing  (titling, registration, insurance, warranties, etc.) is vital to your success and growth in the trucking and commercial trucking industry.

Get Pre-Approved Today

To get the pre-approval process started you’ll need to fill out the form button below. One of our truck financing specialists will contact you to start the pre-approval process. Don’t worry it’s quick and easy. Also, we don’t do any hard inquiries. Our pre-approval process will not have any negative impact on your business or personal credit score. One of the many reasons to finance your truck(s) with TopMark Funding®. We also promise to never share your information with any third-party companies. Your info is safe with us. If you’d rather talk to a truck finance specialist now, please call (866) 627-6644

Get Started Today – No Hard Inquiries or Negative Impact on Your Credit Score

Rates, terms, and payment amounts vary by transaction and are factors of, but not limited to, personal credit, business credit, time in business, industry type, equipment type, and more.  Financing and leasing products offered are subject to change.

Approval and funding time-frames vary by transaction.  The above-mentioned time-frames are estimates based on process averages.  These estimates are for regular, non-structured, transactions for qualified borrowers and lessees. Structured transactions may require additional time to approve and fund