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Need Truck Financing? We Can Help! Truck Finance Programs for Fleet & Owner-Operators
Whether you’re a owner-operator, small fleet owner or own a large fleet, we have truck financing solution for you and your trucking business. We have great semi truck leasing programs and semi-truck loans that will fit your budget and help add more profit to your bottom line.
TopMark Funding has a proven track record of helping owner-operators, fleet owners, and trucking companies grow by offering great funding solutions. We utilize our vast expertise in the commercial truck financing and equipment finance industry to get you the monthly payments you can afford. Getting you on the road, increasing cash flow, and adding more profit to the bottom line.
Deciding whether to get a truck loan or truck lease, choosing between new or used Freightliner, Peterbilt, or Kenworth. Having a partner like TopMark Funding that understands the 18 wheeler industry and all that comes with truck and trailer financing (titling, registration, insurance, warranties, etc.) is crucial to your success in the trucking industry. We’re your trusted commercial vehicle and semi truck financing company.
Get a Free no-obligation quote. Get pre-approved in minutes. Click the “Get Started Today” button!
Top Rated Truck Financing Company What Our Customers Are Saying About Us
At TopMark Funding your satisfaction is our top priority. With decades of commercial trucking experience we know how important it is to deliver a great customer experience. We promise to get you a great truck financing deal funded as quick as possible. Check out our reviews from our amazing customers.
How to Get Financing for a Semi Truck? Our Process is Quick & Easy!
If you’re in the market to buy a new or used semi truck you should read this article first. Semi truck financing and commercial truck financing is different from traditional vehicle financing and leasing. Traditional truck loans typically require your personal credit, business revenue, and time in business to determine if you’re qualified.
When it comes to semi truck financing the truck you decide to purchase becomes the collateral. Which helps to limit the lender’s risk on the semi truck lease or loan. By reducing the lender’s you’re more likely to be qualified for truck financing.
There are several factors that will determine your semi truck loan or lease term, interest rate, and down payment. Here’s a list of all the requirements and factors that determine your eligibility and financial requirements.
#1 Determine Your Eligibility – Get Pre-Approved
Before you go semi truck shopping it’s recommended to get pre-approved for semi truck financing first. At TopMark Funding we have a quick and easy pre-approval process. One of our finance specialists will ask you a few questions about you credit and business history. We will then do a soft pull on your credit, not a hard inquiry. The majority of our competitors do a hard credit inquiry. That’s not good for your credit score. The more hard inquiries you have the lower your score goes. Our pre-approval process is guaranteed not to harm your business or personal credit score. Once we get your credit results back we’ll get you pre-approved with the amount you’re allowed to finance.
Here’s a Few Factors That Determine Eligibility
- Credit Score – 600 or Above for the Best Semi Truck Financing Rates.
- Time in Business with a CDL License – 3+ Years Preferred (But We Can Finance Start-ups Too!)
- Down Payment Amount – How Much Can You Afford to Put Down on Your Semi-truck.
Making smart choices with semi-truck financing is critical to any trucking company. Having up-to-date equipment to maximize efficiency and stay in compliance with the ever-changing regulations is important to a company’s growth and sustainability. We’ve made the funding process quick and easy so you can get funded fast and on the road with your new truck.
Get Pre-Approved: Click the “Get Pre-Approved Today” button. Fill out the contact form and one of our semi truck finance specialists will contact you ASAP! Or for immediate assistance give us a call at (866) 627-6644
Select a Financing Program: A finance specialist will contact you to go over your funding and business needs. We want to understand your needs to better help us find the best solution that meets your trucking business objectives.
Time to Go Semi-Truck Shopping: Once you’ve been pre-approved your finance specialist will contact you to go over your funding details. You’re pre-approval is good for 90 days. Now it’s time for you to go semi truck shopping!
#2 Find Your New Semi-Truck
Here’s the fun part of the semi finance process. Shopping for your new big rig! When shopping for your new 18 wheeler you need to keep in mind some requirements the lenders have. We always recommend buying your new or used semi truck from a reputable semi truck dealer. If you’re not sure which semi truck dealer in your area is reputable, give use a call and we’ll have some suggestions (866) 627-6644. We have a list of great dealer throughout the US.
- Make, Model, Year (Less than 10+ years)
- Mileage (Less than 700k)
- The truck needs to be for your intended use.
- Condition Report
- Any past major repairs.
- Preferably sold by a semi truck dealer.
- Serial Number of the truck.
- Is the semi truck new or used
- Minimum of 3 pictures
Lenders want to make sure the semi truck your trying to buy is a good investment for you and will last the duration of the financing term. Also, the truck is the collateral for the financing. If something were to happen and you can no longer afford to pay the loan or lease back, the lender will need to repossess the semi truck and recoope their capital.
#3 Find Good Semi-Truck Insurance
Before you get approved and financialize your semi truck lease or loan, you’ll need to have semi truck insurance. Semi truck lenders will make sure you have good semi truck insurance. Like your personal vehicle you’ll need good insurance for your big rig. Just like anything else in life you get what you pay for. Your semi truck and business are valuable assets and you don’t want to be underinsured and liable for the potentially massive repair and legal bills.
Semi Truck lenders require you to have the following coverages
- Liability coverage
- Physical damage coverage
- Bobtail coverage for non-trucking use
- Cargo and storage coverage that covers what you’re hauling
If you own a fleet of semi trucks and have employees driving for you, you’re going to need workers compensation. Contact your local business insurance agent for more details.
Lenders will not allow you to finalize the deal without the correct type of insurance for a semi truck. If you have any questions please feel free to contact your finance specialist. (866) 627-6644
#4 Submit All Documents and Get Funded
Once you’ve picked out your semi truck that meets all the requirements and you have the proper insurance in place, it’s time to finalize your funding. Contact your finance specialist to finalize your application.
Documents will be generated and then emailed for review and signature. An electronic signature is acceptable on most documents.
After the signed contract is returned, we’ll process your documents. Most transactions fund within 1 to 3 days. Fast turn around to get you the truck 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.
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.
Frequently Asked Questions
It’s easy when you deal with TopMark Funding®. We specialize in semi truck financing. We have many truck financing programs for great credit, bad credit, semi truck loans, semi truck lease, you name it we got it. Apply today for a free no-obligation quote. No hard inquires or negatve impact to your credit score. Or feel free to give us a call and a semi truck finance specialist will be glad to help. (866) 627-6644
There are many factors to determine when it comes to the length of time you should or can finance a semi truck. We have programs that are from 12 to 72 months. For more information to see what is the best term for you, please call and one of our finance specialist can help with find the best deal for your. (866) 627-6644
You’re in luck! Whether you have good credit or bad credit, TopMark Funding® has a truck financing program that will fit your needs and budget. Apply today for a no-obligation quote. No hard inquiries or negative impact on your credit score. Feel free to call and we can get the process started for you and answer any more question you may have. (866) 627-6644
Rates vary due to many factors, including, but not limited to: your business’s strengths, your credit profile, industry, equipment type, funding type, current market trends, etc. Rates can also fluctuate depending on market conditions. Our extensive network of funding partners allows TopMark Funding the ability to provide the most competitive terms, rates, and payments available in the marketplace today, for many industries. Rates start at around 4.9% to 6.9%, assuming very strong credit and a very qualified borrower.
We also provide very transparent equipment financing with a fixed monthly payment and working capital with a fixed payback amount, where the total finance charges are known upfront. With this method of financing, you can easily determine the rate of return from the equipment finance or working capital product.
At TopMark Funding® we have a semi truck financing solution you. Whether you have good credit or bad credit our semi truck finance specialist can find a program will work for you. For more information fill out the contact form or give us a call at (866) 627-6644