Finance trucks, vans, and fleet vehicles with rates starting at a competitive rate. Get up to varies financing on new commercial vehicles with terms up to 7 years - compare multiple lenders in 3 minutes. Franklin Township, NJ 08873.
These loans represent a focused type of equipment financing that assists businesses in acquiring necessary vehicles such as trucks, vans, trailers, and comprehensive fleet options for operational needs. Similar to traditional equipment finance, the vehicles themselves act as collateral - allowing businesses to enjoy competitive rates, swift approval times, and funding based on the value of the vehicle, without needing to leverage additional business assets.
In 2026, options for financing commercial vehicles are available through a range of institutions including local banks, credit unions, online lenders, and dealership financing plans. Competitive rates can begin at dependent on specific requirements for applicants with solid credit histories, with loan terms typically spanning from 2 to 7 years based on vehicle specifications and condition. Whether your business needs a single work vehicle or a comprehensive delivery fleet, commercial vehicle loans empower you to obtain the transport resources crucial for your success while maintaining vital working capital.
Almost any vehicle designated primarily for business can qualify for commercial vehicle financing. Commonly financed types include:
The costs associated with financing can fluctuate based on factors such as whether the vehicle is new or used, your credit history, the duration of your business operations, and the type of lender you choose. Here's a comparison of the key financing options available:
Companies operating several vehicles can utilize comprehensive fleet financing solutionsOur consolidated fleet financing options allow you to manage multiple vehicles under one master lease agreement. These fleet programs come with several benefits compared to acquiring vehicles through separate loans:
Given that the vehicle itself acts as collateral, the criteria for eligibility are often more lenient compared to unsecured financing. Generally, lenders will expect:
Financing for commercial vehicles often moves quickly. Most lenders offer same-day pre-approval and funding could be completed within a week. At franklinbusinessloan.org, you can easily compare offers through a single application.
Identify the type, make, model, and condition (new or used) of the commercial vehicle you wish to acquire. Ensure you have a dealer quote or seller invoice including the total cost.
Fill out a 3-minute form with essential details about your business and vehicle. We’ll connect you with lenders who provide the most competitive rates tailored to your profile, with only a soft credit inquiry.
Explore various loan and lease options concurrently. Examine details such as term duration, down payments, and monthly installments to make a well-informed choice.
Once approved, the funds will be transferred straight to the dealer or seller. Most commercial vehicle loans finalize within a swift 3-7 business days.
Typically, a minimum credit score of 600 is needed for standard financing options with commercial vehicle lenders. For those with scores of 680 and above, the most favorable rates are available. Borrowers scoring between 600-679 can still find financing options, albeit at slightly increased rates. Certain niche lenders may offer programs for scores as low as 500, provided a larger down payment (conditions may vary) and higher interest rates. Owner-operators lacking extensive credit history might qualify via programs that assess trucking experience and business revenue instead.
Absolutely. Many commercial vehicle lenders extend financing to both new and pre-owned vehicles, although terms differ. Financing for used vehicles generally necessitates a higher down payment and comes with interest rates that are usually higher than loans for new vehicles. Lenders often limit the age of financed used vehicles to 7-10 years and set mileage restrictions (commonly 250,000 miles or fewer for trucks). Additionally, used vehicle loans typically feature shorter terms of 2-5 years, compared to 3-7 years for new vehicle financing, ensuring the loan does not extend beyond the vehicle's effective lifespan.
The range of commercial vehicle loan amounts can start at $25,000 for a single work van and can soar to $2,000,000 or more for fleet acquisitions. Financing for individual vehicles often caps at $250,000-$500,000, covering most semi-trucks, specialty vehicles, and heavy-duty machinery. Fleet financing solutions enable businesses to secure multiple vehicles under a single loan or master lease agreement, often with substantially higher total financing limits. Through SBA 7(a) loans, businesses can obtain up to $5,000,000 for combined vehicle and equipment purchases. The maximum amount you can obtain depends on the vehicle's value, your business revenue, and creditworthiness.
When utilizing a financial assistance, ownership transfers to you once the final payment is made and you can take advantage of tax deductions for depreciation and interest. Monthly payments are higher since you’re building equity. Alternatively, with a rental agreements, you'll enjoy lower monthly payments but will need to return the vehicle at the end of the lease term or buy it at its residual value. Leases are ideal for businesses that frequently update their vehicles every 3-5 years, while loans work best for those planning to keep vehicles long-term. Many fleet operators adopt a mixed approach—leasing light-duty vehicles that are replaced often while financing heavy-duty trucks intended for use over a decade or more.
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