Investing in a new semi truck may prove to be one of the best choices you’ve ever made. Driving a commercial truck is a lucrative career move for those wanting to build a career on hard work and dedication, but finding the right semi truck financing to start can prove troublesome. New drivers, those with poor credit scores, and a variety of other factors can all play a role in how easy it is to acquire financing, which is where our truck finance pros can help!

10-4 Financing is here to deliver personalized services to drivers, owner-operators, and fleet managers with credit scores and histories of all types. We focus on the individual, relying on their goals and dreams more than the numbers that constitute their financing profile.

Today, we’ll discuss the many factors that go into semi truck financing, as well as the advantage of working with our experienced team. After helping thousands of drivers over the past seven years, we’re confident that we can help you succeed!

Truck Age

The age of your chosen vehicle will play a role in how easy it will be to earn financing for your venture. Older vehicles are more likely to require more maintenance, and may impact your financier’s willingness to invest. In many cases, semi trucks that are 10 years or older will be hard to finance, while newer trucks are seen as a smart investment.

Truck Mileage

When it comes to your workhorse, age is just as important as mileage. Trucks with fewer than 500,000 miles will provide a much more sound investment for finance companies, whereas those over 600,000 miles may prove worrisome. Before you make a choice in which truck to begin working with, it’s important to consider the costs in terms of repairs versus financing. More heavily used vehicles will come at a lower price tag, but the overall cost of financing and the ongoing maintenance may not make it worth your time.

Our truck financing pros have helped drivers of all backgrounds, and we are here to ensure you find the right vehicle for your budget and career goals. If you are looking for a truck, 10-4 Financing is here and ready to help!

CDL Experience

Acquiring your CDL license is an important step in showing that you are serious as a commercial driver. However, it can prove difficult to find a lender that is confident enough to trust you with a loan if they know you are new in the industry. This is because your truck finance program will rely on the vehicle itself as collateral for the loan; if the bills aren’t paid, the finance company can take the truck to recoup their losses.

10-4 Financing understands that everyone has to start somewhere, and our commercial truck financing programs will not disqualify you because you do not meet a CDL experience minimum. We have favorable options for first-time buyers, and we can work with each driver to achieve ideal terms that can help further their career, not hinder it.

Credit Scores

Much like financing a new motorcycle or a house, your FICO score will play a large role in how comfortable financial institutions will be with providing low rates. Your score will range from 300 to 850, with the high 700s marking a good place to start. While having a good credit score is not essential, it certainly proves helpful when trying to secure favorable interest rates.

Our team specializes in helping drivers with less-than-perfect credit scores, and we will be happy to assist you in finding a favorable outcome for your current and future business needs.

Available Down Payment

If you’re looking for the best semi truck financing, one of the best ways to ensure advantageous terms is to bring a sizable down payment. Down payments in the trucking industry can range between 0 percent and 40 percent, with 15 being a good average. Saving for a sizable down payment can provide serious results if the rest of your application for financing is not up to spec. Lower credit scores, less driving history, and other factors can all play a role in this figure, but remember that more cash in hand is always better!

Non-Starters

While the previously mentioned factors can all help or hurt your chances of securing beneficial commercial truck financing, there are a few non-starters that may severely impact your ability to finance your new truck. A few examples would include:

  • Child support that is past due
  • Current bankruptcy concerns
  • Recent truck repossessions

If you are dealing with any of these problems, it can prove very challenging to find semi truck financing that makes sense. 10-4 Financing is here to help drivers of all backgrounds, providing services for the individual, not their credit score. We can help you find the right terms to get you on the road, whether that includes a higher down payment, a more affordable starting truck, or anything in between.

Find the Perfect Truck Today!

After years of helping drivers achieve the most advantageous semi truck leasing and financing terms, 10-4 Financing has the ability to source and secure the best truck to match every goal. Our truck finance programs can be tailored to secure the perfect Freightliner, Kenworth, Peterbilt, International, or Volvo to get you on the road to success.

10-4 Financing is here to deliver unbeatable semi truck financing across the continental United States. If you’re a new driver, an industry professional looking to become an owner-operator, or you’re in charge of an entire fleet, our team is here and ready to help. Contact us today to learn more about our programs, and be sure to ask to pre-qualify to get started when you are ready!