Commercial Truck Financing for First-Time Buyers!

Commercial Truck Financing for First-Time Buyers!

commercial truck financing for first time buyers

Effective June 8, 2018 (updated March 11, 2020): Are you looking to finance your first class 8 truck? We would love to help you out during this very exciting time! At First Capital we do our best to make the buying and financing experience as seamless as possible.

Don’t let the process overwhelm you. We understand how financing a truck can be confusing, which is why we help walk you through every step.

Perhaps our terminology, lingo, and thought process are a little different than what you might be used to. Some first-time buyers relate commercial truck financing to financing a regular vehicle. This is a huge misnomer because there are so many other variables that come into play when you’re looking to finance a commercial truck.

Let’s start with a few step-by-step qualifying questions for first-time truck buyers looking to obtain financing. If you prefer to skip the step-by-step, feel free to speak with one of our advisers! You can reach us at 888-565-6692.

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commercial truck financing for first-time buyersCommercial Driver’s License (CDL) Experience

For first-time buyers, we will always want to know how long you have had your CDL for. Some programs will have a minimum CDL experience requirement and some of ours don’t.

commercial truck financing for first-time buyersCredit Score & Credit History

We will want to know how your credit looks, credit is a major factor for our lower down payment programs. We have programs that allow lower scores, and we also have programs that also allow recent bankruptcies. So don’t worry – there’s typically always a program for the majority of the buyers.

commercial truck financing for first-time buyersAge & Mileage on Truck

Equipment condition, age and miles is another factor we’ll consider. Depending on the program, some have limitations on the age and miles of the truck. Some of our programs have no restrictions at all!

commercial truck financing for first-time buyersAmount Being Financed

The amount being financed is very crucial for start-ups. There will be limitations on the amount you can finance, so before shopping for a truck it’s best to figure out what you qualify for first.

commercial truck financing for first-time buyers

Down Payment Requirements

All of our first-time buyer programs will required a down payment, which can range from 5-8% or more. Depending on your credit, CDL experience, and age/miles of the truck will determine the down payment amount. 
 

Below are some program highlights for a quick reference. If you would like to get a better understanding, feel free to call our office at 888-565-6692 and speak to one of our advisers.

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First-Time Buyers Programs

“Sleepers or Daycabs-Long Haul & Local Haul Truckers with A Credit”

  • No minimum time in business required
  • Must have 700 credit score & be a homeowner
  • Must have 5 years CDL
  • 2014 or newer truck
  • Under 800,000 miles on truck
  • Up to $45,000 in financing (higher amounts case by case)
  • Daycabs or Sleepers are acceptable
  • Minimum down payment is 10% to 20%
“Daycab-Local Haul Truckers with B Credit”
  • No minimum time in business required – Start Ups Ok
  • No minimum time CDL (but must hold a CDL for Class 8 trucks)
  • No age limit on trucks
  • No mileage limit trucks
  • Up to $49,000 in financing
  • Daycabs only (no sleeper trucks)
  • Minimum down payment, 2 advance monthly payments due at closing

“Sleeper-Local Haul Truckers with B Credit”

  • No minimum time in business required – Start Ups Ok
  • No minimum time CDL
  • Age limited to 15 years
  • 750,000 max miles
  • Up to $55,000 in financing
  • Sleepers being used for local work (single state plates only)
  • Minimum down payment, 2 advance monthly payments due at closing

“Sleepers & Day Cabs w/ A & B Credit w/ Higher Dollar Amounts”

  • No minimum time in business required – Start Ups Ok
  • 3 years minimum CDL experience
  • Age limited 2016 or newer (2014-2015 >700k miles warranty required)
  • 500,000 max miles
  • Day Cabs 2012 or newer > 500k miles (ask about 2010 or newer)
  • Up to $150,000 in financing
  • Minimum down payment, 5% to 20% depending on credit

Sleepers & Day Cabs-Long Haul & Local Haul Truckers with C Credit”

  • No minimum time in business required
  • No minimum time CDL
  • 2013 or newer trucks
  • Under 700,000 miles on truck
  • Up to $55,000 in financing
  • Day cabs or Sleepers are acceptable
  • Minimum down payment is 25% to 35%

Sleepers & Day Cabs-Long Haul & Local Haul Truckers w/ C & D Credit”

  • No minimum time in business required
  • 1 year minimum CDL experience
  • 540 credit score & requires 2 years personal/business tax returns
  • No age limits on trucks
  • Under 750,000 miles on truck
  • Up to $50,000 in financing (case by case up to $60,000)
  • Day cabs or Sleepers are acceptable
  • Minimum down payment, 2 advance monthly payments due at closing

“Sleepers or Day cabs-Long Haul & Local Haul Truckers w/ D Credit”

  • No minimum time in business required
  • No minimum time CDL
  • No age limit on truck
  • No minimum credit score
  • Recent Bankruptcy is Ok
  • No mileage limit on truck
  • Up to $500,000 in financing
  • Day cabs or Sleepers are acceptable (any type of truck or heavy equipment acceptable)
  • Minimum down payment is 50% or collateral in lieu of down payment

For more information on our commercial truck programs, call us at 888-565-6692!

We have listed the majority of our programs for first-time buyers of semi-trucks. If you would like to learn more, simply give us a call at 888-565-6692.

If you have a few minutes, it might be a good idea to speak with one of our advises. They can pre-qualify you for commercial truck financing with a few questions and educate you on our programs and the process. If you would like to speak to an adviser, please call 888-565-6692 or contact us online to set up an appointment.
Commercial Truck Financing for First-Time Buyers | First Capital Business Finance