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. Somerset, NJ 08873.
Commercial vehicle loans are tailored financing solutions aimed at enabling local businesses to acquire transportation assets. These loans can be utilized for various types of vehicles such as trucks, vans, trailers, and fleet units. Serving as collateral, the vehicle allows you to secure competitive rates and quicker processing times, accessing funds up to varying percentages of the vehicle's assessed value without needing to leverage other business assets.
In 2026, financing options for commercial vehicles can be sourced from multiple institutions including banks, credit unions, online platforms, and dealership programs. Rates may begin as low as various for those with robust credit profiles who are purchasing new vehicles, with repayment terms typically spanning from 2 to 7 years depending on the vehicle's specifications and age. Whether you're in need of a single delivery van or a comprehensive fleet, commercial vehicle loans enable you to obtain essential transport assets while maintaining your business’s working capital.
Commercial vehicle financing is versatile and accommodates nearly any vehicle that is primarily used for business. The following categories often qualify:
Loan rates for commercial vehicles can fluctuate based on various factors, including the vehicle's condition (new or used), your credit history, how long your business has been operational, and the type of lender. Below is a comparison of the main financing options available:
Perfect for businesses operating with multiple vehicles to capitalize on fleet financing opportunities, allowing businesses to finance multiple vehicles under one agreement. Fleet loans come with several benefits compared to securing individual vehicle financing:
Given that the vehicle acts as collateral, many lenders have more lenient qualification standards than those for unsecured loans. Typically, lenders expect:
The process of securing commercial vehicle financing can be swift. Many lenders offer same-day pre-approval and can fund the loan within a week. On somersetbusinessloan.org, you can evaluate various offers through a single application.
Clarify the type, make, model, and condition (new or used) of the commercial vehicle you wish to purchase. Acquire a quote or invoice from the dealer, reflecting the total purchase price.
Fill out our straightforward 3-minute form with essential business and vehicle information. We’ll connect you with lenders providing competitive terms for your situation - only a soft credit check is required.
Evaluate different loan and lease proposals by examining terms, down payment requirements, and monthly costs prior to making a choice.
Once approved, funds will be transferred directly to the dealer or seller, with most commercial vehicle loans completing in about 3 to 7 business days.
Typically, lenders look for a minimum credit score of 600 for standard financing options. Those with scores of 680 and above can access the most favorable rates. Borrowers in the 600-679 range may still secure financing but at less competitive rates. Moreover, some specialized lenders may cater to those with scores as low as 500, albeit with a larger down payment and increased interest rates. Owner-operators with minimal credit history can sometimes find options based on their trucking experience and revenue history.
Absolutely. Many lenders provide financing for both new and used commercial vehicles, although the terms can vary. Financing for used vehicles usually necessitates a down payment of differing amounts and may include interest rates that are generally higher than those for new vehicles. Lenders commonly impose a maximum age on financed used vehicles, typically 7 to 10 years, and sometimes include mileage restrictions (usually around 250,000 miles or less for trucks). The vehicle must pass an inspection and have a clear title. Generally, loan terms for used vehicles last shorter—averaging between 2 to 5 years compared to 3 to 7 years for new purchases—to ensure the loan coincides with the vehicle’s lifespan.
Loan amounts for commercial vehicles can range from $25,000 for a single work van to over $2,000,000 for larger fleet acquisitions. Individual vehicle financing is usually capped at $250,000 to $500,000 per unit, accommodating most semi-trucks, specialized vehicles, and heavy-duty machinery. Programs associated with fleet financing allow businesses to secure multiple vehicles under a single loan or master lease agreement with much higher total borrowing capacities. For combined vehicle and equipment purchases, SBA 7(a) loans can cover up to $5,000,000. The upper limits depend on factors like vehicle value, business income, and credit profile.
When you have a Commercial Vehicle Funding, you fully own the vehicle after the final payment and can deduct depreciation and interest on your tax returns. The monthly payments typically are higher due to building equity. Conversely, a Vehicle Leasing Optionsentails lower monthly payments, but you must either return the vehicle at the conclusion of the term or buy it at its residual value. Leasing is particularly beneficial for businesses that prefer to rotate their vehicles every 3 to 5 years, while loans are better suited for those planning to keep their vehicles long-term. Many fleet operators find it advantageous to combine both methods—leasing light-duty vehicles that are frequently replaced while financing heavy-duty trucks for extended periods.
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