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. Aberdeen, NJ 07747.
These loans serve as a targeted means of financing for businesses aiming to acquire trucks, vans, trailers, or an entire fleet of vehicles necessary for operation. Similar to other equipment loans, the vehicle itself acts as collateral, enabling access to competitive rates, swift approval processes, and potential funding up to a percentage of the vehicle's market value without needing to secure additional business assets.
As of 2026, various establishments, including banks and online platforms, are offering commercial vehicle financing solutions. Rates can start at varying amounts for those with favorable credit when purchasing new vehicles. Loan terms typically range from 2 to 7 years, depending on vehicle specifications. Whether you're seeking a single work van or an extensive delivery fleet, this financing option supports your operational transportation needs while maintaining your available working capital.
Nearly all vehicles intended primarily for business use qualify for commercial vehicle loans. Key categories include:
The interest rates for commercial vehicle loans are influenced by several factors including the type of vehicle (new or used), your credit score, duration of your business operation, and the lender you choose. Here’s a comparison of the main financing options available to you:
Businesses managing multiple vehicles can benefit from programs specifically designed for fleet financing, allowing businesses to finance multiple vehicles under one comprehensive loan or master lease. This approach presents distinct advantages compared to securing funding for each vehicle separately:
As the vehicle serves as collateral, the criteria for approval are typically more lenient than those for unsecured business loans. Lenders generally evaluate:
Speed is crucial in commercial vehicle financing. Many lenders offer same-day pre-approval and can fund your loan in under a week. Via aberdeenbusinessloan.org, you can assess various options using a single application process.
Specify the type, model, and condition (new or used) of the commercial vehicle you are interested in. Acquire a quote or invoice from the dealer or seller that covers the total price.
Fill out our simple form in just three minutes with basic details about your business and the vehicle. We connect you with lenders who provide the most competitive rates tailored to your profile - only a soft credit check.
Analyze various loan and lease options in detail. Carefully compare factors such as term length, down payment, and monthly payments before making your selection.
Once approved, funds are dispatched directly to the seller or dealership. Most commercial vehicle loans finalize within 3-7 business days.
Generally, a minimum credit score of 600 is needed for standard commercial vehicle financing. Borrowers with a score of 680 or higher may secure better rates, while those between 600-679 may still receive financing, albeit at higher rates. Certain lenders may accommodate scores as low as 500, but larger down payments and increased interest rates are usually required. Owner-operators with little credit history might qualify based on their trucking background and revenue instead.
Absolutely. Most lenders are willing to finance both new and used commercial vehicles, although terms may vary. Financing for used vehicles generally requires a varying down payment and has interest rates that may be higher than those for new ones. The typical cap on the age of financed used vehicles is 7-10 years, along with mileage restrictions (often under 250,000 miles for trucks). The vehicle must be inspection-ready and possess a clean title. Loan terms for used vehicles are usually shorter, ranging between 2-5 years, compared to 3-7 years for new vehicles.
Amounts for commercial vehicle loans can vary from $25,000 for a single work van to over $2,000,000 for fleet purchases. Typically, individual vehicle financing is capped between $250,000-$500,000, suitable for most semi-trucks and heavy-duty equipment. Fleet financing allows businesses to fund multiple vehicles under one loan or lease agreement, often with much higher total limits. SBA 7(a) loans can provide up to $5,000,000 for purchasing vehicles and equipment combined. The amount available largely depends on the vehicle's value, your business income, and your credit history.
In a financing, you own the vehicle outright once all payments have been made and can deduct interest and depreciation on your taxes. Monthly payments tend to be higher since you’re building equity. In the case of a leasing, monthly payments are generally lower, but you're either expected to return the vehicle at the end of the term or purchase it for its residual value. Leases are particularly advantageous for businesses that change vehicles every few years, while loans are typically a better fit for vehicles intended for long-term use. Many fleet operators use a mix—leasing lighter vehicles for quicker turnover and financing heavy-duty trucks for extended periods.
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