Short Answer
Trucking equipment financing uses the truck or trailer as collateral, making it easier to qualify than unsecured loans. Rates start at 6.8% APR for qualified borrowers. Terms run 24–72 months. Taycor Financial and Crest Capital are the top equipment lenders for trucking.
Trucking Equipment Financing: Best Lenders & Rates (2026)
Key Takeaways
- → Equipment financing is collateral-backed — the truck secures the loan, lowering lender risk and rates.
- → Qualifies for trucks, trailers, reefers, flatbeds, tankers, and fleet vehicles.
- → Minimum credit: 600 FICO at most equipment lenders (vs. 650+ for SBA loans).
- → Approval typically takes 1–3 days. Much faster than SBA.
- → Loans vs. leases: loans build equity, leases offer lower payments and flexibility at end of term.
Best Equipment Financing Lenders for Trucking
See our ranking methodology. Sponsored listings are labeled.
Taycor Financial
Best for EquipmentRates From
7.0%
Up To
$2,000,000
Min Credit
600
Funding
1–3 days
Crest Capital
Fast ApprovalRates From
6.8%
Up To
$1,000,000
Min Credit
620
Funding
Same day
Balboa Capital
Online-FirstRates From
7.5%
Up To
$1,000,000
Min Credit
620
Funding
1–3 days
eBoost Partners
Sponsored Best OverallRates From
6.5%
Up To
$500,000
Min Credit
550
Funding
Same day
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Equipment Loan vs. Equipment Lease: Key Differences
Both options let you use the equipment immediately. The difference is ownership and end-of-term flexibility:
| Feature | Equipment Loan | Equipment Lease |
|---|---|---|
| Ownership | You own the truck from day one | Lender owns it; you lease it |
| Monthly Payment | Higher | Lower (15–25% less) |
| Down Payment | 0–20% | First + last month typical |
| End of Term | Truck is yours, paid off | Buy out, renew, or return |
| Tax Treatment | Depreciation deduction | Payments fully deductible |
| Best For | Long-term hold, building equity | Upgrade every 3–5 years |
What Equipment Qualifies?
Most lenders finance any commercial vehicle or trucking equipment used for business:
- Class 8 semi trucks (new and used, up to 10 years old)
- Dry van trailers, reefer trailers, flatbeds, tankers, lowboys
- Day cabs and sleeper cabs
- Dump trucks and vocational vehicles
- Liftgates, aerodynamic kits, engine rebuilds (Taycor Financial)
Age restrictions: most lenders cap at 10 years old and 500,000 miles for used trucks. Older units need specialized lenders or in-house financing.
How to Get the Best Equipment Financing Rate
- Improve credit before applying — Each 20-point increase in your score can move you into a lower rate tier.
- Put more down — 20% down vs. 10% typically saves 1–2% on the rate.
- Choose newer equipment — Trucks under 5 years old get better rates than older units.
- Shop multiple lenders — Rate variance between lenders on the same deal can be 3–5%.
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