Truck Loan Calculator (US)

How the payment is worked out

The amount financed is the truck price plus any tax and fees you roll in, minus your deposit and trade-in. With no balloon, each monthly payment is P × r ÷ (1 − (1 + r)−n), where P is the amount financed, r the monthly rate and n the number of months.

A balloon (also called a residual or final payment) is a lump sum left owing at the end. Because you don’t repay that part until the last month, it lowers every monthly payment, but you pay interest on it for the whole term, so total interest goes up.

How to get a semi truck loan, step by step

1. Get your CDL. A Class A CDL covers tractor-trailers (combinations of 26,001 lb or more towing over 10,000 lb); Class B covers heavy straight trucks. New drivers must complete Entry-Level Driver Training first. Most lenders like to see two years of CDL experience.
2. Set up the business: an LLC or sole proprietorship, an EIN from the IRS and a business bank account.
3. Get a USDOT number and, for interstate for-hire freight, MC operating authority from the FMCSA, plus the BOC-3 process agent filing, UCR, IRP apportioned plates and an IFTA fuel tax account. Or lease on to a carrier and run under its authority.
4. Choose the finance: an equipment loan, an SBA 7(a) loan, a lease (TRAC or $1 buyout) or dealer financing.
5. Apply with the documents below. Lenders check your personal credit and, for established fleets, your business credit and safety record.
6. Insure the truck (the lender is named loss payee), pay the down payment and close. The lender is recorded on the title and usually files a UCC-1.

Documents you need for a semi truck loan

You (each owner with 20% or more)

• Government-issued photo ID
• Commercial driver’s license (Class A or B) and your motor vehicle record (MVR)
• Social Security number and consent for a credit check
• Proof of address
• Personal tax returns for the last two years (with Schedule C if you’re a sole proprietor)
• Personal financial statement (SBA Form 413 for SBA loans)

Your business

• EIN confirmation letter (IRS CP 575)
• Articles of organization or incorporation, and any state business license
• USDOT number and MC authority grant letter, or your lease-on agreement with a carrier
• BOC-3, UCR registration, IRP cab card and IFTA license if you run interstate
• Business tax returns for the last two years (Form 1120, 1120-S or 1065)
• Profit and loss statement and balance sheet (year to date)
• Schedule of existing debts and equipment you already finance
• Customer, broker or carrier contracts and a business plan if you’re a new authority

Bank and cash

• 3–6 months of business bank statements (personal statements if you’re new)
• Proof of the down payment funds
• Settlement statements from your carrier, if you’re leased on

The truck

• Dealer purchase order or bill of sale with year, make, model, VIN, mileage and price
• Title and photos for a private-party or used purchase, plus any inspection report
• Proof of insurance: primary liability (at least $750,000 for general freight), physical damage with the lender as loss payee, and cargo cover
• IRS Form 2290 stamped Schedule 1 (heavy vehicle use tax, trucks of 55,000 lb or more) to register the truck

SBA loans also need

• SBA Form 1919 (borrower information)
• IRS Form 4506-C so the lender can verify your tax returns
• Résumés of the owners and a list of the equipment being bought

Rates, down payments and tax breaks

Banks and credit unions charge the lowest rates to established fleets with strong credit; specialty truck lenders cover new authorities and weaker credit at much higher rates. Expect to put 10–20% down with good credit and 20–30% or more if your credit is poor or you’re a new owner-operator. New heavy tractors and trailers carry a 12% federal excise tax on the first retail sale, which is often quoted separately. Trucks used more than 50% for business can usually be written off quickly through Section 179 or bonus depreciation, which was restored to 100% in 2025.