What A First Time Truck Buyer Needs To Know About Commercial Truck Financing


Truck drivers are currently in high demand. If you’re considering a new career in trucking, you’ll need financing to purchase your first semi-truck. 10-4 Financing helps new truck owners get started in this lucrative career by providing truck loans to drivers regardless of their credit score. Here’s what you need to know about commercial truck financing as a first-time buyer. 

How To Get Approved for Truck Loan 

You may be worried about your bad credit and wonder how you’ll get approved for a truck loan. But having bad credit is not necessarily a deal-breaker with 10-4 Financing. We specialize in providing financing to drivers with bad credit and little experience in the trucking industry. 

  • Credit Score 700+: If your credit score is 700 or higher, you have excellent credit and should have no trouble getting approved for a truck loan. You will qualify for the lowest rates as well. 
  • Credit Score of 600+: If your credit score is in the 600s, you’ll still have a lot of options for financing and should easily be approved for financing with a low interest rate. 
  • Credit Score below 600: If your credit score is somewhere in the 500s there are still options for you. We’ll just need a bit more information to reduce our risk.

Options for Low Credit Scores

If you have a low credit score or poor credit history, the following options will help you get approved for financing and possibly secure a lower interest rate. 

  • Experience. If you have plenty of experience as a CDL driver (commercial driver’s license), you are more likely to be approved for a truck loan even if you have bad credit. Don’t let your credit score prevent you from buying your own truck and working for yourself. 
  • Down payment. If you don’t have any CDL experience, another option is to make a down payment. When you make a significant down payment on a truck, you are more likely to be approved for financing and you may be able to secure a lower interest rate. 
  • Letter of intent. It will help your application if you can provide a letter of intent from the source of the work you plan to do when you get your truck. A letter from an established haul-source will make your loan appear less risky as it will show you already have work lined up. 
  • Truck options. Having a lower credit score may simply mean that you can’t be choosy about the truck you purchase. You may need to start with a basic truck that will get the job done without too many bells and whistles. Once you’ve established yourself and have a steady income, you can see about upgrading your truck.

10-4 Financing Provides Commercial Truck Financing for First Time Buyers

Think you can’t start your own business as a commercial truck driver because you have bad credit and no experience? Think again. You are the exact type of person that 10-4 Financing is looking for. Our specialty is commercial truck financing for first time buyers. We pride ourselves on helping new truck drivers get started driving their own truck.

Call 888-908-7701 or contact us today to get started. We look forward to helping you get your career off to a great start.