Did you know businesses with fleets grow 23% faster than those relying on personal transportation? Upgrading your assets isn’t just about mobility—it’s a strategic leap toward scaling operations and outpacing competitors1.
Whether you need to expand your fleet or replace outdated models, financing unlocks immediate opportunities. With options covering new and used equipment, flexible terms up to 10 years, and approvals for credit scores as low as 450, growth is within reach12.
Empowerment Funds simplifies the process with fast approvals and tailored solutions. Need funding to grow your business? Get approved fast without prepayment penalties or hidden fees.
Key Takeaways
- Fleet upgrades directly boost operational efficiency and market reach
- Financing covers 100% of vehicle costs with flexible repayment terms
- Solutions available for businesses at every credit level
- Seasonal payment options accommodate cash flow fluctuations
- Tax benefits like Section 179 deductions maximize savings
Why Commercial Vehicle Loans Are Essential for Your Business
Outdated equipment slows you down; modern assets propel growth. Whether you run a food truck or manage a logistics fleet, the right financing unlocks efficiency and scale. Here’s how.
Boost Operational Efficiency with the Right Vehicles
Newer models cut maintenance costs by 18–27% compared to aging fleets3. That’s cash back in your pocket for hiring or marketing. Plus, tax deductions on interest and depreciation add up fast4.
Consider Bank of America’s 30-day rate lock—it lets you shop stress-free while securing competitive terms3. Or Navy Federal’s CARFAX reports, ensuring used trucks won’t surprise you with hidden repairs5.
Flexible Financing Options for Every Business Need
From $10,000 for a delivery van to $40,000 for heavy-duty rigs, lenders tailor solutions to your budget5. Seasonal payment plans? No problem. Some even cover 110% of costs, including licenses and upgrades.
Pro Tip: Section 179 deductions let you write off up to $1M in asset purchases yearly4. Pair that with flexible financing options, and your ROI soars.
- Food trucks: Lease-to-own setups preserve cash flow.
- Logistics firms: 10-year terms keep Class 8 trucks affordable.
Types of Commercial Vehicles You Can Finance
From heavy-duty rigs to nimble vans, financing options adapt to your industry’s demands. Whether you haul freight or deliver goods, the right equipment fuels growth. Let’s explore your choices.
Heavy-Duty Trucks and Trailers
Class 6–8 trucks (like semi-tractors or dump trucks) often qualify for loans over $40,000, especially if under 5 years old2. These workhorses handle industries like logistics and construction.
Need a trailer? Financing covers flatbeds, refrigerated units, and even vocational options like tankers2. Some lenders fund 110% of costs, including permits and upgrades.
Light-Duty Trucks and Vans
For local deliveries or service teams, SUVs and vans under 75,000 miles are popular. Balboa Capital offers same-day funding for models like Ford Transits6.
Pro Tip: Registering in your business name simplifies tax deductions and liability protection.
Specialty Vehicles for Unique Business Needs
Niche assets—like ambulances or cement mixers—often require tailored solutions. Crest Capital finances cranes and shredder trucks, while SBA loans cover repairs for used equipment76.
Avoid surprises: Most lenders exclude RVs or fare-based transport (e.g., taxis). Always check guidelines before applying.
- Heavy-duty: Ideal for long-haul or heavy loads
- Light-duty: Best for urban routes and small teams
- Specialty: Solve unique operational challenges
How to Qualify for Commercial Vehicle Loans
Securing financing starts with understanding key qualification factors. Lenders review your credit, revenue, and documentation to ensure you’re a fit. Here’s how to prepare for success.
Credit and Revenue Requirements
Your personal credit score matters. Traditional banks like Navy Federal require 700+ FICO, while alternative lenders accept scores as low as 5508. Startups may need co-signers to strengthen applications.
Revenue thresholds vary too. Navy Federal demands $100k+ annual sales, but newer businesses can qualify with just 6 months of operation85. Pro Tip: Check lender-specific rules before applying.
Documentation Needed for Approval
Gather these essentials to streamline your approval:
- VIN reports and buyer’s orders (proves vehicle value)8
- Insurance certificates listing the lender as loss payee5
- Business tax returns or bank statements (verifies revenue)
For loans over $50k, some lenders require a phone consultation5. Double-check state lien filing rules—they impact collateral terms8.
Comparing Top Lenders for Commercial Vehicle Loans
Not all lenders offer the same benefits—finding the perfect match saves time and money. Whether you prioritize low rates, veteran perks, or lightning-fast approvals, we’ll help you navigate the options.
Bank of America: Best for Rate Locks
Bank of America shines with its 30-day rate lock, protecting you from market fluctuations. Their APR starts at 6.19% for qualified applicants9.
Ideal for: Business owners planning long-term investments. Fixed terms up to 72 months align with gradual growth strategies10.
“Locking in a low rate gave us budget certainty for fleet upgrades.”
Navy Federal: Ideal for Veterans
Active-duty military and veterans get exclusive perks, like waived fees and flexible credit requirements. Navy Federal also provides free CARFAX reports to avoid costly used-truck surprises9.
Note: Requires $100k+ annual revenue but accepts credit scores as low as 550 for veterans910.
Alternative Lenders for Fast Funding
Need cash yesterday? Balboa Capital approves applications in 1 hour and funds same-day9. JR Capital specializes in heavy rigs, offering rates from 5.99% for Class 8 trucks10.
| Lender | APR Range | Speed | Max Term |
|---|---|---|---|
| Bank of America | 6.19%+ | 7–10 days | 6 years |
| Navy Federal | 5.99%+ | 5–7 days | 7 years |
| Balboa Capital | 7.5–22% | 24 hours | 5 years |
Pro Tip: Match your timeline to lender speed. Traditional banks suit planned expansions, while alternative lenders rescue urgent needs.
The Application Process Made Simple
Time is money—here’s how to navigate approvals without delays. Whether you apply online or in-person, understanding each step saves hours of back-and-forth. Let’s break it down.
Step-by-Step Guide to Applying Online
Bank of America’s digital platform lets you upload documents and e-sign in minutes11. Start with the VIN and revenue verification—most lenders require these to assess your eligibility6.
Pre-approval is a game-changer. It locks in your rate and shows dealers you’re a serious buyer11. Pro Tip: List your business name correctly to avoid title delays.
- Multi-owner businesses: Submit beneficial ownership forms upfront.
- E-signature limits: Some lenders cap daily submissions—plan ahead.
What to Expect After Submission
Approval timelines range from 5 minutes to 10 days, depending on the lender611. Navy Federal may request in-person visits for larger amounts, while online lenders like Balboa Capital fund same-day11.
Post-approval, coordinate with your dealer and bind insurance within 30 days. Miss this window, and you’ll restart the process6.
“Pre-approval gave us leverage to negotiate $4,000 off our box truck.”
| Lender | Approval Time | Next Steps |
|---|---|---|
| Bank of America | 7–10 days | Rate lock + dealer coordination |
| Navy Federal | 5–7 days | In-person docs + CARFAX review |
| Balboa Capital | 24 hours | Instant funding + e-title transfer |
Rejected? Fast-approval alternatives exist. Adjust loan amounts or add collateral—we’ll help you rebound stronger.
Conclusion: Drive Your Business Forward with the Right Loan
Smart investments today drive long-term success for your company. Whether upgrading fleets or expanding services, the right financing aligns with your goals. Consider vehicle type, credit profile, and timeline to find the best fit12.
Empowerment Funds offers holistic support—from tailored financing to merchant services. Need fast approval? Call 833-902-6430 before 5pm ET for same-day pre-qualification.
Remember: Tax deductions on interest and depreciation boost savings13. Protect your investment with regular maintenance checks to ensure longevity14. Explore flexible financing options to preserve cash flow while scaling.
Ready to accelerate growth? We’re here to help—every step of the way.
FAQ
What types of business equipment can I finance?
We offer funding for heavy-duty trucks, light-duty vans, trailers, and specialty equipment like dump trucks. Whether you need cargo vans or passenger vehicles, we have options to fit your needs.
How does my credit score affect approval?
While we consider personal credit history, we also evaluate business revenue and overall financial health. Strong business performance can help offset lower personal scores.
What’s the typical loan term for business vehicles?
Terms usually range from 3 to 7 years, depending on the model, mileage, and intended use. Heavy-duty trucks often qualify for longer repayment periods.
Can I finance used vehicles for my company?
Yes! We provide financing for both new and pre-owned models. The age, condition, and value of the equipment will determine your eligibility and rates.
How quickly can I get funds after approval?
Many applicants receive funds within 1-3 business days after final approval. The exact timing depends on your chosen lender and documentation readiness.
Do I need to register the truck in my business name?
While not always required, registering under your company name helps establish business credit and may provide tax advantages. We’ll guide you through the process.
What’s the minimum down payment for financing?
Down payments typically range from 10%–20% of the purchase price. Owners with strong credit or existing relationships may qualify for lower upfront costs.
Can I include maintenance plans in my loan?
Absolutely. We offer flexible add-ons like extended warranties or service packages to protect your investment and simplify budgeting.
