Credit Score Minimums: Typically, for a commercial truck loan, lenders expect you to have a credit score of at least 600-650. Higher scores increase your likelihood of acquiring better interest rates and more favourable loan terms. Your credit score is a significant factor in determining both eligibility and potential down payment percentages.. Managing Director, Transportation Finance. 289-261-6001. Send message. Paul DeMarchi is Managing Director and Head of Transportation Finance in Canada. Paul has over 25 years of experience in the equipment and transportation finance in…. (..) View Full Profile >. Area of expertise: trucking.
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Let’s say you need to borrow $60,000 to purchase a medium duty box truck. Your lending source offers you a monthly repayment plan of 10 years. They also charge you in interest rate of 7%. Your total loan amount = $60,000. Your monthly payment amount = $696.65. Interest you pay over 10 years = $23,598.11.. Or, maybe you’re looking to start a business and need a commercial truck. Finding the right type of truck financing is a key component of the financial success of your business.. If you want to apply for truck financing through a bank or credit union, yes you will need average to good credit. A credit score above 650 should be enough.
