Financing a Class 8 Truck with No CDL

3/12/2015

UPDATE 1/1/2020: Please check with us, this post is dated.

We get calls all the time from borrowers that want to finance a class 8 truck or trailer but don't have a CDL. Here are some situations where we can work this out:

1. The borrower is the owner of the company and has had at least 2-3 years time-in-business. This situation is the ideal; many of our bank partners will consider these loans as long as the business has been cash-flowing (there is enough money to turn a profit).

2. The borrower is a startup with some experience in the trucking industry and has a FICO score 670 or above and money to put down on the transaction; usually 15%-25%.

3. The client is a homeowner or has a net worth over $100,000, has a FICO score over 600, and has at least 25% down.

There are plenty of exemptions to these examples, but in general if you don't fit one of these categories you can always offer more $$ down or collateral.

These examples don't apply to large transactions; $1MM+.

As always, ALWAYS LET THE LENDER TELL YOU NO, don't assume you won't qualify.

-Spencer

9 Comments

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Trust Alliance Capital has been serving commercial customers' financing needs for over 15 years. Currently holding an A+ rating with the Better Business Bureau. Our expertise in commercial equipment financing, SBA/USDA loans, and commercial real estate will help you move forward in your business.

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Haley Steinhauser

7/22/2015 06:13:14 am

These tips are great to know if you are in the process of trying to finance a new truck! To go along with your end point never just assume you wont qualify. Take time to see. It will pay off.

Aisha Wafer

6/12/2018 10:37:17 am

We are a start up company and we have three trucks that we are needing financed. The problem that we are running into is that we do not have CDL'S. Out drivers have CDL but the members of or business does not.

Sean Apt

4/10/2019 09:23:10 am

Hi Aisha- I am having pretty much the same issue. Did you happen to have any luck finding someone to finance you? Please share, Good luck to your new company.

Spencer link

4/10/2019 09:29:28 am

Hey Sean,

Some of our programs have changed for non-CDL startups. Shoot me an email to discuss further.

Spencer@trustalliancecapital.com

Moni Brown link

8/30/2018 03:48:22 am

Very informative blog you have written. It will be very useful for so many peoples. Thanks for sharing.

Jacob

5/8/2019 06:40:06 pm

Looking to buy a Dump truck as an investment. I don’t have a CDL but would be hiring a driver with cdl. I already have an agreement with my 9-5 employer to put my truck to work if I am able to purchase one. Would having this agreement help me get better financing?

Spencer

5/9/2019 08:57:30 am

Hey Jacob,
The agreement itself won't play a big part in getting you approved. Your financial and credit strength is the bulk of the decision, but this agreement may break a tie on a borderline application. Shoot me an email with more questions.

-Spencer
spencer@trustalliancecapital.com

California link

3/13/2021 12:38:05 am

Hello mate niice blog

Tex Hooper link

11/2/2022 05:08:14 pm

You make a great point about paying attention to the FICO scores. My dump truck broke down and I need to buy a new one. I'll have to try renting one.

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