Leasing A Commercial Truck With Bad Credit: 5 Things To Know

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Commercial truck leasing and commercial truck loans are often a necessity for people looking to get into the commercial trucking business. High start-up costs mean that many people often don’t have the cash on hand to make the purchase outright. Many people, for a wide variety of reasons, some of them completely out of their control, often don’t have the credit to get commercial truck leases or commercial truck loans from many traditional financing avenues. If you are looking to lease a commercial truck, but are worried that your bad credit might get in the way, below are five things you need to know.

Leasing A Commercial Truck If You Have Bad Credit

Credit is more important for payments

When analyzing whether or not you qualify for financing for a commercial truck loan or commercial truck leasing, your credit score is used more to determine what your payment scheme is going to be like, rather than whether or not you are going to qualify for financing in the first place.

If you have collateral, you are usually in the clear

Even if you have bad credit, if you’ve got a reasonable down payment and you have some assets that you can use as collateral to put your financier’s mind at ease, there is a good chance that those two facts alone will allow you to secure the financing you are looking for.

Long haul truckers

For long haul truckers who are looking for financing, if you are able to make at least a 25 per cent down payment and your financing needs are less than $40,000, your credit score is not really going to matter to most companies that are doing your financing.

Old trucks

If you have bad credit, it is going to be harder for you to lease or finance an older truck. Application only loans (where only the loan is looked at and not your credit) are better for people with reasonable credit scores and who are not trying to lease or finance the oldest truck they can find.


If you are planning on leasing, or financing the truck with a partner, your partner’s good credit score can do a lot to offset your bad credit score, depending on the overall aggregate credit situation between the two of you.

It is stressful trying to get financing in place with bad credit. The necessity of needing a commercial truck for your livelihood means that ‘no’ is often not an option. Keep the above information in mind if you have bad credit and are trying to lease or secure financing for a commercial truck and walk into your financing meeting with peace of mind.


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