The Fourteen Best Equipment Lenders for Owner Operators

Commercial Fleet Financing

Based outside Dallas, Texas, Commercial Fleet Financing is an independently owned loan agency that’s been working with owner operators since 1995. The president started the business from his bedroom, and has since grown the company to be one of the most successful in the country, accruing an annual funding of over $150 million. The company offers transparent financing options for Semi-Trucks & Trailers, Tow Trucks, Box Trucks, Construction Equipment and Light & Medium Duty Fleets. Here are some things you should know about them:

• Ideal credit score of 640 or higher
• Lending ranges from $10,000 - $1,000,000
• Finance time frames range from 36 -108 months
• Good credit promises a down payment of 0-10%, while bad credit must provide a minimum of 20%
• A+ Rating from BBB
• Approval can take up to 2 hours, with funds released in less than 24 hours
• FRESH START program is designed for those with prior liens or bankruptcy
• If payments can’t be made, no external collateral is needed
• Contact: 972-247-8447

CAG Truck Capital

For over 30 years, CAG Truck Capital has provided financial lending throughout the United States and Canada. Based in Chadds Ford, Pennsylvania, the lender specializes in semi-truck and engine overhaul financing through private sales and nationwide dealerships. CAG Truck Capital is the #1 financier for engine overhaul. Here are some things you should know about them:

• Minimum of 20% down payment required
• A specialty in financing with those with bad credit, and those who have suffered from bankruptcy
• A focus on rebuilding credit, as opposed to looking at past credit
• Zero buyouts - you pay your loan payments, you get your title
• Only pay sales tax on the purchase price - no double sales tax
• Every cent goes toward down-payment, no security deposits or advance payments
• Contact: 1-800-932-2274

M&T Truck Sales

Founded in 2015, M&T Truck Sales is an on-the-rise company that has dominated the Chicago area, offering heavy duty trucks and trailer financing at affordable lending prices. Especially friendly toward Islamic customers and asylum seekers, the company has been rewarded for its inclusive business model. Here are some things you should know about them:

• Little to no credit history required
• Especially friendly towards those in need of Work Permit Authorization
• Sharia-compliant loans for Islamic customers
• Contact: 630-756-2614

Northland Capital

Privately owned in St. Cloud, Minnesota, Northland Capital was founded in 1996, and has become a chief lender for the St. Cloud area. The company assists with equipment financing for various industries, including agriculture, construction, waste and transportation. Known for its partnership with the historic Farmward Cooperative, the lender is an especially reliable choice for farmers, as well as the All-American at heart. Here are some things you should know about them:

• A+ Rating from BBB
• Christian values
• Contact: 1-800-471-2122

Commercial Lease & Finance Corp.

Founded in 1986 by Laurie Hall, Commercial Lease & Finance Corp assists with small and established businesses out of Hixon, Tennessee, with a focus on start-ups trying to enter the business. Here are some things you should know about them:

• Lending limits start at $2,000
• Interest rate in the single-digits
• Friendly toward clients with bad credit and/or prior bankruptcies
• Forgiving payment programs allow clients to skip payments, or defer for up to 90 days
• Long-term, fixed rate and off-balance sheet financing is offered
• Contact: 813-751-5950

Lyons Truck & Trailer Sales

A popular equipment lender based out of Indianapolis, Indiana, Lyons Truck & Trailer Inc primarily services their own area. Their inventory contains mostly used trucks and trailers, as well as some equipment parts, with a specialty focus on owner operators and small fleets. Here are some things you should know about them:

• Little to no credit history required
• High interest rates
• Contact: 317-784-8185

Quest Capital

Founded in 2013, Quest Capital Group is based in Santa Ana, California, and offers financing for tractor trailers, box trucks, freight liners, garbage trucks, cranes and miscellaneous agricultural equipment. The company is very friendly to those with poor credit history. Here are some things you should know about them:

• Little to no credit history required
• Lending limit of $250,000 under special Vendor Program
• Required down payment of 0%
• Contact: 1-888-429-6730

Preferred Capital Funding

Based in St. Louis, Missouri, Preferred Capital Funding has been offering financial options for truckers in need of pre-settlement injury lawsuits. Though they do not specialize in truck financing, they may be open to lending. Here are some things you should know about them:

• No credit check or job required
• Lending ranges from $500 to $500,000
• Interest rate in double digits
• Contact: 1-800-774-7106

FirstMark Financial

Based in Dayton, Ohio, FirstMark has been offering equipment financing to start-ups and Owner Operators since 2000. Respected in the industry for barreling through the 2008 financial crisis, FirstMark has empathy for businesses running through hard times, with a specialty in financing truck & transportation, as well as medical and aircraft equipment. Here are some things you should know about them:

• Little to no credit required
• Required downpayment of 0%
• Approval can take up to 2 hours, with funds released in less than 24 hour
• Contact: 1-800-625-6011

Dostal Equipment Financing!

A small equipment financing firm and truck dealer on the outskirts of Chicago, Dostal Equipment Financing provides reasonable financing options for semis, trailers and work trucks, as well as construction and agricultural equipment. The company is very friendly towards those with poor credit history. Here are some things you should know about them:

• Little to no credit required
• Good credit will be rewarded with 0% down payment, while bad credit will have to provide a minimum of 10%
• No recent vehicle repossession
• Personalized lot of trucks, each coming with an extensive service history
• Approval can take up to 2 hours, with funds released in less than 24 hours
• Contact: 1-815-782-4580

ClearView Financial

Located in Virginia’s Henrico County, ClearView does not specialize in trucking equipment, but it does have a history of providing loans for the industry. Customer reviews say the independently owned company is very hands-on, and customers claim they’ve been returning for financing multiple times over the years. Without third-party interests, the company is a direct finance, offering the best interest rates with zero outside conflicts. Here are some things you should know about them:

• Required down payment of 0%
• Contact: 1-804-510-0544

Calfund LLC

Based in Los Angeles, California, Calfund LLC is a direct lender that’s been working as a major California player since 2000, and has made a statewide name for itself due to its unique reward programs and high BBB rating. The company is very friendly towards those with poor credit history as well. Here are some things you should know about them:

• RoadsideMasters assistance program offers free on-site assistance, as well as hotel discounts
• A+ Rating from BBB
• Contact: 213-747-4949

Trust Alliance Capital

Since 2005, Trust Alliance Capital has been operating out of Idaho Falls, Idaho, offering a wide variety of financing to commercial equipment financing, as well as real estate. Offering a tremendous reserve of cash, the company is mostly aimed toward those with good credit, but can also help those with a challenging credit history. Here are some things you should know about them:

• Lending limits range from $10,000 - $500 million
• Good credit will be rewarded with a down payment of 0%. Bad credit will have to provide a minimum of 10%
• No recent vehicle repossession without 40% - 50% down
• No Open Bankruptcy
• A+ Rating from BBB
• Approval can take up to 2 hours, with funds released in a few days
• Contact: 1-800-763-2810

Cornerstone Financial Services

Founded in 1985, Cornerstone Financial Services has been helping start-ups as well as mid-size truck companies throughout California’s Bay Area for years, with a specialty in financing semis-truck tractors, trailers and long hauls. An empathetic company that wants to hear each person’s story, almost all credit deficiencies are okay. Here are some things you should know about them:

• Little to no credit history required
• Required downpayment of 0%
• Forgiving towards those with prior liens, bankruptcies, repossessions, late payments and divorce
• Contact: 1-888-915-0008