Road Grit! How to Finance A Used Big Truck

Financing is still the most common way to purchase a vehicle today. However, it is important to know the obstacles in purchasing a vehicle using financing. One of the most important parts of this process is the credit score. Getting an equipment loan is going to be difficult with a low credit score. Here are several tips for getting approval on commercial truck loans and commercial truck financing in general.

Know Your Credit Score
Knowing and understanding your credit score is vital to getting financing approval. Commercial truck loans are usually high in the principal balance that is owed. Used truck finance companies will generally require some sort of credit history to lend to borrowers. In the equipment finance world, your credit score is the most valuable part of getting a loan. Always make sure you know your credit and you check it often.

Purchasing Power
No matter how good a credit score someone has, there is generally some limit on what a person is allowed to purchase based on their income. Having some income verification may be required in order to get qualified on an equipment loan. For example, a used truck finance company may only want to lend a vehicle out that is two times the annual income of a person or less. An equipment finance company has a lot of risk that they are taking when lending money. Commercial truck financing is much different than typical vehicle financing in several ways. There is not as big of a market for commercial vehicles. This means it is more difficult to repossess and sell a commercial vehicle. The higher risk that a bank must take on usually means a higher interest rate for the borrower. Borrowing with a high credit score and a good income can help reduce the risk that a bank takes on.

Final Thoughts
If you are interested in getting financing for your vehicles, check out some of the information we have on our site. With a high credit score, a person can usually get a approved for a vehicle loan. However, it is vital to know and protect your credit score. There are many people who have had to deal with identity theft and fraudulent charges on their credit. Over the long term, knowing your credit score can really help getting approval for financing on a variety of purchases.

Matt Manero combines his business brilliance with more than 20 years of hands-on experience in transportation equipment finance. Today, he is a CEO leading four companies that generate over $100,000,000 per year in business with a base of more than 10,000 clients.

Matt launched his first business, Commercial Fleet Financing, Inc., in 1995 with a phone, a folding table and the  unyielding confidence of a single client, a trucker. Fast forward 20 years: Commercial Fleet Financing, Inc. made Inc. magazine’s Top 500/5000 list of fastest growing companies in America in 2014. Matt is the creator and personality behind, the first and only online video network featuring original programming for and by innovators, operators, movers and shakers of the transportation industry.

His companies have been recognized in trade publications such as OverdriveTransport TopicsCommercial Carrier Journal, and Dealer Solutions MagazineMatt hosts his own weekly Radio Show aptly named, “The Grit” which airs on and also on In addition to “The Grit,” Matt has authored a series of quick read books entitled “Tower, Mover and Construction Co. Need to Know NOW”, and also a forthcoming book, “I NEED MORE MONEY,” which reflects his battle to build his business and guides readers in creating their own future and financial success.

Reach Matt at his offices in Dallas, TX via email at and on twitter @mattmanero. Learn more at and