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Commercial Truck loans

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Flexible terms

  • Borrow up to $150,000 per truck loan
  • Low competitive rates
  • Terms up to 72 months
  • New or used vehicles
  • Refinancing of current loans
  • Easy online application process

Types of commercial trucks we finance

  • Heavy duty trucks and trailers
  • Medium duty commercial trucks
  • Utility trucks
  • Tow trucks
  • Custom haulers
  • Commercial vans

Who we finance

  • Owner Operators (Self Employed, Corporation or LLC)
  • Existing Transportation Companies
  • Fleet Owners

What you'll need to apply

  • Membership in Selfreliance FCU
  • Equipment information: VIN, year, make and model, price, mileage
  • Tax Identification Number (TIN) and/or Social Security Number (SSN)
  • Minimum time in business is two years
  • Personal and/or tax returns for the last two years
  • $450/application fee plus $50 for each additional collateral, if all submitted simultaneously (as opposed to $450 per collateral)
  • Member can avoid the application fee by accepting a 1% higher interest rate on the loan
  • 2 months business financial statements and 2 months personal statements for each guarantor
  • Profit and loss and balance sheet for business
  • Existing truck and trailer list, with any loans against equipment noted, including monthly payments
  • Personal financial statement

Apply in Three Easy Steps

Fill out a loan application

  • Are you our member? Please call 888-222-8571 to make an appointment.
  • Not our member? Open your business checking here

Gather all documents

  • Personal and/or business taxes for two most recent completed years
  • YTD Interim Statement
  • Balance Sheet

Pay $450 application fee or +1% interest

  • You may pay by cash, check, or electronic transfer from your business checking account

Frequently Asked Questions

Before You Apply

Do I need a CDL to qualify for a truck loan?
No, you do not need to have a CDL to qualify for a truck loan.
I’m new to the business, can I get a loan?
To obtain financing, you need to be involved in the industry for at least 2 years.
What kind of down payment will Selfreliance FCU require for a commercial truck loan?
We require a minimum 15% for new and 20% downpayment for used commercial vehicles.
Can I refinance an existing truck loan?
Yes, you may refinance up to $150,000 loan.
Can I finance multiple trucks and/or trailers with Selfreliance FCU?
Yes, you can! You can also conveniently use the same application and login for multiple loans. Your information will automatically pre-fill for each subsequent loan.
Am I required to open a business account with Selfreliance FCU to get a truck loan?
Yes. You can open one here.
Do you offer commercial vehicles loans in all 50 states?
Currently Selfreliance FCU offers financing for businesses registered in Illinois, Indiana, Michigan, New Jersey, New York, Pennsylvania and Wisconsin.
Can I buy a truck from a private party? What is the process?
Yes, as long as the vehicle does not have an outstanding lien on it and the seller has a clean title. The process is the same as with our standard commercial truck loan except for the final step: both buyer and seller must be present when the check is issued, so that the seller can immediately sign over the title.
I have a truck that's paid off, can I get a loan against this truck?
At this moment, we do not offer cash out refinancing on commercial vehicles.


What interest rates do you offer?
Please visit our Rates page for information on our current interest rates.
What are the available loan terms?
SFCU offers a wide range of loan repayment options with terms up to 72 months. You will be assigned a Member Service Representative who will work with you to find the right repayment option for your needs.
Will the interest rate on the loan depend solely on my credit score?
No, your interest rate will depend on multiple factors, including your credit score, vehicle age, time in business, loan term, and number of units owned.
How much will I get approved for?
Approvals are based on variables within each applicant scenario. A loan application must be submitted to an underwriter for review to determine an accurate approval amount. Variables include, but not limited to, your credit score and history, income, debt ratio, loan type, vehicle mileage and the value of the vehicle relative to the amount of the loan (Loan-to-Value). Currently, Selfreliance FCU finances vehicle loans of up to $150,000 / per commercial vehicle.
What is Loan-to-Value (LTV)?
Loan-to-Value refers to the amount of the loan in relation to the retail value of the vehicle being financed.

Example 1: Vehicle with a retail value of $100,000, and a loan amount of $90,000 has a 90% LTV.
Example 2: Vehicle with a retail value of $100,000, and a loan amount of $110,000 has a 110% LTV.
I have limited credit history; can I still get a loan?
Yes, but a co-borrower or co-signer may be required.
What is the difference between a co-borrower and a co-signer?
A co-borrower is a joint applicant who is also on the title and agrees to be equally responsible for repayment of the loan. Both applicants' income and credit profiles are used for approval of the loan.
A co-signer agrees to take responsibility for repaying the loan if the primary borrower misses a payment. The co-signer's income and credit profiles are used for approval of the loan, who typically has better credit or a higher income than the primary borrower, who might otherwise not get a loan approved without the help of a co-signer.

After You Apply

How long is the approval process?
That depends on how fast you can gather all required documentation. If you are prepared, you can expect that the underwriting and processing should take up to five business days.
What kind of insurance will Selfreliance FCU require?
We'll ask you to present a Standard Certificate of Insurance at closing.
Can I make changes after I submit the application?
Please contact us if you need to make any changes to your application.
When do my credit decision and the APR (Annual Percentage Rate) expire?
Your auto loan pre-approval and interest rate are locked in for 30 calendar days from the date of the application.
Can I include taxes, title fees, extended warranty, and other fees in the loan?
Yes, in most cases.

Manage Your Loan

If I get a truck loan, can I lease out my truck to a driver?
It's your truck, you may do as you please.
How do I make my car loan payments at Selfreliance FCU?
Can I pay off my commercial vehicle early?
Yes. At Selfreliance FCU we do not charge prepayment penalties for paying off your loan faster.
How do I view monthly statements for my commercial truck loan?
You can access your statements anytime by signing in to your online account. Find Statements and Tax Forms in the main menu and follow the prompts to select the statement you’d like to view. You can print or download your statements in pdf format.
How do I switch to paperless statements on my commercial truck loan?
Switching to e-statements is easy: step-by-step enrollment instructions.


Your rate and APR will be determined after you apply and lock in a rate, and will be based on your credit score, loan to value (LTV) ratio and other factors. For example, a new commercial truck loan in the amount of $100,000 with a 48-month term and a borrower's credit score of 781 and five years in business, currently, will have a rate of 8.00% and a monthly payment of approximately $2,441.

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