How Much Is a Semi Truck Monthly Payment?

Buying a regular passenger vehicle is stressful enough. For similar makes and models, prices can range thousands of dollars. Monthly payments can vary drastically depending on the cost of the vehicle, the down payment, and the financing agreement. Semi trucks are no different. The price of a truck can vary drastically based on vehicle age, size, features, style, class, and the general economy. Whether you’re looking at semi trucks for lease, or to buy your own, keep reading for the answer to “How much is a semi truck monthly payment?” 

Total Semi Truck Cost

The list price of a brand-new semi truck ranges from $40,000 to $150,000. If you’re buying used, you’re looking at $35,000 for something basic or around $100,000 for mid-range. Even transport trucks from the same manufacturer range from $23,000 to $150,000. Unless you have enough capital to spare, you’ll be looking for financing or leasing with monthly payment plans. 

Determining how much a semi truck monthly payment is involves a simple formula. Take the total price, subtract your downpayment, divide by the loan length (in months), and add the interest.

Semi Truck Financing Options

Transport truck buyers can finance their new vehicle or find a semi truck for lease. Unlike a passenger vehicle, semi truck financing doesn’t just include personal and auto loans. Loan options for semi trucks include small business loans, regular business loans, and equipment loans. Many banks and lenders even have specific loans for transport trucks. Semi truck financing interest rates range from as low as 5% to as high as 35% or more, depending on the loan type and your credit score. Like any other business or personal loan, the best option generally has the lowest interest rate and fees you qualify for. 

Qualification for semi truck loans differs by the lender. Still, financial institutions generally expect to see some driving experience (two or more years), an established revenue stream or proof of income, and a good credit score. Most lenders look for a minimum credit score of 600, while some require even better credit. 

Having bad credit means higher interest rates and down payments. If you don’t have enough cash for a down payment, enough experience for a semi truck loan, or can’t stand the idea of a high-interest rate, finding a semi truck for lease can be a better option. 

Semi Trucks for Lease 

How much is a semi truck monthly payment when leasing? While it varies based on the truck’s age, make, model, and mileage, you can expect to pay between $800- $1600 a month for a used truck. Leases generally last one to three years. Then you’ll often be able to purchase or return it and lease a different vehicle. If you are new to the trucking industry, lack thousands and thousands of dollars needed for a down payment, have less-than-great credit, or are not one hundred percent sure trucking is the lifestyle you want – looking at semi trucks for lease is a great option.

Determining a Monthly Payment 

If you’ve been in the trucking business for a while and are ready to own your truck or fleet and determine which semi truck financing is the best, you need to answer one crucial question. How much is a semi truck monthly payment?  

The first step is to determine what type of transport truck you want and what features you need. Are you a long-haul driver who needs a sleeper truck? Is having the latest technology necessary for you? What type of truck are you looking for? Answering these questions will narrow your search, especially if you’re searching for a used truck. 

In addition to shopping around for a truck, you’ll also need to shop around for financing. While Chicago’s Handshake Fleet does not offer financing, we have an extensive network of industry professionals that can help with financing or leasing a truck or trailer. Our sellers may also be able to arrange financing or leasing for a truck or trailer. 

After researching the various loans available and figuring out what works best with your needs, budget, and credit score, you can calculate the monthly payment. Before choosing a truck or a lender, you can explore estimates with our loan calculator. Keep in mind the variable interest rates. Down payments average around 10 percent to 20 percent. If you have the capital and the budget, you can always put more down and either lower your monthly payment or shorten the length of the loan.

The Bottom Line

“How much is a semi truck monthly payment?” isn’t an easy question to answer. Lots of factors are at play, but we’ll at least give you a couple of examples for semi truck financing: 

• A $100,000 truck, financed at a 7% interest rate over five years, with a 10% down payment ($10,000), means a $1,782 monthly payment.
• A $65,000 truck, with a 10% interest rate over five years and 20% down, equals a monthly payment of $1,105. 
• One of the lowest-priced trucks currently listed on Handshake Fleet at $16,900, with 30% down and a 15% interest rate over five years, leaves a monthly payment of $383.
• The highest listed cab on Handshake Fleet, at $195,000, with 25% down and a 7% interest rate, equals a monthly payment of $2,896 over five years.  

Handshake Fleet has a variety of semi trucks to fit your budget. We list all types of commercial trucks, including sleepers, day cabs, dump trucks, yard spotters, work trucks, dry vans, reefer vans, flatbeds, drop decks, car haulers, and dump trailers. Our experienced team is ready to help with financing, leasing, insurance, titles, and whatever else you need.