2026 State of Truck Financing Report
This is the first annual truck financing report from Brobas Capital Partners, and I will be straight with you about what it is and what it is not. It is a snapshot of what we are actually seeing across our network of 500+ lenders — real rate data, real approval numbers, real trends from thousands of applications processed in the first four months of 2026. It is not a dressed-up sales pitch or a repackaged government report.
I put this together because I was tired of answering the same questions individually — "What rate should I expect?" "What truck is everyone financing?" "Is it harder to get approved this year?" — when I could just show the data.
Our goal is simple: give trucking professionals, fleet operators, and anyone covering this industry the most current and honest picture of what the truck financing market looks like right now. No paywalls. No gated PDFs.
Use this report freely. Journalists, bloggers, industry publications, researchers — cite whatever you want. Just link back to this page as the source.
- • Average truck financing rate for borrowers with 700+ credit: 7-10% APR (down from 8-12% in late 2025 as lending competition increases)
- • Overall approval rate across all credit tiers: 52% — highest since 2023
- • Most financed truck: Freightliner Cascadia (34% of all applications)
- • Average down payment: 14.2% of purchase price
- • Most popular loan term: 60 months (trending toward 72-84)
- • Used truck financing: 60% of all applications (up from 55% in 2025)
- • Hottest state for truck financing: Texas (14.6% of all applications)
- • Average loan amount: $112,400 for new trucks, $68,200 for used trucks
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Section 1 — Average Truck Financing Rates by Credit Tier
This is the question I hear more than any other: "What rate am I going to get?" The answer depends almost entirely on your credit score. Here is what we are actually seeing deals close at in 2026.
| Credit Tier | Score Range | Avg APR (New) | Avg APR (Used) | Trend vs. 2025 |
|---|---|---|---|---|
| Excellent | 750+ | 5-7% | 6-8.5% | Down 0.5-1% |
| Good | 700-749 | 7-10% | 8.5-12% | Down 0.25-0.75% |
| Fair | 650-699 | 10-15% | 12-17% | Flat |
| Below Average | 600-649 | 15-20% | 17-22% | Flat |
| Poor | 550-599 | 18-25%+ | 20-28%+ | Up 0.5-1% |
"Borrowers with 750+ credit scores are paying 5-7% APR for new truck financing in 2026 — 3-18 percentage points less than borrowers with scores below 650."
What is actually happening with rates right now
Two forces are pulling in opposite directions, and the result is a market that treats good-credit and bad-credit borrowers very differently.
On one side, the Fed's rate stabilization in late 2025 brought some relief to base borrowing costs. Lenders with money to deploy are fighting over borrowers with 750+ scores, and that competition has pushed top-tier rates to levels we have not seen since early 2023.
On the other side, non-traditional is tightening. Default rates in the below-600 tier rose 8% year-over-year in 2025, and lenders responded exactly how you would expect — higher rates, bigger down payment requirements, slower approvals. If your credit is in the 500s, the market got harder for you this year.
The spread between best and worst rates has widened. In 2024, the gap was roughly 12-15 points. In 2026, it has stretched to 13-20 points. If you have good credit, this is one of the best financing environments in years. If your credit needs work, the financial case for improving it before you apply has never been stronger.
We send a lot of applicants with scores below 700 to our partner Credit Booster AI for a free analysis before they apply. Even 30 points can drop you into a lower rate tier and save thousands.
Section 2 — Approval Rates by Credit Score
Getting quoted a rate and actually getting approved are two different things. Here is the reality of who gets through underwriting in 2026.
| Credit Score | Approval Rate | Time to First Offer | Typical Conditions |
|---|---|---|---|
| 750+ | 90%+ | 24-48 hours | Minimal docs, multiple competing offers |
| 700-749 | ~75% | 24-72 hours | Standard docs, multiple offers common |
| 650-699 | ~55% | 48-72 hours | Full documentation required, 2+ lender offers typical |
| 600-649 | ~35% | 3-5 business days | Enhanced docs, larger down payment needed |
| Below 600 | 15-20% | 5-7 business days | Alternative lenders, big down payment, revenue-based underwriting |
"1 in 5 applicants with credit scores below 600 still gets approved for truck financing — the key is working with lenders who evaluate the full financial picture, not just the FICO number."
Three things that improve your approval odds at any score
I have seen these three factors flip declines into approvals more times than I can count.
1. Down payment.
Bumping your down payment by 10 points — say from 10% to 20% — can push a borderline application over the line. For below-600 applicants, going from 20% to 35% down improves approval rates by roughly 15-20% based on what we are seeing. That is not a small number.
2. Time in business.
Applicants with 2+ years have meaningfully higher approval rates than those with under 2 years, even at the same credit score. At the 600-649 tier, a 3-year-old business has roughly double the approval rate of a startup. Had a driver call us last month — 615 credit score, but 4 years in business with solid bank statements. Got approved at 17% with 20% down. Same score with 6 months in business would have been a decline at most lenders.
3. Revenue consistency.
Lenders look at your bank statements for steady deposits and positive cash flow. Three months of consistent revenue beats one great month followed by two lean ones. Consistency tells the lender you can service the debt.
Section 3 — Most Financed Truck Models
Which trucks are people actually financing? This data comes from application volume through our network in Q1-Q2 2026.
| Rank | Model | Share | Avg Price (New) | Avg Price (Used 2-4 yr) | Primary Use |
|---|---|---|---|---|---|
| 1 | Freightliner Cascadia | 34% | $155K-$175K | $75K-$110K | Long-haul, OTR |
| 2 | Volvo VNL 860/760 | 22% | $160K-$180K | $80K-$115K | Long-haul, team |
| 3 | Peterbilt 579 | 18% | $165K-$185K | $85K-$120K | Long-haul, premium |
| 4 | Kenworth T680 | 14% | $160K-$180K | $80K-$115K | Long-haul, fuel efficiency |
| 5 | International LT | 6% | $140K-$160K | $65K-$95K | Regional, long-haul |
| 6 | Mack Anthem | 4% | $150K-$170K | $70K-$100K | Regional, bulk |
| 7 | Other (vocational, medium-duty) | 2% | Varies | Varies | Mixed |
"The Freightliner Cascadia dominates truck financing in 2026, appearing in 1 out of every 3 financing applications. Combined, Cascadia and Volvo VNL account for 56% of all Class 8 financing volume."
Why the Cascadia keeps winning: Three reasons, and none of them are surprising to anyone in the industry. First, dealer and parts availability — you can find a Freightliner shop in every state. Second, fuel economy — up to 8.5 MPG with the DD15, which is real money at $4/gallon. Third, lenders love the Cascadia because it has a broad resale market. Lower collateral risk for the lender means better terms for you.
The Volvo VNL continues to gain ground, especially among operators who care about cab comfort and driver retention. The VNL 860 with the D13TC has become a favorite for team driving operations — when two drivers are living in the truck, the cab matters.
Peterbilt 579 and Kenworth T680 — both PACCAR products — hold a combined 32%. These trucks cost a bit more upfront but hold their residual value exceptionally well. If you plan to keep a truck 5-7 years, the PACCAR premium tends to pay for itself in resale.
For detailed comparisons, see: Freightliner Cascadia vs Volvo VNL | How Much Does a Semi Truck Cost?
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Section 4 — Average Down Payment by Financing Type
Down payment requirements depend not just on your credit but on how you structure the deal. Here is the breakdown.
| Financing Type | Typical Range | Average 2026 | Best For | Notes |
|---|---|---|---|---|
| Traditional Loan | 10-20% | 14.2% | Owner-operators buying to own | Most common. Lower credit pushes toward 20%+ |
| TRAC Lease | 5-10% | 7.8% | Fleets, tax optimization | Lower upfront but you carry residual risk |
| SBA Loan (7a/504) | ~10% | 10.0% | Startups, first-time buyers | Government-backed. 2-4 weeks but good terms |
| Vendor/Dealer | 0-10% | 5.3% | Convenience | Often higher rates to make up for low/no down |
"The average down payment on a truck financing deal in 2026 is 14.2% of the purchase price — roughly $15,950 on a new Cascadia or $9,680 on a used truck."
What the data tells us about down payments and rates: There is a clear inverse relationship — more money down, lower rate. Across all tiers, every additional 5% in down payment shaves roughly 0.75-1.5 percentage points off the APR.
Real example from last month: a driver in the Fair credit tier (670 score) financing a $120,000 used Cascadia. At 10% down he was quoted 16.5%. He came back two weeks later with 20% down and the same lender offered 13.8%. That 2.7-point drop saved him approximately $14,000 over 60 months. The math almost always favors a bigger down payment if you have the cash available.
Section 5 — Regional Demand Trends
Truck financing demand is not evenly distributed. Geography matters — proximity to freight corridors, ports, and distribution hubs drives where the applications come from.
| Rank | State | Share | YoY Change | Key Driver |
|---|---|---|---|---|
| 1 | Texas | 14.6% | +1.2% | I-10/I-35/I-45, port of Houston |
| 2 | California | 11.8% | -0.8% | Port of LA/Long Beach, I-5 |
| 3 | Illinois | 7.4% | +0.5% | Chicago intermodal hub, I-80/I-90/I-55 |
| 4 | Georgia | 6.2% | +0.9% | Port of Savannah, I-75/I-85 |
| 5 | Florida | 5.8% | +0.3% | I-95 corridor, distribution growth |
| 6 | Ohio | 4.1% | +0.2% | I-70/I-71/I-75 crossroads |
| 7 | Pennsylvania | 3.9% | Flat | I-76/I-80, Northeast distribution |
| 8 | Indiana | 3.5% | +0.4% | "Crossroads of America," I-65/I-70 |
| 9 | Tennessee | 3.2% | +0.6% | Memphis FedEx hub, I-40 |
| 10 | New Jersey | 2.9% | -0.3% | Port Newark, I-95 Northeast |
Top 5 states account for approximately 45.8% of all truck financing applications.
"Texas leads the nation in truck financing demand at 14.6% of all applications — nearly 3x the volume of third-place Illinois. The Lone Star State's dominance reflects its role as the largest trucking state by number of registered carriers."
What I am watching in 2026
Georgia is the story. Port of Savannah is on a tear — fastest-growing container port in the country — and we are seeing it directly in our application volume. Year-over-year growth of 0.9% is the largest jump among the top 10. Carriers are forming and fleets are expanding to serve the Southeast distribution corridor. We have financed more trucks for Georgia-based operators in Q1 2026 than in all of 2024.
California is leaking. Still second overall, but down 0.8% year-over-year. CARB emissions regs add compliance costs, AB5 independent contractor reclassification concerns are pushing carriers out, and neighboring states have lower operating costs. Arizona and Nevada are the primary beneficiaries. I have personally talked to three operators who moved their domicile out of California in the last six months.
Tennessee is the dark horse. Memphis as a freight hub keeps expanding, Tennessee has no state income tax, and the state is business-friendly for carriers. That 0.6% year-over-year growth puts it on track to break into the top 8 within two years.
Brobas Capital Partners finances trucks in all 50 states. Apply now regardless of your location.
Section 6 — New vs. Used Truck Financing Split
The market continues to tilt toward used trucks. Here is where things stand.
| Metric | New Trucks | Used Trucks |
|---|---|---|
| Share of applications | 40% | 60% |
| Change from 2025 | Down from 45% | Up from 55% |
| Average financed amount | $112,400 | $68,200 |
| Average rate (700+ credit) | 7.2% | 9.8% |
| Average term | 66 months | 54 months |
| Average down payment | 12.8% | 16.1% |
| Most popular age (used) | N/A | 2-4 years old |
| Most popular mileage range | N/A | 200K-450K miles |
"60% of all truck financing in 2026 is for used trucks — up from 55% in 2025. The average used truck financing deal is for a 3-year-old truck with approximately 320,000 miles, priced at $68,200."
Why used is winning, from someone who processes these deals daily
First, new truck prices have not come down. Manufacturers raised MSRPs during the pandemic supply crunch and they have stayed up. A new Cascadia that was $140,000 in 2019 is $155,000+ now.
Second, there is good used truck supply right now. Large fleets that bought aggressively in 2022-2023 are cycling 2-4 year old units into the market. These are well-maintained, lower-mileage trucks that represent strong value. We had a fleet out of Georgia unload forty 2023 VNLs last month — all under 300,000 miles, all with full service records. Those trucks went fast.
Third, first-time buyers are being smart. A $70,000 used truck with an $11,200 down payment is a fundamentally different risk profile than a $170,000 new truck with $24,000 down. For a driver leaving company work to go independent, the used truck is the sensible call. I recommend it myself about 80% of the time for first-timers.
For a detailed cost breakdown, see: How Much Does a Semi Truck Cost? (Complete 2026 Price Guide)
Section 7 — Average Loan Terms
60 months is still king, but the market is shifting longer.
| Term | Share | Rate vs. 48-Month | Best For | Notes |
|---|---|---|---|---|
| 24-36 months | 8% | -1.0 to -1.5% | Fleet additions, high-mileage used | Highest payments, lowest total cost |
| 48 months | 18% | Baseline | Strong cash flow operators | Good balance of payment and total cost |
| 60 months | 42% | +0.5-1.0% | Most borrowers | Most popular for a reason |
| 72 months | 24% | +1.0-1.5% | New trucks, lower cash flow | Growing fast |
| 84 months | 8% | +1.5-2.0% | Premium new trucks, fleet financing | New trucks + strong credit only |
"60-month terms remain the most popular in truck financing at 42% of all deals, but 72-month terms have grown from 18% to 24% of deals in just two years as truck prices push buyers toward longer terms."
My honest take on the longer-term trend: I understand why it is happening. When new trucks cost $160,000+, a 72-month term is the difference between a $2,600 payment and a $3,100 payment. That matters when your margins are tight.
But here is what worries me: longer terms mean negative equity. On a 72-month loan, you may owe more than the truck is worth for the first 30-36 months. If you need to sell or trade during that window, you are bringing cash to close the gap. I had a driver last year on a 72-month term who needed to sell at month 18 due to health issues. He was $14,000 underwater.
I generally recommend the shortest term your cash flow can support. But I also live in reality, and sometimes a 72-month term is the only way to make the payment work.
Use our Payment Calculator to compare monthly payments and total cost across different term lengths.
Section 8 — Predictions for the Remainder of 2026
Based on what I am seeing across our lender network, conversations with underwriters, and the macro picture — here is what I expect for the rest of the year.
Prediction 1: Rates for 700+ borrowers stay flat or drop slightly.
The Fed is expected to hold rates through mid-2026, with a possible modest cut in Q3 or Q4. Lender competition for high-credit borrowers is fierce right now. I expect Excellent tier rates to stay at 5-7% and potentially dip below 5% for the strongest applicants by year-end. If you have a 750+ score, this is a good time to be shopping.
Prediction 2: Alternative-Credit is going to get harder.
Default rates in the below-600 tier went up in late 2025 and have not reversed. I expect lenders to push minimum down payments for sub-600 borrowers from 30% toward 35-40%. Rate floors for this tier will likely creep up to 20-27%+. If you are in this bracket, the case for credit repair before applying gets stronger every month.
Prediction 3: Used truck prices soften in the second half.
Large fleet trade-in cycles are going to flood the used market with 2022-2024 model year trucks in Q3-Q4. Good news for buyers — expect 5-10% price drops on used trucks, especially the Cascadia and VNL. Lower prices mean lower loan amounts and lower payments. If you can time your purchase for late summer or fall, you may catch a dip.
Prediction 4: 72-month terms become the default for new trucks.
As new truck prices keep hovering above $160,000, 72-month terms will overtake 60-month as the most popular for new truck deals by early 2027. Lenders are already adjusting their product menus. I do not love this trend but I understand it.
Prediction 5: EV truck financing emerges as a real category.
Still tiny — under 1% of applications right now. But several lenders in our network have rolled out EV-specific products with favorable terms to incentivize adoption. This is a space to watch, not a space to act on yet for most operators. The charging infrastructure is not there for long-haul.
Prediction 6: More first-time owner-operators entering the market.
Low used truck prices, stabilizing freight rates, and a generational pull toward independent work are creating conditions for a bump in new carrier formation. I expect financing applications from first-time owner-operators to increase 10-15% in the second half of 2026 versus the first half.
Methodology
This report is based on aggregated, anonymized data from Brobas Capital Partners' network of 500+ lending partners across the United States. Data covers truck financing applications, approvals, and funded deals from January 1 through April 15, 2026.
- Application volume, credit profiles, and approval outcomes from Brobas Capital Partners' brokerage platform
- Rate and term data from participating lenders' rate sheets and funded deal reports
- Regional demand data from application geography tracking
- Model popularity data from equipment specifications submitted with applications
- All rate ranges represent the middle 80% of observations. Outlier rates (top and bottom 10%) are excluded
- Approval rates are calculated as the percentage of applications that received at least one lender offer. Final funding rates are lower due to applicant drop-off, documentation issues, and deal cancellations
- Regional percentages reflect application origin by state, not equipment location
- Year-over-year comparisons use the same Q1-early Q2 period in 2025 as the baseline
This report will be updated quarterly. Subscribe to our newsletter to receive updated data.
Citation: When referencing data from this report, please credit "Brobas Capital Partners, 2026 State of Truck Financing Report" and link to https://brobascap.com/learn/state-of-truck-financing-2026.
Frequently Asked Questions
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Related Resources
- Equipment Financing Rates 2026 — full rate guide by equipment type
- Complete Guide to Semi Truck Financing — everything you need to know
- Semi Truck Loan Rates by Credit Score — detailed rate breakdowns
- How Much Does a Semi Truck Cost? — new vs used pricing
- Freightliner Cascadia vs Volvo VNL — head-to-head
- Bad Credit Equipment Financing — options for scores below 650
- Owner Operator Financing Guide — starting your own authority
- State Trucking Regulations Guide — 50-state compliance