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Truck Loan Calculator


Truck loan calculator with trade in to calculate the monthly payment and total costs of financing the purchase of a truck.

Truck Loan Payment Calculator

Truck Price
$
Down Payment
$
Loan Amount
$
Loan Terms
Interest Rate
Payment Frequency
Trade In Value
$
Sales Tax
%
Other Fees
$
First Payment Date

Amortization schedule
Include all fees into loan
Extra Payments
One Time
$ On Date
Monthly or Biweekly
$ Starting Date
Quarterly
$ Starting Date
Yearly
$ Starting Date


Truck Loan Calculator Results

Loan Amount: $120,000.00
Total Monthly Payment:
$996.49
Total # Of Payments: 180
Start Date: Oct, 2024
Payoff Date: Sep, 2039
Down Payment: $60,000.00
Trade In Value: $0.00
Sales Tax: $0.00
Other Fee: $0.00
Total Interest Paid: $59,368.58
Total of All Costs:
$239,368.58

Truck Loan Amortization Schedule

Payment Date Payment # Interest Principal Total Payment Balance
Oct, 2024 1 $575.00 $421.49 $996.49 $119,578.51
Nov, 2024 2 $572.98 $423.51 $996.49 $119,155.00
Dec, 2024 3 $570.95 $425.54 $996.49 $118,729.46
Jan, 2025 4 $568.91 $427.58 $996.49 $118,301.87
Feb, 2025 5 $566.86 $429.63 $996.49 $117,872.25
Mar, 2025 6 $564.80 $431.69 $996.49 $117,440.56
Apr, 2025 7 $562.74 $433.76 $996.49 $117,006.80
May, 2025 8 $560.66 $435.83 $996.49 $116,570.97
Jun, 2025 9 $558.57 $437.92 $996.49 $116,133.04
Jul, 2025 10 $556.47 $440.02 $996.49 $115,693.02
Aug, 2025 11 $554.36 $442.13 $996.49 $115,250.89
Sep, 2025 12 $552.24 $444.25 $996.49 $114,806.65
Oct, 2025 13 $550.12 $446.38 $996.49 $114,360.27
Nov, 2025 14 $547.98 $448.52 $996.49 $113,911.75
Dec, 2025 15 $545.83 $450.66 $996.49 $113,461.09
Jan, 2026 16 $543.67 $452.82 $996.49 $113,008.26
Feb, 2026 17 $541.50 $454.99 $996.49 $112,553.27
Mar, 2026 18 $539.32 $457.17 $996.49 $112,096.10
Apr, 2026 19 $537.13 $459.36 $996.49 $111,636.73
May, 2026 20 $534.93 $461.57 $996.49 $111,175.16
Jun, 2026 21 $532.71 $463.78 $996.49 $110,711.39
Jul, 2026 22 $530.49 $466.00 $996.49 $110,245.39
Aug, 2026 23 $528.26 $468.23 $996.49 $109,777.15
Sep, 2026 24 $526.02 $470.48 $996.49 $109,306.68
Oct, 2026 25 $523.76 $472.73 $996.49 $108,833.95
Nov, 2026 26 $521.50 $475.00 $996.49 $108,358.95
Dec, 2026 27 $519.22 $477.27 $996.49 $107,881.68
Jan, 2027 28 $516.93 $479.56 $996.49 $107,402.12
Feb, 2027 29 $514.64 $481.86 $996.49 $106,920.26
Mar, 2027 30 $512.33 $484.17 $996.49 $106,436.10
Apr, 2027 31 $510.01 $486.49 $996.49 $105,949.61
May, 2027 32 $507.68 $488.82 $996.49 $105,460.79
Jun, 2027 33 $505.33 $491.16 $996.49 $104,969.63
Jul, 2027 34 $502.98 $493.51 $996.49 $104,476.12
Aug, 2027 35 $500.61 $495.88 $996.49 $103,980.24
Sep, 2027 36 $498.24 $498.25 $996.49 $103,481.99
Oct, 2027 37 $495.85 $500.64 $996.49 $102,981.35
Nov, 2027 38 $493.45 $503.04 $996.49 $102,478.31
Dec, 2027 39 $491.04 $505.45 $996.49 $101,972.86
Jan, 2028 40 $488.62 $507.87 $996.49 $101,464.99
Feb, 2028 41 $486.19 $510.31 $996.49 $100,954.68
Mar, 2028 42 $483.74 $512.75 $996.49 $100,441.93
Apr, 2028 43 $481.28 $515.21 $996.49 $99,926.72
May, 2028 44 $478.82 $517.68 $996.49 $99,409.05
Jun, 2028 45 $476.34 $520.16 $996.49 $98,888.89
Jul, 2028 46 $473.84 $522.65 $996.49 $98,366.24
Aug, 2028 47 $471.34 $525.15 $996.49 $97,841.09
Sep, 2028 48 $468.82 $527.67 $996.49 $97,313.42
Oct, 2028 49 $466.29 $530.20 $996.49 $96,783.22
Nov, 2028 50 $463.75 $532.74 $996.49 $96,250.48
Dec, 2028 51 $461.20 $535.29 $996.49 $95,715.19
Jan, 2029 52 $458.64 $537.86 $996.49 $95,177.33
Feb, 2029 53 $456.06 $540.43 $996.49 $94,636.89
Mar, 2029 54 $453.47 $543.02 $996.49 $94,093.87
Apr, 2029 55 $450.87 $545.63 $996.49 $93,548.25
May, 2029 56 $448.25 $548.24 $996.49 $93,000.01
Jun, 2029 57 $445.63 $550.87 $996.49 $92,449.14
Jul, 2029 58 $442.99 $553.51 $996.49 $91,895.63
Aug, 2029 59 $440.33 $556.16 $996.49 $91,339.47
Sep, 2029 60 $437.67 $558.82 $996.49 $90,780.65
Oct, 2029 61 $434.99 $561.50 $996.49 $90,219.15
Nov, 2029 62 $432.30 $564.19 $996.49 $89,654.96
Dec, 2029 63 $429.60 $566.90 $996.49 $89,088.06
Jan, 2030 64 $426.88 $569.61 $996.49 $88,518.45
Feb, 2030 65 $424.15 $572.34 $996.49 $87,946.11
Mar, 2030 66 $421.41 $575.08 $996.49 $87,371.02
Apr, 2030 67 $418.65 $577.84 $996.49 $86,793.18
May, 2030 68 $415.88 $580.61 $996.49 $86,212.58
Jun, 2030 69 $413.10 $583.39 $996.49 $85,629.19
Jul, 2030 70 $410.31 $586.19 $996.49 $85,043.00
Aug, 2030 71 $407.50 $588.99 $996.49 $84,454.01
Sep, 2030 72 $404.68 $591.82 $996.49 $83,862.19
Oct, 2030 73 $401.84 $594.65 $996.49 $83,267.54
Nov, 2030 74 $398.99 $597.50 $996.49 $82,670.03
Dec, 2030 75 $396.13 $600.36 $996.49 $82,069.67
Jan, 2031 76 $393.25 $603.24 $996.49 $81,466.43
Feb, 2031 77 $390.36 $606.13 $996.49 $80,860.30
Mar, 2031 78 $387.46 $609.04 $996.49 $80,251.26
Apr, 2031 79 $384.54 $611.95 $996.49 $79,639.30
May, 2031 80 $381.61 $614.89 $996.49 $79,024.42
Jun, 2031 81 $378.66 $617.83 $996.49 $78,406.58
Jul, 2031 82 $375.70 $620.79 $996.49 $77,785.79
Aug, 2031 83 $372.72 $623.77 $996.49 $77,162.02
Sep, 2031 84 $369.73 $626.76 $996.49 $76,535.26
Oct, 2031 85 $366.73 $629.76 $996.49 $75,905.50
Nov, 2031 86 $363.71 $632.78 $996.49 $75,272.73
Dec, 2031 87 $360.68 $635.81 $996.49 $74,636.92
Jan, 2032 88 $357.64 $638.86 $996.49 $73,998.06
Feb, 2032 89 $354.57 $641.92 $996.49 $73,356.14
Mar, 2032 90 $351.50 $644.99 $996.49 $72,711.15
Apr, 2032 91 $348.41 $648.08 $996.49 $72,063.06
May, 2032 92 $345.30 $651.19 $996.49 $71,411.87
Jun, 2032 93 $342.18 $654.31 $996.49 $70,757.56
Jul, 2032 94 $339.05 $657.45 $996.49 $70,100.12
Aug, 2032 95 $335.90 $660.60 $996.49 $69,439.52
Sep, 2032 96 $332.73 $663.76 $996.49 $68,775.76
Oct, 2032 97 $329.55 $666.94 $996.49 $68,108.82
Nov, 2032 98 $326.35 $670.14 $996.49 $67,438.68
Dec, 2032 99 $323.14 $673.35 $996.49 $66,765.33
Jan, 2033 100 $319.92 $676.57 $996.49 $66,088.76
Feb, 2033 101 $316.68 $679.82 $996.49 $65,408.94
Mar, 2033 102 $313.42 $683.07 $996.49 $64,725.87
Apr, 2033 103 $310.14 $686.35 $996.49 $64,039.52
May, 2033 104 $306.86 $689.64 $996.49 $63,349.88
Jun, 2033 105 $303.55 $692.94 $996.49 $62,656.94
Jul, 2033 106 $300.23 $696.26 $996.49 $61,960.68
Aug, 2033 107 $296.89 $699.60 $996.49 $61,261.08
Sep, 2033 108 $293.54 $702.95 $996.49 $60,558.13
Oct, 2033 109 $290.17 $706.32 $996.49 $59,851.82
Nov, 2033 110 $286.79 $709.70 $996.49 $59,142.12
Dec, 2033 111 $283.39 $713.10 $996.49 $58,429.01
Jan, 2034 112 $279.97 $716.52 $996.49 $57,712.49
Feb, 2034 113 $276.54 $719.95 $996.49 $56,992.54
Mar, 2034 114 $273.09 $723.40 $996.49 $56,269.14
Apr, 2034 115 $269.62 $726.87 $996.49 $55,542.27
May, 2034 116 $266.14 $730.35 $996.49 $54,811.92
Jun, 2034 117 $262.64 $733.85 $996.49 $54,078.06
Jul, 2034 118 $259.12 $737.37 $996.49 $53,340.70
Aug, 2034 119 $255.59 $740.90 $996.49 $52,599.79
Sep, 2034 120 $252.04 $744.45 $996.49 $51,855.34
Oct, 2034 121 $248.47 $748.02 $996.49 $51,107.32
Nov, 2034 122 $244.89 $751.60 $996.49 $50,355.72
Dec, 2034 123 $241.29 $755.20 $996.49 $49,600.52
Jan, 2035 124 $237.67 $758.82 $996.49 $48,841.69
Feb, 2035 125 $234.03 $762.46 $996.49 $48,079.24
Mar, 2035 126 $230.38 $766.11 $996.49 $47,313.12
Apr, 2035 127 $226.71 $769.78 $996.49 $46,543.34
May, 2035 128 $223.02 $773.47 $996.49 $45,769.87
Jun, 2035 129 $219.31 $777.18 $996.49 $44,992.69
Jul, 2035 130 $215.59 $780.90 $996.49 $44,211.79
Aug, 2035 131 $211.85 $784.64 $996.49 $43,427.14
Sep, 2035 132 $208.09 $788.40 $996.49 $42,638.74
Oct, 2035 133 $204.31 $792.18 $996.49 $41,846.56
Nov, 2035 134 $200.51 $795.98 $996.49 $41,050.58
Dec, 2035 135 $196.70 $799.79 $996.49 $40,250.79
Jan, 2036 136 $192.87 $803.62 $996.49 $39,447.17
Feb, 2036 137 $189.02 $807.47 $996.49 $38,639.69
Mar, 2036 138 $185.15 $811.34 $996.49 $37,828.35
Apr, 2036 139 $181.26 $815.23 $996.49 $37,013.12
May, 2036 140 $177.35 $819.14 $996.49 $36,193.98
Jun, 2036 141 $173.43 $823.06 $996.49 $35,370.92
Jul, 2036 142 $169.49 $827.01 $996.49 $34,543.91
Aug, 2036 143 $165.52 $830.97 $996.49 $33,712.94
Sep, 2036 144 $161.54 $834.95 $996.49 $32,877.99
Oct, 2036 145 $157.54 $838.95 $996.49 $32,039.04
Nov, 2036 146 $153.52 $842.97 $996.49 $31,196.07
Dec, 2036 147 $149.48 $847.01 $996.49 $30,349.06
Jan, 2037 148 $145.42 $851.07 $996.49 $29,497.99
Feb, 2037 149 $141.34 $855.15 $996.49 $28,642.84
Mar, 2037 150 $137.25 $859.25 $996.49 $27,783.59
Apr, 2037 151 $133.13 $863.36 $996.49 $26,920.23
May, 2037 152 $128.99 $867.50 $996.49 $26,052.73
Jun, 2037 153 $124.84 $871.66 $996.49 $25,181.07
Jul, 2037 154 $120.66 $875.83 $996.49 $24,305.24
Aug, 2037 155 $116.46 $880.03 $996.49 $23,425.21
Sep, 2037 156 $112.25 $884.25 $996.49 $22,540.97
Oct, 2037 157 $108.01 $888.48 $996.49 $21,652.48
Nov, 2037 158 $103.75 $892.74 $996.49 $20,759.74
Dec, 2037 159 $99.47 $897.02 $996.49 $19,862.72
Jan, 2038 160 $95.18 $901.32 $996.49 $18,961.41
Feb, 2038 161 $90.86 $905.64 $996.49 $18,055.77
Mar, 2038 162 $86.52 $909.97 $996.49 $17,145.80
Apr, 2038 163 $82.16 $914.34 $996.49 $16,231.46
May, 2038 164 $77.78 $918.72 $996.49 $15,312.75
Jun, 2038 165 $73.37 $923.12 $996.49 $14,389.63
Jul, 2038 166 $68.95 $927.54 $996.49 $13,462.09
Aug, 2038 167 $64.51 $931.99 $996.49 $12,530.10
Sep, 2038 168 $60.04 $936.45 $996.49 $11,593.65
Oct, 2038 169 $55.55 $940.94 $996.49 $10,652.71
Nov, 2038 170 $51.04 $945.45 $996.49 $9,707.26
Dec, 2038 171 $46.51 $949.98 $996.49 $8,757.28
Jan, 2039 172 $41.96 $954.53 $996.49 $7,802.75
Feb, 2039 173 $37.39 $959.10 $996.49 $6,843.65
Mar, 2039 174 $32.79 $963.70 $996.49 $5,879.95
Apr, 2039 175 $28.17 $968.32 $996.49 $4,911.63
May, 2039 176 $23.53 $972.96 $996.49 $3,938.67
Jun, 2039 177 $18.87 $977.62 $996.49 $2,961.05
Jul, 2039 178 $14.19 $982.30 $996.49 $1,978.75
Aug, 2039 179 $9.48 $987.01 $996.49 $991.74
Sep, 2039 180 $4.75 $991.74 $996.49 $0.00

Compare Monthly vs. Bi-weekly

Payment Frequency Monthly Bi-weekly
Payments / Year 12 26
Each Payment $996.49 $498.25
Total Interest $59,368.58 $51,559.43
Total Payment $239,368.58 $231,559.43
Total Savings $0 $7,809.15
Payoff Date Sep, 2039 Dec, 2037


What is a truck loan?

A truck loan is a loan used to finance a business's purchase of a truck or other commercial vehicle.


How does a truck loan work?

Banks lend money to a business so that they can buy a truck, and the borrower agrees to repay the lender by installment payments with interest. A truck loan is a secured loan that uses the purchased truck as collateral. If the business fails to make payments, the lender has the right to seize the truck. The lender has a lien on the title of the truck until the loan is paid off. Most truck loans are fixed interest so borrowers will make the same monthly payments every month until the truck loan is paid in full.


How to apply for a truck loan?

As with any other loan, applying for a truck loan requires credit checks from lenders. To get the cheapest interest rate for a truck loan or any other commercial vehicle, you need a good credit score.


1. Credit Score Check

Check the credit report for your business. Review the credit score and know where you stand. If you just started your business, you don't have a business credit history yet, you can apply for business credit cards and improve your business credit score. If there are any errors, contact the relevant credit reporting agencies such as Experian, Equifax, and Dun & Bradstreet to fix them. The business credit score is separated from your personal credit score, but they work the same way. A good personal credit score gets you low-interest rates for personal loans and home mortgages, and a good business credit score helps your business get finance like equipment, truck, and commercial loans.


2. Compare Rates From Lenders

After you have your credit report handy, the next step is to shop around and compare the quotes from different lenders. Traditional lenders like local and regional banks offer truck loans with competitive interest rates. Online lenders are also available to finance truck loans. They are usually quicker and require less documentation than traditional lenders. Truck dealers often work with financing companies that offer truck loans. Getting a truck loan through the dealership is the most convenient way to fund the purchase of a truck, but they don't necessarily offer you the best interest rate. One way to get the best interest rate is to get quotes from online lenders and ask traditional banks to see if they can beat it. Then after you set a deal with your truck dealer, ask them if they can beat your current interest. If they do, go with the dealer financing. If not, stick with your traditional or online lender.



How to qualify for a truck loan?

There are a few things you need to apply for a truck loan, credit score, down payment, proof of income, and time in business.


1. Down Payment

Most lenders require a down payment of 10%-20%. You may get away with a lower down payment if you have other assets that you can put up as collateral. If not, some lenders may still approve your loan but will come with a much higher interest.


2. Collateral

The truck or the business vehicle will be used as collateral. If you stop making payments before the loan is paid in full, your truck will be seized by the lender as they have a lien on the vehicle.


3. Proof of Income

You will need to provide 3 years of financial statements and tax returns as proof that your business has the financial means to repay the truck loan. Lenders may also ask for your personal financial and bank statements. You will also be required to show a commercial driver's license to prove that you or someone in your company can drive a truck.


4. Time in Business

New businesses will have a harder time getting a truck loan as they are viewed as riskier by the lender. Most new businesses fail in the first 2-5 years, so you can't blame the lender. As your business survives and thrives after the initial years, you will have an easier time getting approved for a truck loan.


Truck Loan FAQs

How can I get a truck loan?

You can get a truck loan from traditional lenders like banks, online lenders, or truck dealerships. Traditional banks offer the most competitive rates but may be slow in the approval process and may require more documents. If you are not in a rush and have good credit, go for traditional lenders.


Can I get a 0 down payment on a truck loan?

It is possible to get a 0 down truck loan if you have a good credit score and other assets as collateral. However, a 0 down truck loan is not recommended because the interest rate may be sky-high and the overall costs for the truck loan will be much higher than if you were to put a down payment of 10% to 20%.


What is a typical loan term for a truck?

Truck loan terms usually range from 36 to 72 months depending on the lender and the borrower.


Can I pay off a truck loan early?

Yes, you can pay off a truck loan earlier, but check with your lender to see if there are any prepayment penalties. Preferably, you should have checked that before signing the final contract for the truck loan.


What is the best way to finance a truck?

Getting a truck loan with a low-interest rate from the banks is the best way to finance a truck if you don't mind the longer loan process. Getting a loan from truck dealers is the fastest way to get approved for a truck loan, but the interest rates and the costs are usually higher.



How to lower my monthly truck loan payments?

  • Compare Rates - you should compare interest rates from multiple lenders before you apply for a truck loan. Go with the lender that offers you the lowest interest rate which means low monthly payments.

  • Buy a cheaper truck - buying an affordable truck will lower the loan size and the monthly payments.

  • Larger down payment - save more money so that you can put down a larger down payment which reduces the size of your truck loan.

  • Longer term - apply for a longer term which lowers your monthly payments but your overall costs for the loan increase.

  • Improve credit score - a good credit score qualifies you with the best interest rate from any lender which results in a lower monthly payment.

  • Refinance your truck loan - if your credit score has improved after you got the truck loan, you may be able to refinance your loan and lower your monthly payments and save money in interest payments.

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