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