Buying a semi truck can be a large investment. The cost of a semi truck can range from $80,000 to upwards of $200,000. The amount of money you need down to purchase a semi truck depends on the type of truck and financing you choose.
Type of Semi Truck
The type of semi truck you choose will have a major impact on the amount of money you need down. There are multiple types and styles of semi trucks, including sleeper cab trucks, day cab trucks, and gravity box trucks.
Sleeper cab trucks have beds in the back for long haul drivers to sleep in during their shifts; day cab trucks do not have beds; and gravity box trucks are designed for hauling heavy loads such as grain or cement. Depending on the type you select, the price will vary significantly.
Financing Options
The financing option you choose will also affect how much money you need down to purchase a semi truck. You can typically choose between bank loans or dealer financing when trying to buy a semi truck.
Banks typically require more money down than dealerships do, but they may offer more competitive interest rates and longer repayment terms. Dealerships may require little to nothing down depending on your credit score; however, they may also offer higher interest rates and shorter repayment terms than banks do.
Down Payment Amounts
The amount of money you need down to purchase a semi truck varies based on the type of truck and financing option you select. Generally speaking, if you choose bank financing for your purchase, then most banks require at least 10-15% down for new vehicles and 20-30% for used vehicles depending on your credit score. If you opt for dealer financing instead, then most dealerships only require 5-10% down for new vehicles and 15-20% for used vehicles depending again on your credit score.
Conclusion
How much money do you need down to buy a semi truck? The answer depends largely on which type of truck and which financing option you choose; however, generally speaking banks typically require at least 10-15% down payment for new vehicles and 20-30% for used vehicles while dealerships often only require 5-10% down payment for new vehicles and 15-20% for used ones depending on your credit score.
