Owner Operator Truck Loans

If you are a driver looking to get into the owner operator business, getting a loan may be difficult if you are a first time buyer.  Here are the main criteria lenders will look at in order to approve you for a truck loan:


Experience: How long have you been driving a truck? Do you have over the road experience?

Haul source: Do you have an established company ready to hire you as an owner operator when you get a truck? Getting financed on your own authority for the first time is very difficult.

Your credit history: Bad credit including child support problems, tax liens, and other items may prevent you from getting a loan.

Down payment: The more you have for a down payment the better.  A larger down payment will also reduce your total interest.

These four factors combine to determine your ability to take out a loan for a truck.  You should be strong in at least 3 of the areas in order to obtain a loan and begin running as an owner operator.  For example, if you don’t have many years of experience, you should have a haul source, good credit, and a significant down payment.

Remember to speak with multiple lenders to obtain the best possible terms for your owner operator truck loan.


View additional Trucking Articles here.


I agree with you that being an o/o and driving dry van or reefer is suicide. Being an o/o and hauling steel in the steel belt is a different story. I’m not talking about pulling heavy coils or plates that alot of coil haulers do around here, but just pulling a normal 5 axle will get you big bucks hauling coils, I just couldn’t help but post something because when noobs read your post they will get spooked. If you want the big bucks stay AWAY from DRY VAN OR REEFER. Here is the equation that I have learned from having my drivers pull van and reefers in the past. >>> LOTS OF MILES(bigger chance of a defect occurring)+LOW RATES= ZERO PROFIT

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