Truck Loan Calculator
See your monthly truck payment before you sign. Enter price, down payment, trade-in, rate, and term — plus a cost-per-mile impact so you know what the truck really costs per mile.
Loan details
Your payment
What your truck payment really costs
A $120,000 semi truck is not a $120,000 decision — it is a monthly payment that shows up in your cost per mile for five to seven years. This calculator shows the payment, the total interest, and the per-mile impact so you can compare it against the loads you actually run.
The per-mile figure is the key number most buyers skip: at 100,000 miles a year, a $2,400 monthly payment adds about 29 cents to every mile you drive. Add fuel, maintenance, and insurance, and you can see why owner-operators who skip this math end up working for the bank.
How to use it
- Truck price: what the dealer quotes. Used class 8 trucks commonly run $60,000-$150,000 depending on age, miles, and spec.
- Down payment: 10-20% is typical; more lowers the payment and the interest.
- Rate: commercial truck loans in 2026 typically run 6-10% APR depending on credit and the lender.
- Term: 48-84 months is common. Longer terms lower the payment but add thousands in interest.
- Miles per year: used for the per-mile cost. Use your real loaded miles, not the odometer total.
Frequently asked questions
What is a good down payment on a semi truck?
Lenders typically want 10-20% down. A bigger down payment matters more than a slightly better rate — it directly reduces the financed amount and the interest you pay over the life of the loan.
Should I finance or lease a truck?
Financing builds equity and is best if you plan to keep the truck long-term. Leasing means lower payments and a newer truck but no equity — you are renting. Owner-operators who run high miles usually finance; those who want warranty coverage and lower payments often lease.
How much truck payment can I afford?
A common rule: your truck payment should be under 15% of gross revenue. At $180,000/year gross (about $2.25/mile at 80,000 miles), that is up to $2,250/month. Run your own numbers with this calculator and compare against your actual revenue.
Do I need a business credit score?
Most commercial truck lenders use your personal credit (FICO 600+ is often the floor) plus your business history and bank statements. New owner- operators with no history typically need a stronger down payment or a co-signer.
What happens at the end of the loan?
The truck is yours — and worth whatever the market says. Many owner-operators keep running it for years after payoff, which is when the payment line drops out of the cost per mile and margins jump.
Methodology
Standard amortizing loan formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the financed amount, r the monthly rate (APR ÷ 12), and n the number of months. Per-mile figure = monthly payment × 12 ÷ annual miles. Rates shown are typical 2026 commercial truck loan ranges; your actual rate depends on credit, lender, and market conditions.
Planning tool, not financial advice. Confirm terms with your lender.