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NOTICE Make sure you use the interest rate slider last otherwise semi truck loan results will not be as accurate.
Calculations and amorization schedule are estimations. All calculations are rounded to two decimal places(EX: $124.332534343345 is rounded to $124.33). This commercial truck financing calculator is meant for estimation purposes only and may be prone to unknown programming errors.
Truck Sale Price
The Truck sale price includes the price of the sale....including:
Down Payment AKA the Semi Truck Trade in value
The down payment and trade in value of the truck includes two different parts.
1. The total amount of cash that you plan on putting down.
2. The expected trade-in allowance on your current vehicle.
Annual Loan Interest Rate (APR)
This is your anticipated annual percentage rate(APR) on your semi-truck loan.
Financing Period (Our MEH trucking form has the user input months)
The truck financing period is the total length of your loan term. Our truck financing calculator takes your input in months and then automatically outputs the number of years in your loan.
There are a few different parts that you have to use to calculate the interest amount on your trucking loan.
You need the following components to compute the fixed monthly payment of a loan, the total interest that will be paid on the loan, and the total amount you will be investing between both the principle loan amount and the interest loan amount.
If you are wanting to calculate your semi-truck loan, and to also make sure that you understand the financing process then keep on reading!
1. Understand your principle loan amount
When looking into financing, your first step should be to understand the amount of money you are borrowing from the financer you work with. The amount you borrow is know as the principle amount.
Principle Amount Of Loan = Purchase price of truck - (your trade in value + your cash down payment).
2. Determine the loan term. The term of your trucking loan is the length, or period, of time in which the semi truck loan will be considered outstanding. Commercial trucking loans can differ quite a bit, but the important thing to know is that the longer the is outstanding the more money you will have to pay towards interest on the trucking loan.
3. Calculating the interest owed on a trucking loan. Interest rates given on commercial vehicle financing deals are stated in the loan agreement. This interest rate is most commonly referred to as the annual percentage rate, or APR.
Now that you know how to properly find the root variables in calculating your trucking loan, MEH would suggest using our financing calculator above to plug in the variables. Once you know what to look for you will have a better idea on what your goals are for obtaining financing on your own semi truck loan.