Many people want to become a truck driver but worry about the cost of CDL training tuition. The good news is you can get a loan for CDL training. A CDL school loan can help you start training now and pay for it over time.
If you do not have the money saved for school and do not qualify for a grant, financing CDL training may still make it possible to start your new career. Many students see a CDL training loan as an investment in their future.
Why Getting a Loan for Truck Driving School Can Be Worth It
A CDL can open the door to a stable and well-paying career. Compared to many education programs that take years to complete, CDL training is short and focused on preparing you for a job.
Many students choose a CDL training loan because it allows them to:
- Start training sooner
- Begin earning income faster
- Spread the cost of school into monthly payments
Because trucking jobs often pay well in the first year, many drivers can recover the cost of CDL training quickly.
How CDL Training Loans Work
A loan for CDL school allows you to borrow money to pay for tuition and pay it back with interest over time through monthly payments.
Here is how it works:
- Apply for a CDL training loan to determine eligibility
- Get approved by a lender
- The loan pays the cost of training
- Attend CDL school
- After graduation, begin work as a truck driver and make monthly payments with interest
Student Loans Through Driver Resource Center
Driver Resource Center works with three trusted lenders that specialize in CDL training loans. Qualifying students can apply and get approved in minutes.
Some features of CDL training financing include:
- Easy online application process
- Rates based on credit score and future income. Not current income.
- Soft credit check – applying does not affect your credit score
- Instant approval or decline
- Multiple lenders available
- Fast funding directly to the school
- Ability to add a co-applicant if needed
- Auto-payment discounts
- Various loan payment terms
Loan repayment terms vary by lender, but typically payments do not begin until after graduation. Some lenders allow for interest only payments for the first few months as graduates settle into their new careers. Monthly payment amounts vary by individual, but are typically between $150 to $250 a month, which is manageable with a truck driving income.
A Driver Resource Center career specialist can help you review the options and guide you through the application call now.
Can a CDL Training Loan Help Your Credit?
Yes, it can. Many people do not realize that using a loan to pay CDL school tuition can help build credit. When you make on-time payments, it shows lenders that you are responsible with credit. DRC’s lenders also offer discounts and incentives for utilizing autopay. Some students see their credit score improve over time after paying off their CDL training loan. This can make it easier to qualify for other financial goals in the future.
Use Tuition Reimbursement to Help Pay Your Loan
Many trucking companies offer tuition reimbursement programs. This means your employer may help pay back part of your CDL training cost after you start working.
Some companies reimburse $150 to $200 per month while you are employed with them. Many drivers use these payments to help cover their monthly loan payments.
Pro-tip: Pay off your loan faster by making a regular loan payment and a payment utilizing tuition reimbursement.
Driver Resource Center has strong relationships with many of the trucking industry’s top carriers, and several offer tuition reimbursement programs for new drivers.
Learn more about CDL Tuition Reimbursement
CDL Training Is an Investment in Your Future
A loan for CDL training is not just a way to pay for school. For many people, it is an investment in a new career with strong earning potential. Most CDL programs take about 4 weeks, and many drivers begin working shortly after graduating making $76,000 to $95,000* a year. Because of this, many students find that the cost of training can be recovered quickly once they start driving.
CDL Loan FAQs
Is it hard to get a loan for CDL training?
Loan approval depends on factors such as:
- Credit history
- Future Income
- Debt level
Some students may be eligible for lower interest rates, while others may need a co-applicant to qualify. Our lenders offer soft credit checks, which means applying does not affect your credit score
Is getting a loan for CDL school worth it?
For many people, yes. CDL training usually takes 3 to 4 weeks, and many drivers earn $76,000 to $95,000 in their first year. Because of this, many students can recover the cost of training quickly once they start working.
When do I start paying back a CDL training loan?
Many lenders allow you to start payments after you graduate from CDL training. This means you may begin payments once you complete school and start working as a driver.
Can tuition reimbursement help pay off a CDL training loan?
Yes. Many trucking companies offer tuition reimbursement programs. These programs help pay back part of your training cost while you work as a driver. Many students use tuition reimbursement to help cover their monthly loan payments.
Talk to a Career Specialist
Every student’s situation is different. Some students qualify for grants, while others use financing or tuition reimbursement.
A Driver Resource Center career specialist can help you:
- Understand tuition reimbursement programs
- Explore ways to pay for CDL training
- Find a CDL school near you
- Start your trucking career
Call 800-391-2750 or fill out the form to speak with a DRC career specialist today.
*Pay information based on. ATA Compensation Study