Documents Needed for Commercial Truck Financing

Start With Approximately Four Months of Business Bank Statements

Approximately 4 months of business bank statements is the clearest confirmed document guideline in the current program.

If you already have those statements available, keep them ready before you begin the financing conversation.

The purpose of this page is not to create additional underwriting rules around how the statements must look. It is simply to help you avoid starting the process without the primary business documentation typically requested.

If your business banking situation is unusual, explain it accurately instead of trying to force it into a format that does not reflect how the business actually operates.

Have the Basic Business Information Ready

Expect to provide accurate information about the business applying for financing.

That can include basic identifying and contact information needed to understand who is buying the truck and how the business is structured.

The exact fields requested are determined by the application process.

The important part is accuracy. Do not guess at dates, ownership information or other business facts just to finish an application quickly.

Have the Specific Truck Information Ready

A commercial truck financing request becomes much more concrete once a specific truck is selected.

Useful information to have available includes:

• year
• make
• model
• VIN
• mileage
• purchase price
• dealer name

Those are practical transaction details rather than a promise that every one will be requested in the exact same way on every file.

The purchase has to be from a licensed dealer, and the purchase price has to fall $21,000 to $145,000.

Get the Purchase Price in Writing

A written purchase price helps everyone work from the same number.

It also lets you calculate the typical down payment correctly.

For an established business, the down payment is typically 30% of the purchase price.

For a startup, the down payment is typically 40%.

Taxes, title, dealer fees and other transaction costs may be separate from the purchase price and may affect the total cash needed to complete the purchase.

Know Your Down Payment Before You Apply

You do not need to create a complicated financial package just to know whether the basic transaction is realistic.

Know how much cash you actually have available for the purchase.

Then compare it with the truck price and the typical program structure.

For example, a 30% down payment on a $90,000 truck would be $27,000.

That is only an illustration. It is not an approval or quote.

See additional down payment examples.

A Startup File May Look Different

A startup is not the same as an established business with years of operating history.

The confirmed startup terms are:

• typically 40% of the purchase price down
• 2 years of industry experience

Approximately 4 months of business bank statements remains a typical program characteristic.

If a newly formed business does not have the same banking history as an established operation, do not invent a substitute document on your own. Contact HMTL and ask what information should be provided for the specific file.

See the first commercial truck financing guide.

Additional Documents Can Depend on the Transaction

Do not assume that this page is an exhaustive underwriting checklist.

A specific truck, business structure or application can create additional questions.

If more information is needed, the right response is to provide the requested information accurately rather than assuming a document is unnecessary because it was not listed on a general resource page.

This protects the site from giving borrowers the wrong expectation and protects the borrower from preparing the wrong package.

The Goal Is a Reviewable File

The best reason to prepare documents in advance is simple: it makes the transaction easier to understand.

You should be able to explain:

• who is buying the truck
• which truck is being purchased
• which licensed dealer is selling it
• the written purchase price
• how much cash is available
• whether the business is established or a startup
• whether the startup has the required 2 years of industry experience
• whether there has been a bankruptcy or repossession within the last 5 years

That is a much better starting point than trying to predict every document that could ever be requested.