Commercial Truck Financing With Collections
Reviewed by George Burgess · Updated August 19, 2026
Collections on a credit report are not listed as an automatic HMTL program disqualifier. Hard Money Truck Loans has no minimum credit score and specializes in credit challenged commercial truck and trailer buyers. The specific truck transaction still has to fit the confirmed HMTL program and be reviewed.
Quick Financing Snapshot
- Minimum credit score
- None
- Credit specialty
- Credit challenged buyers welcome, with no minimum credit score
- Purchase price financed
- $21,000 to $145,000
- Down payment
- Typically 30% of the purchase price
- Startup down payment
- Typically 40% of the purchase price
- Seller
- Licensed dealer purchases only
- Credit history
- No bankruptcy or repossession within the last 5 years.
- Approvals
- Same day approvals may be available
Want to know whether your own situation is financeable? Get pre-approved or call (407) 250-8536.
What a Collection Means
A collection generally means an unpaid obligation has been placed with or transferred to a third party for collection.
The exact reporting details can vary by account and credit bureau.
For truck financing, the important point is that a collection is part of the credit history.
It does not by itself describe the truck, seller, purchase price, down payment or business situation.
HMTL Does Not Publish a Collection Count or Dollar Limit
This site does not publish a maximum number of collections, a maximum collection balance, a required collection age or a rule that every collection must be paid before review.
The actual credit profile and transaction have to be reviewed.
The Firm Credit-History Restrictions Are Separate
There can be no bankruptcy within the last 5 years.
There can be no repossession within the last 5 years.
Those are firm restrictions.
Collections are not listed in the same automatic-disqualifier category.
The Rest of the Program Still Applies
The truck must come from a licensed dealer.
The purchase price must be $21,000 to $145,000.
An established business is typically 30% down.
A startup is typically 40% down and requires 2 years of industry experience.
Approximately 4 months of business bank statements is typical.
Review Your Credit Report for Accuracy
It can be useful to know what collection accounts are appearing on your report before applying.
If an entry is inaccurate, use the appropriate credit bureau process to address the error.
HMTL does not require that every collection be resolved before a transaction can be reviewed.
What May Help You Qualify
- No minimum credit score
- Typically 30% of the purchase price down for an established business
- Typically 40% of the purchase price down for a startup, plus 2 years of industry experience
- Licensed dealer purchases only
- Purchase prices from $21,000 to $145,000
- No bankruptcy or repossession within the last 5 years
- Approximately 4 months of business bank statements
Potential Problems & Reasons For Decline
- A truck being bought from a private seller rather than a licensed dealer
- A purchase price outside the $21,000 to $145,000 range
- A down payment that does not reach the typical percentage for the truck selected
- A bankruptcy or repossession inside the last 5 years
- A startup without 2 years of industry experience
- Business bank statements that are incomplete or unavailable
Frequently Asked Questions
Do collections automatically decline a truck financing request?
Do I have to pay every collection before applying?
Does the amount of a collection create an automatic cutoff?
Does the number of collections create an automatic cutoff?
Can I still have a score around 500 and be reviewed?
Which credit history events are firm HMTL restrictions even when collections are present?
Does having collections change the dealer requirement?
Does having collections change the startup experience requirement?
Related Resources
- Bad Credit FinancingCommercial Truck Financing With Charge-OffsA charge-off is part of the credit profile, but it is not a published automatic HMTL disqualifier.
- Bad Credit FinancingCommercial Truck Financing With Late PaymentsLate payments can be part of a credit challenged profile without creating a published automatic HMTL cutoff.
- Bad Credit FinancingCan You Finance a Commercial Truck With Bad Credit?Bad credit alone does not decide a truck transaction. The seller, price, down payment, business status and firm program requirements still matter.
- Bad Credit FinancingCommercial Truck Financing Around a 500 Credit ScoreA score around 500 is not an automatic HMTL decline, but it is not an automatic approval either.
- Bad Credit FinancingDoes a Larger Down Payment Help When You Have Bad Credit?More money down changes the financing amount, but it does not override the rest of the HMTL program.
- Commercial Truck Financing GuidesBad Credit Commercial Truck Financing ExplainedWhat bad credit commercial truck financing means at HMTL, which program terms are firm, and which are typical.
Ready To Get Your Truck Funded?
Tell us about the truck, your business and your situation. We will review whether the transaction fits the HMTL program.