Commercial Truck Financing With Late Payments

Late Payments Are Part of the Credit History

Late payments can affect a credit profile and credit score.

Different accounts can show different histories, and borrowers may have one late payment, several late payments or a longer pattern.

HMTL does not publish a numeric formula that converts a certain number, age or type of late payment into automatic approval or decline.

There Is No Published Late-Payment Waiting Period

This site does not publish a rule requiring a borrower to wait a specific number of months after a late payment before the truck transaction can be reviewed.

The actual credit history remains part of the broader review.

Do not turn general observations about recent or older late payments into HMTL underwriting thresholds.

The Firm 5-Year Restrictions Are Different

There can be no bankruptcy within the last 5 years.

There can be no repossession within the last 5 years.

Those are firm program restrictions.

Late payments are not listed in that same automatic-disqualifier category.

The Rest of the Transaction Still Matters

The truck must be purchased 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 Information Accurately

It can be useful to review your credit report before applying so you know which accounts are reporting late payments.

If information is inaccurate, the appropriate credit bureau process can be used to address an error.

This page does not provide credit-repair promises or strategies for removing accurate late payments.