Commercial Truck Financing for Small Businesses

Small Business Does Not Mean A Different Program

A one truck operation and a small fleet buyer are looking at the same published program. Size does not open a separate set of terms, and it does not close one either.

HMTL specializes in credit challenged commercial truck and trailer buyers, including many borrowers with scores around 500. That is the market this program was built around, and small businesses are most of it.

The Two Structures A Small Business Falls Into

The one distinction that genuinely changes the numbers is whether the business is established or a startup.

• Established business: typically 30% of the purchase price down.
• Startup: typically 40% of the purchase price down, plus 2 years of industry experience.

Nothing else about company size changes the published structure.

What Is Published For Every Small Business Purchase

• Purchase price financed of $21,000 to $145,000.
• Licensed dealer purchases only.
• No minimum credit score.
• No bankruptcy or repossession within the last 5 years.
• Approximately 4 months of business bank statements requested.
• The lender reviews the specific truck, including year, make and model, mileage, truck type and specifications.

What Is Not Published About The Business Itself

Small business financing content tends to fill in company qualifications that were never set. This site does not publish them.

• No minimum time in business.
• No minimum monthly revenue.
• No employee count requirement.
• No fleet size requirement.
• No business plan requirement.
• No tax return requirement.

Where Small Business Deals Actually Get Stuck

The problems that come up are transaction problems, not company size problems.

• The truck is being bought from a private seller rather than a licensed dealer.
• The purchase price sits outside $21,000 to $145,000.
• The cash available is short of the typical structure for the business type.
• A bankruptcy or repossession falls inside the last 5 years.
• A startup does not yet have 2 years of industry experience.

What To Bring To The Conversation

• Whether the business is established or a startup.
• The licensed dealer holding the truck.
• The written purchase price.
• The truck year, make and model, mileage, truck type and specifications.
• Approximately 4 months of business bank statements.

Timing For A Working Business

A small business usually cannot leave a truck sitting while a decision drags. Same day approvals may be available, and funding can occur in as little as 3 days once a transaction is ready to move.

Neither is promised on a specific deal. Both describe how fast this can go when the transaction fits.