How to Prepare Before Applying for Commercial Truck Financing
Reviewed by George Burgess · Updated August 18, 2026
Before applying, make sure the truck fits the HMTL program, know how much cash you actually have available, gather approximately 4 months of business bank statements, and be ready with accurate business and credit information. Preparation does not guarantee approval, but it can prevent avoidable problems before the transaction is 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.
Check the Seller First
HMTL finances licensed dealer purchases only.
Private party purchases are not financed.
That makes the seller one of the first things to confirm.
If you are shopping online, do not assume a professional-looking listing means the seller is a licensed dealer.
Ask who will appear as the seller on the purchase paperwork.
Check the Purchase Price
The truck purchase price must be $21,000 to $145,000.
That is a firm program range.
A truck below or above the range does not fit the current purchase program.
Knowing the range before applying can save time and prevent you from building the transaction around the wrong unit.
Calculate the Typical Down Payment
An established business is typically 30% down.
A startup is typically 40% down.
Calculate the percentage from the purchase price.
For example, 30% of an $80,000 truck is $24,000.
40% of the same purchase price is $32,000.
Those are illustrations only.
Taxes, title, dealer fees and other transaction costs can be separate and may increase the total cash needed.
If You Are a Startup, Confirm the Experience Requirement
A startup requires 2 years of industry experience.
That is a firm requirement.
Do not wait until after you leave a deposit to ask whether your background may satisfy the requirement.
This site does not define every job title or document that automatically counts.
Describe the actual experience to HMTL.
Gather the Typical Business Bank Statements
Approximately 4 months of business bank statements is a typical program characteristic.
Have them available before applying if possible.
Do not invent a revenue minimum, balance minimum or deposit rule.
If the business banking situation is unusual, explain the real situation accurately.
Know the Truck Details
Once you have selected a unit, useful information includes year, make, model, VIN, mileage, written purchase price, and dealer name.
A specific truck purchase is easier to discuss than a general request for "some kind of truck financing."
Review the Credit-History Rule
There is no minimum credit score.
There can be no bankruptcy or repossession within the last 5 years.
Those two facts are easy to confuse.
A low score is not a numeric automatic cutoff.
A bankruptcy or repossession inside the 5-year period is a firm program restriction.
Get Dealer Deposit Terms in Writing
If the dealer requires a deposit, ask whether it is refundable and under what conditions.
HMTL does not control dealer deposit policies.
Do not assume the financing application protects the deposit.
If the dealer agrees to hold the truck, get the hold terms in writing too.
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
What should I have ready before I apply?
Should I apply before finding a truck?
How much down should I plan for?
Can I apply with bad credit?
What credit-history issue is a firm stop?
Do I need to buy from a dealer?
What should a startup confirm before applying?
Does being well prepared guarantee approval?
Related Resources
- Down Payments, Documents & ApprovalDocuments Needed for Commercial Truck FinancingWhat to have ready before you apply, without pretending every transaction uses the exact same checklist.
- Down Payments, Documents & ApprovalHow to Make Your Commercial Truck Financing Application StrongerAccuracy, completeness and a transaction that fits the published program. No promised improvement in odds.
- Real Buyer QuestionsShould I Apply for Truck Financing Before or After Finding a Truck?No published rule forces either order. A specific truck is what makes the request reviewable, because the lender reviews a transaction.
- Real Buyer QuestionsWhat Should I Ask a Dealer Before Applying for Truck Financing?Ask for the facts the review actually uses: licensing, written price, year, make and model, mileage, truck type, specifications and availability.
- Down Payments, Documents & ApprovalCommercial Truck Loan Down Payment RequirementsHow the typical 30% and 40% HMTL down payment structures work across different truck purchase prices.
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.