How to Finance Your First Commercial Truck
Reviewed by George Burgess · Updated August 18, 2026
A first commercial truck can be financed through the HMTL startup program if the transaction fits the program. A startup typically puts 40% of the purchase price down and must have 2 years of industry experience. The truck must come from a licensed dealer, the purchase price must be $21,000 to $145,000, and there can be no bankruptcy or repossession within the last 5 years. There is no minimum credit score.
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.
A First Truck Is Usually a Startup Conversation
If the business does not yet have an established operating history with commercial trucks, the transaction may be treated under the startup structure.
The important thing is not the label you use for yourself.
It is whether the transaction fits the startup terms.
Those confirmed terms are simple:
- typically 40% of the purchase price down
- 2 years of industry experience
The 2-year industry experience requirement is firm.
The 40% down payment is the typical startup structure.
Do Not Guess What Counts as Industry Experience
HMTL requires 2 years of industry experience for startup transactions.
This resource does not define every job, role, document or employment history that automatically satisfies that requirement.
If you have been working in trucking, delivery, construction, waste, towing, septic, hauling or another field related to the truck you want to purchase, contact HMTL and describe your actual background.
Let the specific history be reviewed rather than trying to fit yourself into a rule that was never stated.
Calculate the Startup Down Payment From the Purchase Price
Startup down payment is typically 40% of the purchase price.
If the truck costs $80,000, 40% is $32,000.
If the truck costs $100,000, 40% is $40,000.
Those examples are illustrations, not approvals or quotes.
The calculation is based on the truck purchase price.
Taxes, title, dealer fees and other transaction costs can be separate and may increase the total cash needed to complete the purchase.
Shop Only Licensed Dealer Inventory
HMTL finances licensed dealer purchases only.
Private party purchases are not financed.
That means a first-time buyer should confirm the seller before committing to the truck.
A great private listing does not become financeable just because the truck is a good fit for the business.
If HMTL financing is needed, shop dealer inventory.
Stay Inside the Purchase-Price Range
The truck purchase price must be $21,000 to $145,000.
That is a firm program range.
A truck below or above that range does not fit the current purchase program.
Knowing the range before you shop can save a lot of wasted time.
Approximately Four Months of Business Bank Statements Is Typical
Approximately 4 months of business bank statements is a typical program characteristic.
A newly formed business may not look exactly like an established company.
This resource does not create a special substitute-document rule for startups.
If your business is new and your banking history is shorter or unusual, ask HMTL how your specific file should be presented.
Do not assume personal statements, projections or another document automatically replace the business statements.
No Minimum Credit Score Does Not Mean No Credit Review
There is no minimum credit score.
HMTL specializes in credit challenged commercial truck and trailer buyers, including many borrowers with scores around 500.
That makes the startup program relevant to someone whose score would make traditional financing difficult.
But the no-minimum rule is not a guarantee.
The transaction still has to fit the program and be reviewed.
The hard historical rule remains no bankruptcy or repossession within the last 5 years.
Decide What the Truck Needs to Do
A first-time buyer should be clear about the business purpose of the truck before shopping.
That does not mean HMTL has published a requirement for a contract, route or revenue projection on this site.
It means you, as the buyer, should understand why you are buying that truck.
A sleeper, dump truck, box truck, tow truck or septic truck solves very different business problems.
Buying the wrong truck is a business mistake even if the financing works.
Do Not Commit Before You Understand the Transaction
Before leaving a deposit, make sure you understand:
- seller is a licensed dealer
- written purchase price
- down payment amount
- taxes, title and fees
- dealer deposit terms
- whether the truck is inside the program range
HMTL does not control the dealer's deposit policy.
Get it in writing.
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
Can I finance my first commercial truck if my business is new?
How much down does a startup typically need?
How much industry experience is required?
What exactly counts as 2 years of industry experience?
Is there a minimum credit score for a first truck?
Can I buy my first truck from a private seller?
What purchase-price range applies?
What if my new business does not have approximately 4 months of bank statements?
Does 40% down guarantee approval?
Related Resources
- Startup & Owner OperatorStartup Commercial Truck Financing With Bad CreditA startup with damaged credit can still be considered when it fits the HMTL startup program.
- Down Payments, Documents & ApprovalCommercial Truck Loan Down Payment RequirementsHow the typical 30% and 40% HMTL down payment structures work across different truck purchase prices.
- Commercial Truck Financing GuidesHow Commercial Truck Financing WorksA simple explanation of the commercial truck financing process from choosing the truck to getting the dealer funded.
- Commercial Truck Financing GuidesCommercial Truck Financing Requirements ExplainedThe difference between firm HMTL program requirements and the terms that are typical rather than automatic.
- Down Payments, Documents & ApprovalDocuments Needed for Commercial Truck FinancingWhat to have ready before you apply, without pretending every transaction uses the exact same checklist.
- Commercial Truck Financing GuidesHow to Get Approved for a Commercial Truck LoanPractical steps that can help you present a cleaner, more complete commercial truck financing request.
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.