Commercial Financing

So, what is the credit score needed to buy semi trucks?

Your score can play an important role in obtaining financing for your business. However, as we will discuss, this is not always the case. Often, the credit score required will depend on the lender.

Let’s discuss the typical credit score needed to buy semi trucks. We’re also going to look into other factors that can influence your loan approval, such as cash flow and monthly payments.

Read on to equip yourself with all of the credit score information you’ll need on your financing journey.

Credit Score Needed To Buy A Semi Truck

Typically, the credit score needed to buy semi trucks is around 650. Any lender will likely approve your commercial truck loan if your score is 650 or above.

But, what if your credit score is lower? In this case, you’ll be considered a high-risk borrower. You may be required to pay a higher interest rate. You also might have a less favorable commercial vehicle loan.

Some lenders don’t take credit scores into account, although they will almost certainly ask to look at them before approving your loan.

Understanding FICO Scores

To understand the credit score needed to buy semi trucks, you must understand FICO scores. FICO score ranges are a way to categorize credit scores into different levels.

The FICO score is the most widely used credit score, ranging from 300 to 850. The higher your score, the better your credit history and creditworthiness.

Here is a breakdown of the FICO score ranges in simple terms:

• 300 – 579: A score in this range is considered ‘very poor’.
• 580 – 669: A score in this range is considered ‘fair’.
• 670 – 739: A score in this range is considered ‘good’.
• 740 – 799: A score in this range is considered ‘very good’.
• 800 – 850: A score in this range is considered ‘exceptional’.

Statistically speaking, most people tend to score between 600 and 720. This means that most credit applicants fall in the fair to good range. Sometimes, a good credit score is needed to finance a semi-truck.

Semi Truck Financing With Bad Credit

At Mission Financial Services, we understand that not everyone has perfect credit.

For this reason, we don’t consider the credit score needed to buy semi trucks. Having a history of bad credit or bankruptcy does not impact our decision to approve your loan.

If you have poor credit, options like a bad credit loan are available to you. Let’s discuss the steps you can take to finance your semi truck with an imperfect credit score.

1. Complete The Credit Application

The first step in the semi-truck financing process is to complete a credit application. You’ll need to include certain documents in your application. These include pictures of the vehicle you wish to purchase, proof of truck insurance, and potentially a valid driver’s license or commercial driver’s license.

These documents help lenders to better understand your current situation. From here, they can make an informed decision regarding your loan application.

2. Provide A Spec Sheet

Next up, you’ll need to provide a spec sheet for the semi-truck you wish to purchase. If you’re looking to finance a lease agreement, rather than purchase a semi-truck, you’ll also need to provide a spec sheet.

Spec sheets document detailed information about the vehicle you want to buy, such as the motor carrier number. You can expect to include the following information in your spec sheet:

• Year: The year the truck was manufactured.
• Make: The manufacturer of the truck.
• Model: The specific model of the truck.
• Vehicle Identification Number (VIN): This is a unique 17-digit number that identifies specific vehicles.
• Mileage: The current mileage of the commercial vehicle.
• Engine: The type of engine in the semi-truck.
• Transmission Type: The type of transmission in the semi-truck.
• Accessories: Any additional features or equipment on the semi-truck, such as an auxiliary power unit, refrigerated trailer, or GPS.

Providing a detailed spec sheet will help lenders to understand the value of the semi-truck you’re interested in financing. The information on the spec sheet must be accurate and verifiable to help determine your eligibility.

3. Secure A Purchase Order

The final step in the semi-truck financing application process is to provide a purchase order for the new truck.

A purchase order is an agreement between a buyer and a seller. It outlines the details of the sale, including the cash sales price or purchase price and any applicable fees such as sales tax, DMV fees, and dealer fees.

Assessing a purchase order allows the lender to understand the total cost of the new truck. It also helps them ensure that the loan amount is sufficient to cover the purchase.

Other Factors Influencing Semi-Truck Loans

While the credit score needed to buy semi trucks can be important, depending on the lender you choose, other factors can also influence your financing eligibility. Understanding these factors will ensure a smooth and favorable loan application.

1. Driving Experience

Lenders want to ensure that you have the necessary skills and experience to operate a semi-truck safely and efficiently. A proven driving experience record can help boost your case for semi-truck financing.

For example, if you’ve been driving for 10 years, have a clean driving record, and have completed a commercial driver’s training program, this will be viewed favorably by a lender. This is applicable if you will be driving the truck.

2. Annual Revenue Stream

Lenders want to see that you have a stable source of income to make monthly payments. A steady annual revenue stream is important for self-employed individuals or small trucking business owners.

For example, can you demonstrate that your business has been profitable and that have enough cash flow to cover monthly payments? You can do this by providing bank statements. In this case, you’ll probably be viewed favorably by a lender.

3. Different Types Of Credit

Different types of credit, such as installment credit, can also help you to look favorable.

Examples of installment credit include a mortgage or business auto loan. Having a mix of different credit types, such as revolving credit and installment credit, shows lenders that you can handle different types of credit responsibly.

4. Co-signer

If the credit score needed to buy semi trucks from your chosen lender is a touch too high, the lender may require a co-signer on your commercial truck loan. A co-signer is someone willing to take on the legal responsibility of repaying the business auto loan if you cannot make the payments. The co-signer can be a family member or friend with a good credit score. Of course, they must be willing to co-sign the loan!

5. Down Payment

A down payment can make you more attractive to lenders. The down payment shows that you have skin in the game and are invested in the purchase. A larger down payment can also help you secure a lower interest rate and better loan terms on your semi-truck financing journey.

It’s important to note that different financing companies may have other requirements and may weigh these factors differently. However, by understanding these factors, you can better prepare yourself for the loan application process and increase your chances of getting commercial fleet financing.

Final Thoughts

The credit score needed to buy semi trucks varies depending on the lender.

If your chosen lender takes credit scores into account, a score of 650 and above is considered suitable for semi-truck financing. Other factors, such as driving experience and an established revenue stream, can boost your loan eligibility.

If you have an imperfect credit score, consider financing your semi truck through Mission Financial Services. We take your current situation into account, rather than your history. Contact us today to kickstart your semi-truck loan process!

If you’re looking for commercial truck tire financing solutions, you’ve come to the right place!

We’ll show you how to finance commercial truck tires in different ways, step by step.

Whether you’re looking to buy new tires or get financing for repairs and maintenance, we’ve got you covered.

After reading this article, you’ll no longer have to miss work and lose your income due to truck tire issues (or any other commercial vehicle problems)!

Most of the semi-truck tire financing options below also cater to future repairs and maintenance needs.

How Long Do Truck Tires Last?

There is no direct answer to this question. It depends on various factors, including:

• Terrain: Rough terrains lead to more friction, which wears out truck tires faster.
• Weather conditions: Extreme weather conditions like summer affect the longevity of commercial truck tires.
• Design and technology: Some tires have in-built features that make them last longer than others.
• Driving habits: Some driving habits, like lead foot driving, wear out commercial truck tires faster than others.

Generally, experts estimate that most tires can last about three to five years if you put in around 12 000 to 15 000 miles annually. You might want to inspect your tires regularly if you cover more miles than this.

Frequent tire inspection helps you promote tire safety and prevent sudden tire failure. Your long trips become safer this way!

Commercial Truck Tire Financing

Some of the most common commercial truck tire financing options include:

Commercial Truck Tire Credit Card

A commercial truck tire credit card comes with a direct line of credit. It helps with unexpected and routine tire fixes, repair services, and other bumps during long hauls.

Many truck drivers prefer this financing option because it makes life on the road easier. You can use the card with various service providers.

Having a dedicated line of credit creates financial security for your business. You can buy the right tires for your fleet whenever you need them. Some examples of tires you can buy with a credit line include farm tires, commercial tires, and industrial tires.

Commercial Vehicle Repair Loans

Commercial vehicle repair loans cover various vehicle repairs, tire problems included. This article about the most common truck problems explains what commercial vehicle repair loans cover.

In some cases, you’ll need to fill in and submit three forms for the lender you choose to work with. Simply follow these three steps.

Step 1

Complete the credit application form by providing:

• Contact information.
• Income specifications.
• Information on your past and present employers.
• Information on any previous financing.

Step 2

Fill in a vehicle spec sheet to outline details about your vehicle. You must provide accurate info about your vehicle:

• Model.
• Make.
• Vehicle identification number.
• Engine.
• Transmission type.
• Mileage.

The information you provide at this step will help determine the best loan to match your needs.

Step 3

Complete a sales order indicating your vehicle’s selling price, including all the taxes and fees you paid to get it.

Once you complete all three steps, submit your application and await approval to get your loan!

Lease To Own Programs

Lease-to-own programs are exclusively for making purchases. These employ a buy now, pay later payment strategy. You must purchase the item on lease terms and make regular payments to pay for it.

You’ll own the item as soon as you finish paying for it. The payments can be weekly or monthly payments made directly from your bank account.

Most lease-to-own programs are straightforward. You only need to apply for commercial truck tire financing or leasing when buying tires before checkout.

The entire process involves five simple steps:

• Search for your new tires from selected brands.
• Add them to your shopping cart.
• Choose the place of delivery.

• Apply for your tire financing or leasing option. The application process involves creating an account and completing a no-credit required lease application. You’ll receive a response within seconds so you can proceed to checkout.
• Finish the buying process and wait for your delivery at the location you picked in step 3.

Is It Hard To Finance Truck Tires?

It doesn’t have to be! There are several solutions for financing commercial truck tires on credit. Most of them have simple payment options. You also enjoy various credit card benefits such as:

• Promotional financing: Financing commercial tires gets cheaper with promotional financing. You may make a purchase and pay the purchase balance following a payment schedule within a certain period. Lenders defer the interest. If you’re late on your monthly payments, or fail to finish paying the purchase balance within the specified period, they charge interest from the purchase date.
• Low monthly payments: Most lenders set minimum monthly payments, taking into account your budget and pay dates. So, you can benefit from their deferred interest arrangement.
• Fast application process: Almost all lenders ensure the application process is simple and seamless. One great option is Mission Financial Services. This company offers several other alternatives to cover the cost of truck repairs.

Final Thoughts

As we’ve seen, there are several commercial truck tire financing options.

Most of them are flexible. They’ll help you afford a range of repair and maintenance services to keep your business rolling.

Others, like the lease-to-own programs, are better for making purchases only. They make the process of buying tires hassle-free.

Always define your commercial truck tire financing needs first to select the best option!

 

Are you in the market for new commercial vehicles, but don’t want to make hasty financing decisions? If you’re looking for the best commercial truck financing reviews, this article is for you!

We’re going to discuss the top 3 commercial truck financing options. This way, you can make the best decision for your business. Let’s explore the pros and cons of each option, as well as expected application processes, rates, and customer service.

Whether you’re a small business owner or a fleet manager, we’ve got you covered. Sit back, and read on, to find the perfect financing solution for your commercial trucks.

3 Best Commercial Truck Financing Reviews For You

We’ve selected the top 3 options that you should consider in your financing journey. These key players were ranked using the criteria outlined below.

Here’s how we reviewed the best commercial truck financing companies:

• Financing options: Not all truck finance companies offer the same financing options. Some only provide repair loans, while others offer direct loans. The more financing options, the better!
• Application process: Nobody wants to sift through hours of paperwork. The easier the application process is, the easier it is for you to finance your fleet.
• Rates: Lower rates are highly sought after. This means less cash out of your pocket when you have to repay your loan.
• Customer service: Commercial fleet financing can be complicated and daunting. Having superb customer service helps ensure you get the loan you deserve.

If you intend on financing a semi truck, you’ll want it to be as comfortable as possible. Read these articles to make the most of your journeys:

• Best semi truck seat cushion
• Best seat organizers for semi trucks
• Best seat for semi truck

1. Mission Financial Services

As the best option for overall commercial fleet financing, we have Mission Financial Services. This company is a well-known choice for semi-truck owner-operators, as well as fleet services, seeking commercial fleet financing.

Mission Financial Services aims to streamline the semi-truck financing process. When it comes to financing anything of commercial use other than construction equipment, this company is your best bet.

They also strive to help owner-operators finance new trucks, repairs, or upgrades. Although this company will assess your credit report, note that credit score is not a determining factor in approving your loan.

Financing Options

Mission Financial Services provides professional commercial vehicle financing. They offer a wide variety of commercial and semi-truck loans, including:

• First-time buyer loans.
• An approved lender for 1000’s of Dealerships nationwide
• Private party purchases
• Truck repair loans.
• Operating Capital.
• Lease Purchase Buy-Outs.

Application Process

The application process at Mission Financial Services is as seamless as it gets. There are a few steps you’ll need to take to complete your loan application. We’ve outlined these below:

• Determine eligibility: As with any loan application, your eligibility will need to be assessed. Mission Financial Services will consider your overall credit report and down payment, as well as your truck’s age and how long you’ve had a commercial driver’s license.
• Gather documentation: The necessary documents you’ll need include bank statements, a CDL, references, cell phone contracts, and proof of insurance. Having the required documentation will help to streamline your application process.

• Apply: Lastly, submit your documentation to Mission Financial Services. If all is in order, your new truck will be right around the corner.

Rates

Mission Financial Service offers affordable industry rates. The rates largely depend on the type of truck loan that you need. Chat with one of the friendly representatives at Mission Financial Services to determine the specific rates you’ll be liable for.

Customer Service

Mission Financial Services is known for top-tier customer service. Many customers praise their speedy application process and enthusiastic administration team. This team helps truck owners and fleet managers navigate the application process and find semi-truck loans suitable for their needs.

Summary

Applying for a commercial truck loan with Mission Financial Services is a breeze. The online application process is quick and easy, and you can complete it from your home or office.

The friendly and knowledgeable customer service team has received high praise from past customers. This team has been able to consistently help customers find the right loan deals. There are several loan options available, which makes it easy for customers to find the best fit for their needs.

2. Calfund

Next on our list of best commercial truck loan options is Calfund. Since 2002, Calfund has been a direct lender that provides titled equipment financing. They aim to help transportation industry customers and dealerships pursue new business opportunities through funding.

Financing Options

Whether you’re looking to acquire your first semi-truck or finance upgrades, consider looking at Calfund’s financing options.

Calfund will also assist with any maintenance or customization that could be necessar at a later stage. This financing option is available to even those with a C or D credit score. This makes it easier to receive a loan if your credit score isn’t the best.

Application Process

To apply for a semi-truck loan with Calfund, simply visit their website. All you need to apply for a quick, direct loan are key details about your vehicle and the down payment.

Rates

Since Calfund offers direct loans, their rates are higher than the industry standard. Some clients have found Calfund’s interest rates to be too high. With higher rates, fleet managers and truck owners take longer to repay loans.

Customer Service

Clients looking for a commercial truck loan have found Calfund’s customer service to be up to scratch. Customers can receive assistance through direct calls, emails, and an easy-to-navigate website. To reach Calfund, consider an immediate call. This seems to be the best way to get in touch with a friendly loan manager.

Summary

Calfund offers commercial truck loans to even those with subpar credit scores. This is a good opportunity for those looking to finance businesses that they may not be able to otherwise. Calfund’s application process is simple, and their customer service is accessible.

As Calfund is a direct lender, its rates tend to be higher than other companies in the industry. Higher rates mean that loans will take longer to repay.

3. Dakota Financial

 

 

Dakota Financial is one of the oldest commercial truck financing companies around. They have over 20 years of experience in the industry and has served over 10 000 companies.

They offer great national funding programs to their clients, specifically those with prior bankruptcies, tax liens, judgments, repossessions, or slow pays.

Financing Options

This company offers commercial loans that range from smaller to relatively large amounts. Unlike bank truck loans, customers can be approved despite low credit scores. Dakota Financial’s options are geared to assist customers who have a past of bankruptcy, tax liens, or judgments.

Dakota Financial offers a custom loan solution for startups and companies with no credit record.

Application Process

This option does not offer a quick or easy online application process. Customers wishing to apply for a loan with Dakota Financial must contact the company via telephone or email to start the application process.

Customer Service

Dakota Financial has good customer service. Past customers have been happy with the capabilities of the team, and most have been satisfied with the level of assistance they received. This makes Dakota Financial a good option for individuals or companies who feel they will need extensive support.

Summary

Dakota Financial has been in the truck-loan industry for many years. This company is a reliable, well-known fleet financing option. Their customer service is  accessible and helpful. However, if you’re looking for the easiest application process, note that you’ll need to jump through a few more hoops with Dakota Financial.

Applying online is quick and easy, while starting an application process over the phone or by email might be a bit more staggered.

Final Thoughts

We’ve discussed the best commercial truck financing reviews for you. Each of these companies is a key player in the industry and is sure to help you finance your semi truck dreams.

Whether you’ve got one truck, or a small fleet, a loan can help you take your business to new heights. If you’re eager to start the financing process today, follow this link. Mission Financial Services promises a range of financing options, easy application processes, competitive rates, and great customer service.