At Mission Financial, we understand that as owner-operators, you want the opportunity to expand your business and career. As a preferred lender for dealerships in 28 states, we have the experience and resources necessary to help you finance your small fleet loan. Not only that, but we offer direct loans in all 48 continental states. Mission Financial Services is prepared to guide you through the process of obtaining a small fleet loan today.
Semi Truck Fleet Loans
The first thing on your mind is probably your credit score. If you’re thinking that your credit score may stand in the way of your qualification for a small fleet loan, you don’t need to worry. If you’re looking to expand an existing fleet, your on-time payments and existing history will help contribute to your overall credit. Your overall credit helps you by focusing on the bigger picture, including collateral you may have and your history of payments towards your home or any vehicles. Mission Financial is a common sense lender, which means we account for more than just your credit score alone and we specialize in customers with low credit scores (bad credit loans). Mission Financial won’t pull your credit score—so you don’t have to worry. We believe in your potential as a business owner and owner-operator and at Mission, we don’t think that your credit score should prevent you from improving the livelihood of your business. Past issues with child support or bankruptcy should also not stop you from qualifying for a loan, so long as you are not currently involved in bankruptcy proceedings or filed one in the past year. Past issues with child support payments are also acceptable if not excessive. As long as you haven’t had a vehicle repossessed within the last year, multiple repossessions on your overall record, or a new commercial vehicle loan within the last year, Mission Financial can help you obtain a small fleet loan.
Commercial Truck Fleet Lender
Financing a fleet or expanding an existing fleet is usually too costly a venture for someone to take on without a loan or lease. This is why owner-operators usually choose to finance a loan for their small fleet. Small fleet loans provide a more flexible repayment plan and won’t drain your finances as suddenly as a large out of pocket purchase. Interest rates for your loan will vary based on your general credit, but range from 18% to 30%. When considering a small fleet loan, consider the following factors:
● Cash flow needs
● Number of fleet vehicles you currently have, and the number desired
● Maintenance costs
● Type of vehicle
If you’re a new driver we’ve also got you covered. At Mission Financial, we are happy to finance new drivers with as little as 3 years of driving experience. You’ll want to consider the make and mileage of the trucks your finance, because this will influence your payments and downpayment. The age of your commercial vehicles will most likely determine how often you’ll have to pay for repairs and maintenance. Taking out a loan for your small fleet purchase rather than a lease can be beneficial because you are making payments towards an investment rather than “renting.” Commercial vehicle leases are often inconvenient because there are hidden fees and conditions regarding wear and tear to the vehicle.
In addition to small fleet loans, Mission Financial also supplies loans for a variety of other needs. If you’re looking for a bad credit loan, title loan, first time buyer loan, commercial vehicle repair loan or commercial trailer financing, we also serve those needs. The first step in obtaining your small fleet loan will be to fill out our credit application online. This will require information like your name, number, references, proof of income and employment, and other relevant information.
You’ll also be asked to complete a vehicle spec sheet specifying the make, model, mileage, engine and transmission of your vehicle(s). Your purchase order will also divulge the sales price of the vehicles including taxes and fees. Mission Financial does not sell commercial vehicles, and you will be required to locate your own vehicle for purchase through a dealership or private party.
Once you’ve secured your small fleet loan, Mission Financial uses a secure payment portal online for easy access and convenience. You’re also welcome to mail your payments to one of our regional offices, shown here. For questions and concerns regarding your commercial vehicle loan, Mission Financial has a point of contact for general inquiries as well as regional service centers. We are equipped to provide a loan qualification response within 4 hours from our underwriting department, and you can expect a call back within 24 hours.