Stipulations Required for Mission Financial
Whether you are a dealership or the owner operator of a commercial fleet, shopping for a new semi-truck can be an exciting and stressful time. However, nothing is worse than finding a truck that meets all of your requirements within your price range, just to have another buyer purchase it before you have time to get your financing in order. That is why it is important to know ahead of time exactly what semi-truck loan requirements you will need to have ready to acquire financing quickly when the right truck is found.
In addition to your contract, there is a list of required information needed to complete the funding process. The stipulations vary for dealerships and owner operators, but both are equally important to obtain a loan with Mission Financial.
Required Dealer Stipulations
When you have found the truck you wish to purchase, it is important to gather the following information for the dealer to send to Mission Financial along with the contract. Dealer stipulations include:
o Title & vehicle registration
o Guarantee of title / application for title with copy of current title
o Vehicle pictures (4 sides)
o Original signed credit application
Required Customer Stipulations
Mission Financial prides itself on being a common-sense lender. That means our financial team will evaluate more than just your credit scoreduring your approval process. This allows truckers with low credit or other negative marks to obtain the funding they need to launch or continue their trucking career.
Before being granted a loan from Mission Financial, customers must provide the following information:
o Proof of insurance (comp and collision)
o Current driver’s license
o 6 references (3 must be relatives)
o Bank statement from prior month or tax return from prior year
o Telephone bill
o Cell phone number
Additional Customers Stipulations
In certain cases, customers may need to provide the following stipulations in addition to the above requirements. The following stipulations may depend on credit history or employer:
o Co-signer Statement
o Articles of Incorporation & Corporate Resolution
o LLC Agreement & Operating Agreement
Don’t let financing a semi-truck become a race against time. By having all of your information gathered and ready to go, you will be prepared when you find the perfect vehicle. Mission Financial looks forward to funding your loan and helping you continue your career on the road.