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Triumph Business Capital Commercial Truck Financing

The company focuses on helping people Triumph; they only add to their success rate based on the value they bring to customers and their relationships with them.

After its launch in 2004, Triumph Business Capital grew and developed each year when various private investors gave the company life through distinguished credentials in commercial financing industries and transportation. In 2005, the company introduced document imaging and an electronic means of invoice processing, intending to expand the market segments.

Sarah Klein After its launch in 2004, Triumph Business Capital grew and developed each year  when various private investors gave the company life through distinguished credentials in commercial financing industries and transportation. In 2005, the company introduced document imaging and an electronic means of invoice processing, intending to expand the market segments.
Sarah Klein
June 4, 2022

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Mission Financial Services is a large financing set-up with a strong history in the auto finance industry. It all began in 1956 when the founder of Mission Financial Services  started to loan out second-hand tires on a small scale in Southern California. 

Over time, the range of financing was increased and included various equipment in the automobile and trucking industry. After years of hard work, the set-up grew to become Mission Financial Services. Today, Mission Financial Services is well established and renowned. 

In the year 2000, Mission Financial Services stepped into the field of Commercial automobile financing. Over the years, Commercial Truck Financing  became its specialty. Its principle of business is to function as a direct lender and dealership lender in financing contracts. That is, it does not sell its own vehicles. Rather the customers or dealers put forward the vehicle for which financing is required. A request pertaining to that vehicle is advanced for underwriting purposes. 

Currently, Mission Financial Services is located in 28 states in the USA, has 9 regional offices, and offers services in more than 40 states nationwide. Presently, Mission Financial Services is catering to more than 4200 clients across the country. 

What Type Of Financing Programs Are Offered At Mission Financial Services?

Financing programs at Mission Financial Services are broadly divided into two categories, direct lending and dealership lending. 

Direct Lending

Direct lending means that you secure a loan directly from a financial institution. Interest is applied to the total loan amount. The loan can be utilized by the customer straight away. Mission Financial Services offers direct lending for vehicle purchases, lease purchase buyouts, repair loans, and title loans for operating investment. 

Dealership Lending

In dealership lending, a contract for purchasing a vehicle is signed with a car dealer. In the contract, you agree to repay the loan with interest applied to it in a given period. The contract is then sold to a financial institution, which will receive your monthly installments. 

Mission Financial Services offers dealership lending collaborations with most national and regional dealerships. It also caters to independent and franchise dealers for commercial auto financing. 

Mission Financial Services Provides Financing For:

First Timer Owner-Operators 

An owner Operator is an independent contractor who owns a truck or a trucking business. Mission Financial Services especially supports financing for first-time Owner Operators through specific financing programs. 

All over the globe, trucks and semi-trucks can cost you a fortune to buy via one-time payment. Hence, commercial truck financing is the preferred option for owner-operators to afford a truck. At Mission Financial, first-time owner-operator financing plans are kept simple and reasonable. All the financing plans are based on purchase contracts. Mission Financial Services finances brand new as well as used vehicles. The average amount financed is between $25,000 and $40,000 with a 20-30% down payment.

Drivers With Limited Experience

Mission Financial Services offers to finance newer drivers with experience of a minimum of 3 years. The financing may also be utilized for further training and to expand your experience and efficiency in the field. 

Owner Operator With Bad Credit 

Mission Financing Services is a 'common sense lender. ‘This means they do not fixate on credit scores to gauge your creditworthiness. Rather they bring into consideration other vital factors to determine your eligibility. The criteria for qualification are largely based on overall credit and not the number shown by your credit score report. With a history of punctuality in payments of prior loans and collateral to offer as security, you are more than likely to qualify for commercial truck financing. 

Mission Financial Services may finance credit scores as low as the 400s, differing from case to case and depending on the overall standing. They are very considerate of financial struggles such as charge-offs, bankruptcies, repossessions, child support problems etc., and the kind of impact they have on credit scores. 

Thus, a bad credit score is not the definitive analytic tool used at Mission Financial Services. It claims to specialize in bad credit loans and believes in giving everyone a chance.

“Mission Financial Services provides small fleet loans on very flexible terms” 

Commercial Truck Fleet Loans

What can be more desirable for owner-operators than expanding their businesses by creating a commercial truck fleet? Financing a fleet or expanding an existing fleet is normally too expensive for truckers and nearly impossible without a commercial truck financing plan. 

Mission Financial Services provides small fleet loans on very flexible terms. Interest rates for small fleet loans are based on the loan period and the type of vehicle you choose. You must pre-evaluate some factors while opting for a commercial truck fleet loan: your cash flow needs, the number of fleet vehicles you already own, the number you require, and the maintenance costs.

Operating Capital Loans 

Operating capital is the money needed to run the business's day-to-day operations. Operating capital loans can be sought when pursuing a new project, investing in expanding, upscaling the logistics, or simply taking up a bigger contract. These are financing plans to meet the short-term financing needs of the business to continue its operations. 

Repair Financing 

There is always a possibility of damage and dysfunction in all vehicles. Any problem in the trucks can cause loss for the business. Mission Financial Services offers loans that are quickly processed to repair trucks and get them back on the roads. Since most people seeking repair loans are established owner-operators, there is usually no requirement for a down payment.  

Title Loans 

Due to unforeseen circumstances, a need for a large amount of money can arise urgently. Title loans are for such emergencies. Title loans are short-term loans that provide you the money you require against the title of your truck as collateral. 

Lease-Purchase Buy-Outs And Loan Refinancing

A lease buyout is purchasing the vehicle you already leased and have been using. Mission Financial Services provides you with the finances to become the owner of the truck you drive on lease. It is important to note that not all leasing institutions allow lease-purchase buyouts. 

Loan Refinancing 

Loan refinancing is done to revise an existing contract's rates, terms, and conditions. It may also include taking a new loan which is more feasible to pay off previous outstanding debts. Loan Refinancing is mostly sought to get a more convenient financing plan with lower interest rates or smaller monthly installments.   

 Loans For Training And Licensing 

The first step to take when entering the trucking industry is completing your commercial driver training. The next step is to gain your commercial driver's license. Mission Financial Services supports people through these two vital stages by financing the fee required for training or licensing. 

“People from the transport service industry choose Mission Financial Services for commercial fleet loans to increase their number of trucks”

Who Should Apply For Commercial Truck Financing With Mission Financial Services? 

The commercial truck loans and financing options are for the people looking forward to launching or expanding their trucking business. Other than that, Mission Financial Services also supports financing needed for licensing fees and money needed for the training of the truckers. People who require funds for the working capital of their trucking businesses or repair and maintenance may also apply at Mission Financial Services for Operating Capital Loans and Repair Loans, respectively. 

People from the transport service industry also choose Mission Financial Services for Commercial Fleet Loans to increase their number of trucks. More trucks mean better efficiency of your transport services to the customers and widespread reach of the business. 

Almost all local businesses require and benefit from trucks. It is much easier on the pocket if the business has its trucks to make deliveries and transport commodities. Leasing out trucks from lenders costs you more in the longer run. Therefore, local businesses like grocery and retail stores, furniture and appliance companies should consider commercial truck financing. This would relieve their reliance on lenders and other rather inconsistent transport services.

Professional truckers can make the most out of their ability to drive heavy vehicles if they own a truck. You can earn a better living and enjoy job satisfaction if you are the truck's owner. Leasing a truck or working as an employee for transport companies takes away a large fraction of what you can potentially earn if you own the truck. Thus, truckers should consider commercial truck financing options such as Lease Purchase Buy-outs at Mission Financial Services for a secure future plan.

How Do You Qualify For Mission Financial Services' Commercial Truck Financing?

To qualify for financing at Mission Financial Services, you must meet some requirements. This is essential to ensure a practical and sustainable financing plan in the best interest of the lender and borrower. At Mission Financial Services, all factors contributing to a customer's profile are considered equally. Lacking in any particular area is not determinant for the overall qualification. Some of the factors considered are:

Ability To Make The Down Payment 

Mission Financial Services will require assurance that your current assets make you capable enough to put down a small percentage of the total cost as a down payment and bear the insurance costs. The amount of down payment required varies from case to case and also depends on the type of loan you are seeking. 

Usually, there is little to no requirement for a down payment for established and stable businesses. However, up to 20% of the cost may be required as a down payment for startups and first-timer owner-operators. 

Business Stability

Typically, a history of successful and profitable business immediately raises your chances of qualifying for financing. Experience of at least two years or more is preferred, reflecting the business's stability in its field. 

With startups, there is uncertainty involved as to whether or not the startup will progress and be able to repay. But, at Mission Financial Services they have separate financing plans to support startups and first-timer owner-operators. Mission Financial Services believes in giving startups a chance they deserve. 

Personal And Business History 

Mission Financial Services will investigate any legal allegations on the owner-operator and the company. Previous loans and whether they were repaid on time may be evaluated. The reason for requiring commercial truck financing may also be inquired and cross-checked to assess the authenticity. 

Time With Commercial Driving License 

An experience of at least three years as a Licensed Commercial Truck Driver gives you an edge during the qualification process. But Mission Financial Services caters to drivers with limited experience as well. However, you may be required to put down some amount as a down payment, depending on your particular case.


In any unanticipated circumstances faced by the borrower, there can be a failure to abide by the contract and repay the loan. There can also be damage to the truck by any means during the course of the contract. To maintain security in such unfortunate situations, Mission Financial Services require collateral. Collateral is an asset that the client may offer to the lender as a security until the complete cost of the truck is paid off.

Does Credit Score Have A Role In The Qualification Criteria?

Mission Financial Services takes pride in being a 'common sense lender.‘ You may be required to submit your credit score report, but the number on the sheet does not determine your chances of qualifying for commercial truck financing at Mission Financial Services. 

Even with a so-called bad credit score, you stand fair chances of availing the financing programs. Your overall credit history and the aforementioned factors collectively define your eligibility.  

What Is The Loan Application Process For Commercial Truck Financing At Mission Financial Services?

 The loan application process is simple and quick. It is a sequential process requiring proper documentation at each stage. The steps for application are as follows:

Signing Up

You may visit the office and see a representative in person to sign up. You may call on the customer care number or write at the email address available on the website. When you express your wish to avail of commercial truck financing, you will be guided by the representatives further. 

A meeting or chat over the call, as per your convenience, will be arranged with one of the officials. A finance officer will guide you about the financing options suitable for you, the interest rates, terms, conditions and policies. The officer will initiate the qualifying process if you decide to pursue commercial truck financing with Mission Financial Services.

Qualifying Process 

An evaluation will be carried out to assess the customer's profile to determine eligibility for the financing program. This is a pre-approval practice in which factors such as the customer's financial history, net revenue, the status of the business, etc., are considered. Through this process, the lender gets an overall idea of how much the client would pay as the down payment and as monthly installments. 

According to a standard criteria, the financial analysis experts carry out this process at Mission Financial Services. The use of standard criteria and realistic techniques of eligibility assessment ensures fair decision-making. This removes any chance of bias to be practiced. 

Application Process

The client can download the application form from the official website or receive it off the counter from a Mission Financial Services branch. The application form and the documents required for commercial truck financing must be submitted via fax. The fax number is provided on the website. 

Include name, current address, phone numbers, current employment, current monthly income, previous employment for at least three years, previous commercial financing, and any other required information in the application. 

The Documents Required Include

Depending on your financing plan and the dealer involved, you may also be asked to provide the following:

 The Spec Sheet

It is a form regarding the truck to be financed. You must include the model, vehicle identification number, actual mileage, engine, transmission type, previous damages and repairs, and any other important features of the vehicle. Pictures of the truck from all four sides must also be included. 

Approval Of The Application

The application form and documents go for approval from the higher authorities. A finance funding committee then studies and investigates the case thoroughly. If there are no objectionable factors, the application is processed for financing. 

The Term Sheet

After approval of the application, the finance officer drafts a term sheet. A term sheet is an official document in which the concerned parties agree to abide by the terms and conditions of the contract. The term sheet also includes:

Closing Documentation

Once the term sheet is studied by the involved parties, they must sign the finalized documents and enter the contract for commercial truck financing officially.

 At this step, the role of a closing agent is integral. The closing agent performs essential tasks of settlements of all transactions, ensuring no loopholes such as concealed liens or missing documents. It is the closing agent's responsibility to carry out all the formal paperwork as per the legal requirements. After this, Mission Financial Services will transfer the finances to the customer without any delay. 

What Are The Current Commercial Truck Financing Rates? 

Mission Financial Services provides two simple interest loan options for commercial truck financing, tier 1 and 2.

Tier 1 contracts offer an 18% to 29.95% interest rate. Approximately, $20,000 to $40,000 can be financed, however, loans up to $45,000 are available. This type of financing plan requires a down payment of 20 to 30% and a finance fee of 16% of the total amount. The loan term can be up to 42 months. 

 Tier 1 contracts are available to customers with driving experience of at least three years and with no insolvency reported in the last year. You are not required to be an owner-operator to avail a tier 1 financing plan with Mission Financial. A loan doc fee of $495 is applied on every contract. 

Tier 2 contracts allow longer loan terms but also have comparatively stricter stipulations for the trucker and vehicle. Tier 2 loans are offered to drivers with at least five years of trucking experience. It is available only for trucks from 2012 onwards, whereas Tier 1 financing plans can be for trucks as old as 2000. 

Tier 2 has interest rates ranging from 18% to 27.95%. Tier 2 financing plans offer up to $45,000 and require a downpayment of 20% to 30% of the total amount plus a 16% finance fee. The loan term can be up to 48 months. 

Frequently Asked Questions (FAQs)

How much time does it take for the pre-approval process? 

The regional underwriting team at Mission Financial Services promises to get back to you with an answer within 4 hours. The contract processing with a dealer is usually done within 45 minutes to an hour.

Should I buy a new or a used truck?

It is imperative to know that the model and condition of the truck will impact the terms of the financing plan. Mission Financial Services may finance second-hand trucks up to 15 years old. You must bear in mind that old trucks require some repair and more maintenance, ultimately costing you more over time. 

However, it is possible to find an old truck in remarkable condition and with lesser miles run. Selecting a used truck also reduces the need for down payment and lessens the monthly installment.

Can I repay my loan earlier in the course of the loan period?

Mission Financial Services works with simple interest loans in which payments can be made earlier than due dates and as multiple installments at a time, as per your convenience. There is no penalty on any contract for paying off the loan before the agreed time. Mission Financial Services charges you interest only till that date you fully pay off the principal amount.

In simple interest calculation, the interest rate goes down as the principal amount decreases. So if you pay down the principal amount faster, it gives you the benefit of paying lesser net interest and finance charges compared to the full length of the loan period. 

 How do I pay the monthly installments?

 The official website of Mission Financial Services offers the unique feature of a payment portal for you to make online payments conveniently. You may also submit by hand at one of the regional centers. 

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