Truck Finance: Frequently Asked Questions (FAQs)

Get answers to all questions you may have regarding financing your truck through MHC Financial Services. Below is a comprehensive list of frequently asked questions to give you the answers you need:

• What are the benefits of financing with MHC Financial Services?
• Why should I finance with MHC over my credit union?
• What information do you need me to provide to finance my truck?
• If I call MHC Financial Services, will I talk to a human?
• Do you require truck insurance?
• Can I trade in my truck and finance with MHC Financial Services?
• What types of finance do you offer?
• Will you shotgun my application to a large number of vendors?
• How can I calculate what my payments will be and how do I know what I can afford?
• What if I can't make a payment?
• Can I finance a truck that I purchased outside of MHC?
• Does MHC finance first-time buyers?

What are the benefits of financing with MHC Financial Services?
MHC Financial Services is backed by a nationwide truck dealership network and offers a comprehensive suite of semi and commercial truck financing options structured to ensure the success of customers. We also find the most favorable terms for each individual, making sure payment schedules are compatible with the projected income that the equipment will generate. Whether you are new to the industry and are buying your first truck, we assist in helping build your commercial credit history to allow you to grow your better business in the future.

Why should I finance with MHC over my credit union?
MHC is a one-stop shop for all truck-related services from parts and service to body shop and finance. MHC Financial Services offers fast turnaround time and same-day funding if approved for qualified buyers. We can get you on the road making money more quickly. Banks and credit unions have limited funds available for you. By financing with MHC Financial Services, you are able to save those funds for other needs to grow your business.  

What information do you need me to provide to finance my truck?
If your business has an established, satisfactory credit history, a credit application is all you need to provide.  If your business is newer with less credit history, we’ll need a credit application and 3 months of recent bank statements for all your accounts. These items help us expedite the approval process.

If I call MHC Financial Services, will I talk to a human?
Yes! With MHC being a customer focused organization, we have dedicated, seasoned account managers and representatives to advise you through the financing process from beginning to end, as well as any post-funding needs.

Do you require truck insurance?
Yes. In addition to insuring the equipment which is securing your loan or lease, it is important for you to mitigate the risk to your business by minimizing the financial impact of any damage to your equipment. MHC Financial Services provides insurance solutions if you need assistance finding insurance or if you just wanting a second option to consider.

Can I trade in my truck and finance with MHC Financial Services?
Yes. Just take the truck you are wanting to trade to any MHC dealership for appraisal. Our dealerships are always interested in taking trades when you are purchasing a new truck.

What types of finance do you offer?
MHC Financial Services offers a wide range of finance options, including fixed or floating interest rate loans and TRAC leases for used trucks, and Fair Market Value leases for new trucks. Visit our Finance Options page to learn more!

Will you shotgun my application to a large number of vendors?
No. We have vast expertise in truck finance industry through financing thousands of trucks over 30 years. Therefore, we methodically select which lenders, including our in-house financing resources, will provide the best financing solution to meet your individual needs.

How can I calculate what my payments will be and how do I know what I can afford?
We recommend consulting your financial advisor with this question. It is difficult to answer this question as every business is different and the type of equipment a business needs varies greatly. However, to provide general guidance when considering a typical over-the-road transportation business, the monthly loan or lease payment tends to average around 20 percent of a business’s monthly gross income.  

What if I can’t make a payment?
Please call your MHC Financial Services account manager to work through options. Communication helps all customers and lenders become aware as early as possible so that a plan can be developed to work through whatever issue your business is facing.  

Can I finance a truck that I purchased outside of MHC?
We currently do not provide financing for trucks purchased at a non-MHC dealership.  

Does MHC finance first-time buyers?
Yes! One of the exciting aspects of the transportation industry is that it provides entrepreneurs the opportunity to start their own business. We have the expertise and financial solutions to help these individuals purchase their first truck. Each individual’s situation is unique. As general guidance, a first-time truck buyer will typically need 20 percent of the purchase price as a down payment, as well as two years of owner-operator experience or driving experience with a satisfactory credit history.