Finance & Insurance

 > Can I finance a new or used commercial truck through Kriete?

Yes. Kriete Truck Centers offers financing options for both new and used commercial trucks. Although we don’t have our own independent finance arm, we work with a network of banks and commercial lenders to help find a financing solution based on your business and individual circumstances.

 > How do I apply for truck financing?

You can complete Kriete’s secure online Truck Credit Application through TRNSACT. The application allows us to submit your information to commercial lenders and explore available financing options.

 > What information will I need to apply?

Typically, you’ll need information about your business, ownership, financial history, the equipment you’re purchasing, and existing obligations. Depending on the lender and application, you may also be asked for financial statements, tax returns, bank statements, or other supporting documentation.

> How long does it take to get approved for commercial truck financing?

Our online application process is designed to streamline the financing process. We typically get a response from our lenders within 24–48 hours. Actual approval and funding times can vary depending on the lender, application complexity, documentation, and equipment.

> Can I get preapproved before choosing a truck?

Yes, in many cases. A preapproval or preliminary credit review can help you understand your potential financing options and budget before selecting a truck. Final approval is generally subject to the specific truck, transaction structure, and lender requirements.

> Will applying for commercial truck financing affect my credit score?

It can. Depending on the lender and application process, a credit inquiry may be reported to the credit bureaus. If your application is submitted to multiple lenders, the way inquiries are handled can vary. It’s best to discuss the anticipated credit inquiry process with your Kriete finance representative before submitting an application.

> Can I apply if this is my first commercial truck purchase?

Yes. You do not have to be an established fleet to apply. New commercial truck buyers are welcome to apply, and financing decisions are based on the overall application rather than simply whether you've financed a truck before.

> Can a new business qualify for commercial truck financing?

Yes. A new business can apply for commercial truck financing. Because a new business may have limited operating history, lenders may consider additional factors such as personal credit, business ownership, cash investment, financial strength, experience in the industry, and the equipment being purchased.

> I’m just starting out. Should I apply under my personal name or my company name?

If you’ve already formed your business, you’ll generally want to apply under your company’s legal name. However, because a new business will likely have little or no credit history, the lender will take your personal credit and financial information into consideration as part of the application.

If you haven’t officially formed your business yet, contact our Finance & Insurance team before applying. We can help you understand how to structure the application based on your situation.

> What credit score do I need to finance a commercial truck?

There is not one specific credit score requirement for every commercial truck loan. We  work with multiple commercial lenders, and each lender may have different credit requirements.

Your credit score is one factor considered along with your business history, cash flow, financial strength, equipment, debt obligations, and overall application.

> Can I finance a commercial truck with bad credit or limited credit history?

Possibly. There isn't necessarily an automatic decline based solely on a lower credit score or limited credit history. We work with multiple commercial lenders, and financing options depend on the complete credit application and lender requirements.

> How much of a down payment will I need?

There is no one-size-fits-all down-payment requirement. It depends on factors such as the equipment, lender, credit profile, business history, and overall structure of the transaction. In some situations, financing may cover a significant portion - or potentially 100% - of the vehicle cost, subject to credit approval. Financing can include the cost of truck bodies/upfits as well.

> Can I use a trade-in toward my down payment?

Yes. If you have a truck you're trading in, the trade equity can generally be applied toward the transaction. The amount of equity available depends on the truck's trade value and any existing payoff balance.

> What determines my monthly truck payment?

Your payment is primarily determined by:

• Amount financed/equipment cost

• Interest rate

• Loan or lease term

• Down payment or trade equity

• Taxes and fees financed

• Lease structure and residual, if applicable

Our lenders offer retail financing terms ranging from 24–84 months, subject to approval and equipment qualifications.

> What factors determine my commercial truck financing interest rate?

Rates can be influenced by factors including:

• Credit history

• Business financial strength

• Time in business

• Amount financed

• Down payment/equity

• Equipment type and age

• Loan term

• Lender

• Overall structure of the transaction

We work with multiple commercial lenders, including captive financing sources, so available rates and programs can vary.

> How long can I finance a commercial truck?

Our current lending options range from 24–84 months. Lease terms vary depending on the type of lease, truck application, mileage, and other factors.

> Can I include a truck body or other upfits in my financing?

Yes. Truck bodies and other qualifying upfits can be included in the amount financed.

> Can I pay off my commercial truck loan early, and are there any penalties?

It depends on the specific loan agreement. Some commercial truck loans may allow early payoff without a penalty, while others may have specific prepayment provisions. Be sure to check with our team before committing to your loan or lease.

> What is the difference between financing and leasing a truck?

With a traditional loan, you are financing the purchase of the truck and ultimately own the equipment once the loan is paid off.

With a lease, you are paying for the use of the truck according to the terms of the lease. Depending on the type of lease, you may have options to purchase, return, extend, or trade the truck at the end of the term.

Our lenders offer both TRAC and operating/FMV lease options.

> What is a TRAC lease?

TRAC stands for Terminal Rental Adjustment Clause. A TRAC lease establishes a residual value for the truck at the beginning of the lease. This can help create a lower monthly payment by deferring a portion of the truck's cost to the end of the lease.

At the end of the lease, there are several potential options, including purchasing or selling the vehicle, depending on the lease agreement. Our lenders offer TRAC lease terms ranging from 36–72 months, depending on the truck application and mileage.

> Do you offer payment plans for seasonal businesses?

Yes. Depending on approval, we may be able to structure Skip, Seasonal, or Step payment plans to better align payments with your business's revenue cycle.

> Do you offer financing for municipalities and nonprofit organizations?

Yes. Kriete works with lending partners that offer financing for state, local, and tribal government organizations as well as nonprofit organizations. Qualified organizations may also have access to tax-exempt municipal leasing options.

> Can I finance truck repairs?

Yes, in certain circumstances. Customers with existing Mack/Volvo Financial Services loans may be eligible for repair financing. If you're not currently financed through Mack/Volvo Financial Services, Kriete may be able to coordinate refinance options that include the truck and repairs.

> Can I set up a parts and service charge account?

Yes. Kriete offers a parts and service charge account through Interstate Billing Service (IBS). An approved account allows customers to purchase parts and service as needed and receive a consolidated monthly statement.

> What insurance is required when financing or leasing a commercial truck?

The lender or lessor will typically require insurance coverage that protects the vehicle and satisfies applicable liability requirements. Exact requirements can vary based on the lender, lease structure, equipment, and how the truck will be used.

Once approved, our team will provide you with insurance requirements that are needed for your particular situation.

> Do I need proof of insurance before taking delivery of my truck?

Yes. The lender or lessor will require proof that the required insurance coverage is in place before the truck can be funded or delivered. Our team can help coordinate the requirements with your insurance agent.

> What is GAP protection?

GAP protects against a potential difference between what your insurance company pays after a covered total loss and what you still owe on the vehicle.

For example:

• Loan balance: $100,000

• Insurance settlement: $80,000

• Potential remaning balance: $20,000

• GAP coverage: potentially covers that $20,000 difference

Coverage is subject to the specific GAP agreement and its exclusions and limitations.