bank loan for truck

It can be done. It's call the Small Business Association (SBA). Find a bank that will do SBA loans and from there you can go on the net and find tips and on how to do the application. It can look intimidating but it boils down to they want to know if you know your expenses and income. When I did mine I was doing the job but needed a trailer and wanted a new truck. I had been running that route for a couple months so I knew my income which made mine easier. I was approved and bought a brand new truck and trailer.

 

How long ago was this?

i won't say it can't be done. I will say that most banks will no longer loan you a penny for a truck. Even if you have successfully used them for a previous truck. Trying the SBA route may work but you would have to be able to show reasonable income vrs expence. As it sounds like you don't already have a route set up this might be hard to do. Now if you have great credit and a job you might be able to get a signature loan for say $100k to get you started with used equipment. Or you can get financed through a dealer but as mentioned this will be at a higher rate. Either way, I wish you the best of luck. But remember it takes a lot more money then just buying a truck and trailer to get started. Insr, lic, ifta, breakdown funds, fuel, factoring, food.... Oh and having to wait 45-60 days before the first penny comes in. Did I mention fuel?

 

when i was in eastern oregon i got some smokin deals on equipment at farm auctions,
i hear all this talk of "just buy an old pre emissions truck and get rolling" and i dont think its so simple. i bring my 500000 mile tractor in and get a loaner so the company mechanics cant fix every thing up again BEFORE every recommmended service interval. how many swift trained drivers ran that rig all night long you think? i cant imagine spending my day off dealing with that
you need cash flow a business plan and good credit. maybe you should be driving a grain truck if you think there is money in it.
i have often thought with the price of these 4x4 pickup trucks it might be worth attending more farm auctions up there in idaho. farmers dont put on a lot of miles but they are hard ones

 

If you have a contract, and a business plan showing income and all costs and profit margins and you have enough collateral. You might be able to get a loan.

 

You are in kind of a tough spot, but nothing you can't work through with a little patience. Maybe you can find an individual wanting to sell a truck that will carry the paper. May pay more for the truck and interest may cost more than a bank, but an option you might check into. I would need a lot more info, but I might can help you with a hopper. Nothing is easy but keep looking and thinking and you will find something to fit your needs. There has been a lot of good comments to your thread, and the one about the pre-emission trucks is one of the best. The harvest runs are just around the corner, and that is where the good money is with a hopper. Long days but worth the time. Good luck and don't give up.

 

Do you have a relationship with a small local bank or do you use a large chain? I've always used my small local bank for everything since I was in high school. If you have a relationship with them and they know you're not stupid with money then just make an appointment and go talk to them. Having that solid relationship will pay off later on. All I have to do is make a phone call and the money is in my account and I just have to stop in later to sign the papers.

 

Money is available and the interest rate is low, but prepared to pay a much higher rate. It also depends what you are doing in the rest of your financial needs. High balances on credit cards? Money in banks or stocks or ??? Do you have a paid off vehicle? Many banks will take a vehicle as collateral, along with the truck loan. Buy carefully, run a rigdig report, I see you are from Kansas, I have seen companies from Nebraska willing to rent a trailer and load you either by leasing to them or having your own authority.