bad credit financing

Lyons truck and trailers.indianapolis indiana

 

With a credit score like that you do not have what it takes to be and o/o!

 

I dont think a lot of owner ops are bringing in money hand over fist. With your credit score, the terms of your lease are going to cut into your margins even more.
On top of that, with a 500 credit score, I'm guessing you don't have a lot of cash in reserve. No one should go into business without cash on hand to cover emergencies.
If something happens and you need to come up with 20k to cover operating expenses for a month, do you have the capital? Could you get a loan at a reasonable rate? Not with that score.
Just focus on cutting your expenses, and improving your finances. When you can manage your life, then think about managing a business.
It sounds like maybe you're struggling right now, and thinking owning a truck will fix that?

 

everybody that wants to have his/her own truck, thinks they are going to make lot's of this...quick..!!










when in actuality, they end up like this.

 

Why lions ?? Do they finance?

 

They 'll hook u up with somebody to help u get financed.but u should consider what others been telling u,if u dont have the money for emergencies and the discipline to work hard then u wasting both ur time and money.

 

I know!! I been saving for three years now! Just looking around all the time! Not doing any thing right just saving money and twicking the score! Doing homework, and reading from the best trucker here.

 

Just keep saving money and pay cash. If you have solid experience in this industry and have had job stability you might find a position where you could make more as a company driver than many owner operators. With leasing you will most likely make less than you would as a company driver. It is still a good idea to have money put back to take care of a major breakdown. Under capitalization has put many owner operators out of business. There are some buy here, pay here truck dealers around. Most require huge down payments and high weekly or monthly payments. Then there are the added fees that they charge. If I were you, I would not be in such a big hurry to become an owner operator. With poor or marginal credit you will pay a very high premium for any type of financing. I would be surprised if anyone would finance you with a 500 credit score. I would encourage you to work on getting that up and continue saving your money. The high price you will pay, if you can find financing, will not be worth the cost. You don't need to start with a $40,000 truck to be successful. Save your money and wait until you can pay cash for a decent older truck that is in good shape. You will be glad that you waited.

 

Hello it is not the credit that buys the truck sir. It is the down payment after they review your credit. They pick a number and if you have it you have a truck.