Paying through the nose...

Not being rude get your score up and your debt ld down

 

Honestly, if you don't have 20% to put down you don't have enough to hit the road in a truck. Plus, why would you buy a new truck just starting out? Get something cheap and make sure you are going to make it first.....

 

Lonemountain dealer is about 7% down

 

I would be debt free b4 I got a truck.

 

FYI paying off your car loan will decrease your credit score. I know, doesn't make sense but creditors see that payment on the report. It shows how much credit a bank gave you for your car. Once it's paid off, there's no more credit to show.

Also a big down payment us usually recommend, like if you're buying a house they would like a nice down payment. 20% of let's say a new truck is 150,000 thats $30,000. You should have at least that before jumping into a new business.

 

The problem is that with the small down payment, the risk of a default goes up.

 

Commercial credit does not usually work like consumer credit, meaning there are no really good no money or low money down deals. You can find them, but the interest is crazy or the default terms unreasonable. My suggestion to you, instead of conventional financing why not use a dollar buyout lease? This is how I finance my car haulers, $0 down just the first and last payment, title is in the banks name but tags are in mine and it is my truck to do with as I please, just like conventional financing. Understand, I am not talking about lease purchase scams, but true commercial leasing. There are programs available for mid and even sub prime credit. That being said, i agree with the other posters, if you can't put 20% down and still have $15 or $20k in reserve you are not ready to own a new truck yet, the down time in the shop will kill you. Yes, warranty will pay for the repair but no one pays for the loss of revenue or a rental truck to keep you customers happy while the dealer takes their sweet time fixing your truck.