I am interested in buying my own truck however my credit is very poor. Can you suggest any finacial institution that might work with poor credit? I am not really wanting to go through a fleet truck sales company I am wanting a classic.

Private Message me.
I may have some information that can help.

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I am unable to PM you but would be interested in any info you have.

PM any mod and ask them to forward your message onto who ever. Be sure to include your alternate contact info.

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A big Thank You to all of you who post the info we need to keep from starting out in this biz in da hole!

I'm truck shopping after a 10 year layoff. My credit score is 620 and improving. I have a good down payment on any truck that will fit my payment budget. I want to keep my payments under $1500/mo. I also want to buy an RGN double drop trailer.

My problem is that I just found out I have a large judgment on my credit report. I don't wanna run my bee - hind off for several years only to have my truck and trailer seized by a creditor from long ago.

Any ideas on the best route for me to take to protect my assets???

Shoot me a PM and I'll give you my cell number. There is much more to it than just getting approved.

I'll tell you or anyone who wants to know what to look for and what to ask.

There are NO disclosure laws on commercial loans. They don't have to tell you anything.

I have no problem with people making money and profit is not a bad word. But, taking advantage of someone and setting them up for failure is unacceptable in my book.

Marty, I've went thru these posts and seen no mention of the length of loans. A friend of mine and i bought comparable trucks about the same time, he went for 7 years and i opted for 3. Although I've dealt with less in the "pocket" money, after 27 months the pain is almost over for me. He on the other hand still owes more than the truck is worth and wished he had gotten a shorter note. What do you recommend for a guy in his position and does he have any options?

Another thing I'm curious about is how much of a kickback or percent of the loan does the dealer get from a financing company? After walking away from several offers and finally agreeing to one, the salesman made the comment that he wouldn't be making his normal cut due to my lower interest rate. I found this to be a bigger battle than negotiating the price of the truck. Let's say a person has the credit to qualify for 10% but signs off at 12% thinking that's the best they can get, what happens with the other 2%?

It seems alot of people are weary about gliders.

But with lets say, a decent credit score(600+) then you can get approved with us pretty easy with a 10,000 down payment the payments would be right at 1500-1650/month.

It is not harder to get a glider kit financed. That is a myth.

Also the insurance is not hard to get either.

Just thought this information would be useful.

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Derek

There is not too much he can do except bite the bullet. If he owes more than the truck is worth, he will always be out of equity until he reaches that break even time frame. All I can say is that I hope he has Gap Protection.



That really depends on the lender and how much over the buy rate they will let the dealer hold. i.e. if the bank comes back at 6%, maybe the dealer will try to sell it for 10%. That gives them 4% points over the rate. What ever that difference is, they get to keep. On a 60k truck for 60 months, that's a nice chunk of change.

However, when it come to the sub-prime market, it's usually the lenders/brokers who are the greedy ones. Some of them will hold as much as 15% points trying to stick it as far in as they possibly can. These people could care less about you and your family. All they want in there money and could care less if you broke down 4 months later. The way I look at it is this, my relationship with my clients is not over until 1 of us dies. This is the trucking business, people will always need newer equipment or different equipment depending on the situation. I sleep a lot better at night knowing that I give a #### about the people I help.