I hope MartyCAG chimes in on this.

I want 100% financing on a truck purchase. I am looking for a truck under thirty thousand dollars. I am already approved to lease onto a company; they are patiently waiting for me to get a truck. I am a first-time buyer for a commercial truck purchase. My average credit score (average of the three companies that have shown me my score) is 740.

Am I dreaming? Or is it possible?

You are totally dreaming and so is that company.

Credit score is good, My credit union was willing to give me a personal loan for $50,000. But that carries a higher interest rate. I have also been banking with them for 20 years. It can be don but it may not be easy. Also if you can get a letter of commitment with estimated earnings from the company you plan on leasing to may help. Also the value of the truck will come into play. I think it would be hard to go upside down financing 100%. Banks may not be as leniant as the credit union.

There are those of us that can get signature loans. That's not what he's asking. This guy wants to buy a truck, essence start a business and NO financial institution is going to loan anyone with only 2ys in the industry enough money to buy a truck, and if they did, how's he going to pay for the fuel, tags, insurance etc. It's obvious that he hasn't even though it all out much less has a written business plan. I say not a chance in hell.

Freightliner has a 1st time buyers program. A buddy of mine bought a 94' Columbia, Auto shift for about 48K. They required 1000.00 down and he pays about 1675.00 a month. Truck had about 375k on it. I think he has a 465 Detroit but couldn't swear to it. He had 1.5 years experience. He got his at a dealer in Waco but I have seen the same offer at other Freightliner dealerships. Check on line. A lot of Freightliner shops will list their used rigs and it will say if it qualifies for 1st time option. You need to make a good business plan. Just busting your hump won't insure success. Good luck.

Why is the company dreaming?


Wow. Thankyou, Nightwind. I'll keep you udated on my success.


To the other two posters, thank you for the neutral, non-judgemental information.

if you have some fairly new vehicles without notes on them you may be able to barrow money against them. Or get the signature loan. The rates are high but so are truck loans. If you go for a signature loan don't tell them it's for a truck or they'll never give it to you.

Don't pay her any attention. some people have no idea hat it is to be broke and have to scrounge for everything. Granted it's not the best way to o things but sometimes you don't have a choice. But she has a point you need startup funds and you need to INSTANTLY start putting back allot of funds for maintenance as $30k isn't getting you much of a truck

I realize that I'm looking at high mileage trucks. Trucks that are getting old and tired. Anything with a big hood is going to be a '97-99 model, and anything aero is going to be a '00-02 model. But many have engine overhauls and other rebuilds/repairs that can be verified. I will get an oil analysis of the engine oil, the tranny oil, and the rear-end oil along with a dyno test and a complete printout of the truck's ECM. Those things should tell me how the truck is doing. I have about eight thousand dollars cash, but I don't want to use a dime of it on a down payment. I would rather keep it for working capital, and as MedicineMan said, for maintenance bills that are sure to come with a high-mileage truck.

Just to give you a little story,
My brother had been Hot shotting for approximately 1 year when he figured out he could buy a used truck cheaper than another duelly. He financed an old wal-mart cabover for $8000 right about 8 years ago, and had about $6000 workig capital. He now owns 11 trucks and several others leased on to him. The most expensive one was $43000. He also has 13 flatbed trailers and going to get 2 more this week. When he started his insurance was really high. He had his own authority from the beginning. He didn't finish high school but got his good-enough diploma. He also supported his wife and 2 kids. He has worked his a** off and had alot of determination. He can do the minor repaires on his trucks. He had to use a factoring company for the first two years so he could pay his drivers every Friday. That old Cabover has had the motor rebuilt, a new clutch and many other minor repairs. Its still on the road. He has also financed trucks for a couple of his drivers.
I will be driving for him next year. He started out with nothing and has done well for himself.
The moral of the story is ....... Well, you can figure that out.

Don't listen to the naysayers.
If you always do, what you have always done, you will always be, what you have always been.

That's a good start but bad things still happen. Good luck, just have to prepare for the worst or you will end up with a parked truck you can't afford to fix. Personally I'd take that $8k ad go buy a decent cabover for $6k to $8k run it a year or two and upgrade. You can get a decent cabover CHEAP. Also not all reman jobs are equal.