I found a few trucks and I'm really wanting to go buy one this week but I know my credit is going to be a problem. I'm already with a company and can lease on with them. Should I go with a semi financing company or try my local credit union? My credit is bad but I do own things and figured I can use collateral such as my personal vehicle and I own land. Is there any companies that are recommended?
Looking to finance a truck, bad credit but I have collateral
Discussion in 'Trucker Taxes and Truck Financing' started by JD Transport, Apr 26, 2015.
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I would not leverage your land and vehicle. Plus, I don't think many credit unions would entertain them as collateral. Instead work toward repairing your credit and save up a cash down payment.
atlasshruggery and bubbagumpshrimp Thank this. -
good thing is that I have 2 vehicles paid off and I'm in good standing with my credit union. Wish I didnt have to try and resort to this but it is that way. Wish I could just repair my credit and save up, Owner/Op is the only way i'm gonna be able to get ahead and leveraging the land is gonna be my first attempt to getting this done. Only looking at a $15k truck, not gonna break the bank with that price.
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That price might not break the bank but the maintenance might. There is a reason its only 15k.
You might still be better off to remain company, and save for a cash payment. I would also suggest going in to your credit union and talk to them about your situation. They might be able to help you put together a plan to stabilize your future and present situations.Pinqui and bubbagumpshrimp Thank this. -
Is your land paid for? Deed in hand? If so, you could try for a line of credit on the property with your credit union. I did the same thing 10 years ago, but instead of buying a used truck I bought 4 rental properties that I still own and collect money every month off of.
atlasshruggery, NadeauTrucking, dog-c and 1 other person Thank this. -
A lot of guys take out a second mortgage on the house to buy their first truck. Nearly all I'd them ends up with no truck and no house. If a person is ready to be a business owner, they have the capital in hand from years of sacrifice and savings. They end up doing ok in this business.
Those looking for the quick and easy way end up in bankruptcy court. There is a reason for this.atlasshruggery, insertnamehere and Pinqui Thank this. -
That's why I went in a complete opposite direction. Being a landlord far out weighs owning a used truck.
bubbagumpshrimp and Pinqui Thank this. -
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Last edited: Apr 26, 2015
Pinqui Thanks this.
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