How hard is it to get a loan for trucking school?

Discussion in 'Trucking Schools and CDL Training Forum' started by dragn0422, Nov 2, 2011.

  1. dragn0422

    dragn0422 Bobtail Member

    2
    0
    Nov 2, 2011
    Columbia, SC
    0
    Hello,
    I am looking to start my trucking career. I have not had steady work in almost a year, and I am ready to get out of the construction business. I have been talking with TDI in Richburg, SC. They want $300 out of pocket and they will give me a loan for the rest. The company that hires me will pay the loan for me as long as I work for them. I am at the step now where they do the background check. I need to give them $50, and then if I pass, which I will, they will start the loan proccess. I have terible credit, because of my work situation. I may could find a co-signer, but will that be enough? Anyone have any experience getting Trucking school loans with bad credit? I dont want to go any farther if I have no chance, but the guy I am dealing with seems to think it will be no problem.
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. harleymanjax

    harleymanjax Rookie Skateboarder

    1,271
    769
    Dec 17, 2008
    Jacksonville, Florida
    0
    My credit sucks but with a co-signer I was approved!
     
  4. dancnoone

    dancnoone "Village Idiot"

    9,922
    3,713
    May 6, 2007
    Mississippi
    0
    The "guy" is probably correct. A lot of "trucking school" loans are guaranteed loans (government). They really don't give a #### about your credit.

    I'd be a bit suspicious of someone asking for $50 up front...for a background/credit check. I know it happens...but
     
  5. ajsmith184

    ajsmith184 Light Load Member

    61
    15
    Aug 13, 2010
    Howell, Michigan
    0
    When I did it last year I had trouble..Since Odumba let the government take over the college loan industry, and a trucking school wasn't enough credits to be considered an educational loan, I had to go through my credit union for a person line of credit...What a mess they made it...
     
  6. ironpony

    ironpony Road Train Member

    17,502
    12,015
    Sep 23, 2007
    Ask my GPS...
    0
    Many trucking schools will happily loan you the money for a school. What you need to do is ensure that there is a serious effort at placement by them - get as many "prehire" letters as possible. Those aren't offers of employment, just an offer to take a serious look at you after you get your CDL.

    There is another route as well. There are many large OTR carriers who train as well. Some of them will provide your training gratis if you sign a contract to drive for them after training for a specified period. There are many who say this is a rotten way to get in, but for someone with no money, bad credit - its an option.
     
  7. chompi

    chompi Road Train Member

    5,653
    3,485
    Jun 21, 2008
    Deland, FL
    0
    Its the same as a car loan or something like that. Its not the school that lends you the money. They go through several different banks and credit unions. I went through TDI in 96' and they financed me. My wife went in 02' and they financed her. We put down half the amount though.

    If I would have had the option of company training back then I would have went that route. You can go for no money down and they do not charge you interest. Yes you have to sign a year contract with them but I would rather do that then sign a 5 year contract with a bank! Plus you are guaranteed a job as long as you pass the tests. Pretty much a no brainer. The only downfall is that you will be away from home for the duration of school and training but you might as well used to be being gone.

    I wouldn't put too much thought behind what school to go to. They are pretty much all the same and are there for the sole purpose of getting you ready to go out with a trainer. You are going to learn more on day one with your trainer then the three weeks at TDI.
     
  8. ironpony

    ironpony Road Train Member

    17,502
    12,015
    Sep 23, 2007
    Ask my GPS...
    0


    Actually there can be quite a difference - in terms of a real curriculum. And NOT 5-guys in a box fighting for a little wheel time. Some schools really do offer one-on-one instructor/student time.

    I disagree. Its about getting you past the practical drive test with DMV - and nothing more than getting you a CDL. We'd all agree there's much more to driving than just that.
     
  9. slim shady

    slim shady Road Train Member

    3,457
    14,347
    Sep 14, 2011
    Chicago, Il.
    0
    You can look into Gov. grants, Also there is a WIA program for the unemployed check it out at your local unemployment office
     
  10. TennMan

    TennMan Road Train Member

    7,866
    9,658
    Sep 21, 2011
    Hazzard County Jail !!!!!
    0
    You could do a hitch in the service and then use GI loans.
     
  11. CondoCruiser

    CondoCruiser The Legend

    19,726
    18,731
    Apr 18, 2010
    Tennessee
    0
    Gov't loans don't require up front money. Check with your local community college. Worse comes to worse, there are plenty of companies that will train you with a committment to drive for a certain time. Quit or get fired and you owe.

    I would be leary of the ones that require up front money.

    I wouldn't waste a GI bill on a measley truck school loan when it would pay for yours or a kids four year college degree.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.