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.
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.
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My credit sucks but with a co-signer I was approved!
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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 -
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...
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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. -
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.
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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.
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You can look into Gov. grants, Also there is a WIA program for the unemployed check it out at your local unemployment office
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You could do a hitch in the service and then use GI loans.
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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.
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