Answering any financing questions!

Kajidono- It is harder to get a loan on an older truck. Most lending sources are looking for trucks to be 10 years or newer but this is kind of a gray area. If you are hauling long haul some may want to see the truck be a little newer, if it is short haul they may let it be a little older. 20 years old is probably a bit to old unforunately. Usually the loan is just on the asset and not start up costs. You are best to get a line of credit or something for the running funds.

 

bigdogpile- You are correct, they will all require a personal guarantee as most unsecured loans do to small business owners. The terms are usually not that great on credit cards either, however, if you pay it off monthly then its irrelevant because you do not pay interest and fees.

 

Unfortunately I have to agree with you. I'm not sure if you have any accounts with balances on your credit now but the best thing you can do to re-build is to keep atleast one open account and make payments on it. I have seen credit scores go back into the high 600's and low 700's within a couple of years of having a CH7 because the person was able to get a couple of new accounts opened up and maintained good payment history on them.

 

Your currently hauling for a company as a W2 employee...is that what you mean?