Most banks would consider this to be a start up but would take into account your previous experience. Its also a plus that you would be driving for the same company. A majority of banks want to see 2-5 years in business but depending on your personal credit, net worth, equipment, down payment, and a variety of other factors it might be something that can be put together. Its really a case by case deal unfortunately. Its probably best to talk with your local bank and put together a business plan of some sort (smaller banks seem to be easier to work with than the big banks). Your loan terms would also be much more favorable....
Answering any financing questions!
Discussion in 'Trucker Taxes and Truck Financing' started by Finance Guru, Oct 13, 2011.
Page 4 of 7
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
-
-
-
Heres one for you Finance Guru.
A year ago we tried to buy a semi truck with a purchase price of $25000 on an 2006 FL they wanted $7000 down payment because our credit score was a little bit bad. A year later we had cleaned up our debt, raised our score to almost 700 and added recent good credit. And they still want $7000 on a 2005 FL at $22900. It don't make sense. Does anyone know of a truck dealership that is good and will finance us??
-------------------------------
Just to give you more info... my husband has been driving for 10 years and I have 4 years. We do have some money saved up for repairs and break down. Plus we will be leasing onto one of the top ten carriers and that offer to "pay" for the repair and then take it out in weekly installments. But keep in mind, if it does break down, we will pay half of the bill and then have the carrier front the other half so that we can keep cash in the bank. We think the dealership is full of s%$t and we are going back to SelecTruck and see what they say. We do not have bad credit. What gets me if a car company is willing to finance us for a $50000.00 car why can't we get a semi truck?? We don't want a $50000 car we want a semi truck something thats going to make money. We have transported for T.S.I., S.T.I. , Black Panther, P.T.L.Last edited: Feb 2, 2012
trucker43 Thanks this. -
A year ago we tried to buy a semi truck with a purchase price of $25000 on an 2006 FL they wanted $7000 down payment because our credit score was a little bit bad. A year later we had cleaned up our debt, raised our score to almost 700 and added recent good credit. And they still want $7000 on a 2005 FL at $22900. It don't make sense. Does anyone know of a truck dealership that is good and will finance us??
-------------------------------
Just to give you more info... my husband has been driving for 10 years and I have 4 years. We do have some money saved up for repairs and break down. Plus we will be leasing onto one of the top ten carriers and that offer to "pay" for the repair and then take it out in weekly installments. But keep in mind, if it does break down, we will pay half of the bill and then have the carrier front the other half so that we can keep cash in the bank. We think the dealership is full of s%$t and we are going back to SelecTruck and see what they say. We do not have bad credit. What gets me if a car company is willing to finance us for a $50000.00 car why can't we get a semi truck. I don't want a $50000 car we want a semi truck something thats going to make money. We have transported for T.S.I., S.T.I. , Black Panther, P.T.L.
Last edited: Feb 2, 2012
-
-
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 4 of 7