Answering any financing questions!

I talked to UMB a while back about buying one. They seemed OK. I forget whether it was 20 or 30% down, they have all their loans and rates listed on their website. They also do full on small business loans that can cover everything but your credit has to be pretty near perfect for one of those.

 

Is there a way that I can get financing for a truck with a good credit score (812) and a decent credit history? I'm not a home owner and I have no or very little money for a down payment at this time. I was thinking of leasing a truck through the company that I currently drive for, but I did the math and I would end up paying around 80k for a 50k truck, not to mention the lack of credit reporting, etc.. I don't believe that's a good way to start a new business.

 

Save up, buy used. Tryin to finagle yourself into the business will only screw yourself over. Don't rush it, do it right. With credit like that, you could be sitting pretty as long as you don't get impatient.

 

What is the lowest credit score banks or financial institutes require? Also what is the average rate for low credit scores?

 

What finance companies will finance a truck that you want to buy from another individual? Meaning I know a driver that wants to sell his truck . Its an 09

 

Thank you very much for the advice. I have decided to hold off on the O/O idea until I get more experience. Once the economy/fuel prices turn around (I can almost hold a straight face making that comment), I'll see how things work out.

 

I'm toying with the idea of buying a new trailer or dropping 8 - 10 grand into my old trailer. A new Trail-Eze that I am contemplating is about 70,000 to 75,000. So I'm looking at maybe putting 8 grand down on a new trailer and would like to get an idea what the payments would be and how long most financing is done for? I'm not quite ready to have to deal with a salesperson bugging me or running credit checks yet.
What am I looking at for payments roughly for financing? What's the range of interest rates for trailer financing and lengths of loans for new trailers from most finance company and banks? Not looking on an exact amount, just a ballpark figure from someone in the know.

 

Honestly? Look at what's going on with the economy and the current state of government. Things could get really bad real fast and probably will no matter what they choose to do. I would not take on that much debt right now.

 

well im not one to live life on what MAY HAPPEN. But thanks for your input.

 

Neither am I. But there is a big difference between what may happen and what is very likely to happen. Good luck in whatever course you decide to take.