Financing equipment (trailer) after bankrupcty

Depends on how re-established your credit is since the bankruptcy, where you are getting it financed, and how many other trucks/trailers you have financed with sources that financing sources recognize (aka not lease-purchases at carriers).

 

If you aren't working a dealer, who should have some connections in this regard, I'd try CAG Capital or Engs Commercial. Depends what your score looks like but considering you got a car loan it probably isn't terrible. Is your car loan with a credit union? If so try there first, they may be more willing to dive in since you've been making payments for 8 months to them.

Expect your interest rate to be in the mid teens to low twentys, maybe a little higher. Maybe you can sneak by with a little less than that, but first time equipment financing/mixed with a bankruptcy, I think you are going to be right in that range. Keep an eye on terms. Although the rate may be high, if you could afford to pay it off faster (and the contract allows you to) you will end up paying less. First time is always more difficult to get done, so just keep that in mind!

 

Depends on the age of the bankruptcy, who the creditors where, etc. As I have stated elsewhere credit unions are surprisingly agressive with commercial truck financing for less than perfect credit. Of course there's our program but I suggest you try the credit union route first.

 

They will need 30% down and interest will be 29-30% my discharge is over 3 years and my credit score is a little higher. It's one hell of a way to rebuild your credit, OOIDA sent me there also......

 

I would say a minimum of 20% down. Apr probably 18%. Try Transport Funding Group. They specialize in poor credit. My brother got financed with two bancruptcies, after two divorces.