First Time Buyer Need Tractor Financing...Need financing company

Keep in mind, a lot also depends on a solid down payment. I put 30% on mine.

 

1st time O/O's have a very high failure rate. You want to find a source that financing you and not the truck or the business. Sure, they may have you put the truck as collateral but they are giving you the loan because you have done business with them.

Outside that you are going to be paying for the risk you represent outside of your credit.

 

I got my first truck with a credit card, well two cards. It was ridiculous no one would lend on a truck at less than 18%.
Applied for two credit cards at 10% (15k on one and 20k on the other). And swiped them on a used century. Total crazy that the lenders could own the title and charge more interest than a credit card with no collateral. Stupid.

It blew up after a year so traded it in on a glider. Fitzgerald got GE to finance it at 8% and used the blew up truck for the down.

Look to them, come to find out much much easier to get a loan on a new (less risk) than used high mileage rig. If I would have knew that I'd have skipped the risky 700k mile used rigs for 30k and rolled the glider first...I'm still paying that friggin truck off...one more year, and that chapter is behind us!...save the headache.

 

Nice to take your time to answer/help that Gentalman. My problem is I use to drive truck OTR on and off with various companies in last 13 years but the last over 6 years I haven't drove. Now i know it's just like riding a bike. I driven everything you can imagine back then. Now I'm ready to go back OTR cause I am single and daughter grown I can't seem to get attention from anyone. I have a SPOTLESS!! CDL A w/Triples&Passeneger. NEVER EVER and accident,ticket,dui/dwi or ANYTHING. Spend an hour on apps online and then they reply within 2 minutes no. FRUSTRATING ### HECK!!! You seem to know a lot. Have any suggestions? I prefer long haul and I'm a runner. Never into stopping until dead tired. You know what i mean. Any suggestions will be appreciated. Thanks Dennis

 

Your post is sort of in the wrong location , thread is about truck financing and why no one will hire you sort of do not go hand in hand.

Anyway with no RECENT driving experience ( regardless of what you did in the past ) gets you treated as a brand new driver. Best to try a few of the training companies such as PRIME INC and stay away from C R ENGLAND

 

Thanks. Kinda knew that just that one guy seemed real helpfull to other is why i replied on that Thread. And your so right! Rediculous treating me as a rookie all over again. 45 and have to do all over like i was 20. I just wanna drive. Daughter grown now and I single and nothing holding me down and a spotless CDL A to boot. Doesn't mean squat. remember back in day companies die for driver's like me. Before 6 years had 13 OTR hauling everything under the sun except Tanker. Take few years off and get treated like a criminal. Totally unfair. Sorry just venting. I wont do .23 a mile crap and 3 weeks trainer. Maybe a week but not at that start pay. Tell me if I'm wrong but i'm thinking of buying a LTL Van Sleeper. Seems only way to make money and start better than rookie. What you think? Thanks again for your time.

 

It is the insurance companies that put the RECENT EXPERIENCE into the hiring format , you will get the same if you buy a truck and try to get decent $ insurance.

PRIME pays more than .23 / mile and if your as good as you say it will get you through the retraining fairly fast, got to put some effort in on your part things just do not happen anymore.

 

i went throught the same thing no will touch you without 3 mo exp. in the last 3 years . i got swift to take me but i had to go out with a trainer for 50 hours that took a week then i was on my own. but a had to start at the bottom of the pay scale. .25 per mile real low i was only going to stay there 3 mo then move on i got on to a reginal program after 2 weeks that bumped me to.36 and then we got a .03 perfomance bonus with a month i was at .39 a mile so i stay with them for 2 years . then with 2 year exp that opened a lot of doors now im with a small place making .48 you can get back in but u have go throught some crap first.

 

Thanks. Tho I hate to hear it and kinda knew it. A week not bad with a trainer. Tho it makes me feel horrible . I think juts a driving test and day of new rules and regs would be just fine. So you jumped to .36 as a single or Team? Same company? And when did you get .48 if you don't mind me asking?