Financing with bad credit

Buying the first truck is not exactly like buying a house or a personal vehicle. Doubt any bank will take that risk.
I will not cheerlead for the poster either. I put in years of work and money to get the best shot at my endeavor.
Maybe try payday loan. Rent a truck from Ryder for a couple of days. One good load with the right product across Mexican border and things could turn around.
To cut to the chase I'd rather put 40k on a 3 legged horse,at least it will not take long to know the result.
I'll compare it with me trying to hit a target half a mile away with a sniper rifle and then you hear 5000 blind guys crawl from a ditch with BB guns and saying they could do it too and one of them will actually succeed which does not change
the fact it's a silly idea to even try

 

anybody who says there is no money in trucking is either just repeating what he heard or not trying hard enough.there is good money to be made,a used truck is a crap shoot at best.contrary to what so many on here say you dont need to run ca to make it.so many post on subject have never done it.

 

It would be interesting if this man can get decent financing on a truck. Never say never. It's def easier to buy a house with a BK on your bureau even after 2 yrs of a
discharge. FHA will finance you for sure, but truck finance is going to be a different kettle of fish. I would approach as many dealers as I could muster.
I was in the auto business for years and I know for a fact that many dealers have what is called a "get-me-on" program. Insiders would refer to it as a "roach" program. No disrespect to the original author and its phrase I didn't make up. It is what it is.
A potential customer would go into a dealership and the guy in charge of that "dept" would make out a credit app and basically shop the app. Sometimes he would be successful and sometimes not. It's just going to depend.
This man has nothing to lose, but he may have to realize that the interest rate will be high and a down payment will be stipulated.
It's a numbers game, but worth taking a chance.
You just can't assume anything these days.
Good luck.

 

Also something else to consider is that with the finance world operating with such low interest rates, there's going to be more risk taking because of that. So this climate could be the best time to finance with iffy credit. If there was a financial crisis like on 2008 then the chances are it would be impossible to get finance but now ?? Anything is possible.

 

Try Lone Mountain Truck Sales,or MNL Truck Sales man...

 

This very exciting conversation made me think this way - what if you approach a finance/ loan company (3rd party) and ask their experts about truck financing in relation to bad credits.

 

Richter, can you teach the rest of us to walk on water like you obviously think that you can do? Where in tribalone's post did it say that he didn't have a down payment? Where in his post did it say that he/she doesn't have a business plan for operational expenses and maint reserve? Your a mind reader also? Instead of belittling them on something you don't have all the facts, why not pass good info along? OH my bad, I just looked, 2 years as a trucker and you know everything there is about trucking, silly me. Why not learn the industry first before you throw your half cent worth of knowledge.

tribalone, there are many finance companies that work with people with less then stellar credit. One thing you need to know, that richter obviously doesn't is that commercial credit, what buying a class 8 tractor is , is a lot different then personal credit. They take your personal credit into account, but it's not the deciding factor. The steps that you can take to better your chances are go to the small business administration where you live and ask for a packet. That packet will have a lot of good info and leads where you can go. The second is write out a complete , concise business plan. Creditors or investors don't care about how much you need, they only care about how your gonna use the money and how you plan on paying it back. There are numerous examples of successful trucking business plans on the internet , just google it. Just be honest with your figures and lean towards the conservative side to allow for unexpected things. The SBA sometimes have people that will help you with that. I wish you the best of luck and don't pay any attention to people that just let their fingers flap like their mouths usually do.

 

Really? As noted by more balanced minds, #### happens to the best of us. Must be tough being you.

 

Well good luck bud be like me I have zero so no luck for me as I have been out the states to long and come home in two months will have to go drive for someone for a while so best of luck

 

Peace and love to all.