New member - truck financing professional.

What issues will i run into if i have no CDL to purchase a truck/trailer? if any. Credit in the 650-680 range. Thanks in advance.

 

Hello finance guy,
I have no CDL but i work with truck drivers and plan on paying a driver to drive the truck while i find the loads and pay him, I have been working for trucking companies doing dispatch/pay roll/ifta for 4 years now (2 with current employer) . My credit score is in the 680-710 range and just recently paid off a car loan ($16000 loan / had co signer) $8800 early pay off, had loan for 2 years before paying off. I currently have 3 other credit loans (mostly retail stores) about $900 all total , which i plan on paying off by the end of this month.
Now with that being said im wanting to go to the bank and get a 30,000 loan and have 10% down ($3000) for a truck. What are my chances and what % if you had to guess.

 

Also interested to know what things would specifically bar a person from being able to get a truck financed? Bankruptcy, liens, horrible credit etc? So what are the general terms as far seven guys come in to buy a truck, one with no money down, but great credit. Then down through all seven getting worse. So second guy has some money down but credit is just ok, third guy a chunk of money down but bad credit Etc.

Answering this his way will save you from having to answer these same questions over and over again from different guys.

Thanks for for the info.

 

He has been banned or retired from the looks of it......

 

What happened?

 

I was just getting ready to ask a few questions.

 

I don't know his profile says retired or banned

 

The moderator banned him for advertising

 

Can you guys give me an idea of what interest rate would be as well as how many months and monthly truck payment? I'd say I would probably need a loan for about 50K.

 

The OP has been gone for 2 years now lol.