bank loan for truck

Not going to happen with what you posted. Yes an SBA loan could do it but they're really not much different than other banks that loan on trucks in their requirements. Most banks flat out won't loan on trucks because they've been burned in the past and unlike cars or houses most banks couldn't adequately sell a truck if they had to repossess it which means they're not willing to make the loan with the truck as collateral. For the banks that would make the loan with what you posted they won't make the loan. Since the lending bubble burst banks want to see a lot more hard numbers with guaranteed return on their investment and quoting random loads off of a board isn't going to get you there. If you were already doing the job with proof that you were making it and just wanted to get a newer truck it wouldn't be impossible to get the loan. If you had some accounts locked in, in writing with how much they were going to pay you each week/month/year, and all you needed was a truck to execute on that agreement you could do it. As it sits you're wanting to pull loads off of the board which are available to anyone, any other truck hooked up to a hopper could get that load and leave you sitting. There's nothing supporting your plan that would make someone with money confident that they would ever get it back. Like others said you can get a loan from someone that specializes in this type of thing, to us they're great because they loan on trucks, to them it's merely a high risk loan with a very high interest rate to cover their risk value.

 

Sorry came on to the thread late, AM I to assume you want a loan to start trucking as a O/O with no working capital , no job and no collateral for a loan?

 

I talked to my bank about buying a truck. They said I needed 20% down and they would float the rest. Granted my credit score is 740, which doesn't hurt. Now I couldn't find any one I could lease on to, so that killed it.

 

DL550CAT is right! I have watched people do this in my own family without a dollar to there name, but they could right a helluva story. Wasn't successful at the business, but I tell him you could sell a story to librarian. He might want to right books and sell them. I do remember one thing though. He always said if you ask for peanuts from a bank they throw you in the line with everyone else.

If you go in asking big, and you look the part; you typically get the red carpet rolled out. Just a little story here for yah from visual experience.

 

I'm 28 yrs old. I just bought my first truck and trailer (65,500) through my local bank. (1100 population). Payments are more than doable, and the note is 5 years for the truck (just to cushon the pockets till the end of the year) and 2 years for the trailer. Together, both are about 1700 a month. I just sold my house I flipped and now am virtually debt free. My dad was able to co-sign and he had a book of loads that went 3 years back. If it wasn't for the records, I wouldn't have gotten a penny. There's more than enough loads online to find. You just have to be smart and diligent in finding them.

So, truck for a while, get small debt eliminated, try and get a small downpayment, and record load costs/gross/after fuel/after broker wage/after trailer lease ect. This will show the banker how much money you are loosing leasing a trailer and not doing it on your own. Might help.

 

You must be from the south lol

 

Boohooo nope

 

Nope, Nebraska.