Looking to finance a truck, bad credit but I have collateral

I would not leverage your land and vehicle. Plus, I don't think many credit unions would entertain them as collateral. Instead work toward repairing your credit and save up a cash down payment.

 

That price might not break the bank but the maintenance might. There is a reason its only 15k.

You might still be better off to remain company, and save for a cash payment. I would also suggest going in to your credit union and talk to them about your situation. They might be able to help you put together a plan to stabilize your future and present situations.

 

Is your land paid for? Deed in hand? If so, you could try for a line of credit on the property with your credit union. I did the same thing 10 years ago, but instead of buying a used truck I bought 4 rental properties that I still own and collect money every month off of.

 

A lot of guys take out a second mortgage on the house to buy their first truck. Nearly all I'd them ends up with no truck and no house. If a person is ready to be a business owner, they have the capital in hand from years of sacrifice and savings. They end up doing ok in this business.

Those looking for the quick and easy way end up in bankruptcy court. There is a reason for this.

 

That's why I went in a complete opposite direction. Being a landlord far out weighs owning a used truck.

 

sounds interesting!

 

How do you do that? Do you have people hired who manage your properties? I am my sister are curious about rental properties.

 

Thinking and acting outside of the box. But in all honesty, my wife and I had a big house built about 2 years before the housing crash, we had a boatload of equity in our home and after the dust settled bought two duplexes next to each other at auction on a line of credit we took out based on the value of our home. My wife is a realtor and a certified property manager. All 4 of my rental properties are paid for and are in the Palm Beach County low income housing program. Our properties have been empty a total of 6 times in 10 years. Our client base comes from the county as does our monthly rent. If you aren't as fortunate, at minimum you can net $500 per month after all is said and done. It can be done, we took a calculated risk and it has paid off. Next step? Selling all these rental properties the same year I retire, which is looking like in 5 years.