Getting financed

Go into one of your local community banks and sit down with a loan officer and present your request. That's what I did.

 

Check your local credit union as well. They hand out loans when regular banks won't.

 

Make sure u bring your business plan and proof how u gna pay them back. Like a rough draft, excel sheet etc etc

They like if u come prepare instead of walking in blind

 

I remember when I was 17 or so I got a loan for a motorcycle. I walked in my local credit union at the time with a big ziploc bag full of check stubs for the last three years. I went in there with a game plan and the documentation to prove I was good for the money. I got the loan.

Fast forward a few years, I run the same procedure to get my first truck, a 2009 peterbilt 387. I had my one year plan, two year plan, 5 year plan, and 10 year plan all together. Had my projected earnings all calculated, one projection for the rock bottom low side, one projection for the high side when business was running very well. I had a maintenance plan. I highlighted my experience in trucking, and compared my operating costs comparaded to when I was leaseing with a mega carrier. I was 23 then, I talked myself right into that truck.

Picture yourself in their shoes, they want a stable realtionship. Not one that's screams LIABILTY. I had not much credit at that time either. Try Wells Fargo, trucking is in their portfolio if I remember right. Credit unions tend to shy away from trucking loans from my experience. But Just keep knocking on them doors prepared, dressed for the part, resume' in hand, until you get what you need! Somebody wants your business. Good luck

 

Around here at least only few will touch trucks unless stupid good credit score and big down payment.

 

OK, did you go to the freightliner dealer and ask them? I did that, was approved and then denied as the oil field died. I ended up buying old and cash. I took out a loan to off set the cash out lay. So I had emergency money. My fico was 790ish. Now it's 670, since I haven't paid the money back yet.

 

O brother!!