TRYING TO GET FINANCING FOR MY FIRST TRUCK.

If your buying from a dealership, they should have financing options. If from private owner, try to find a bank that will. If you start looking at financing companies, chances are your rate will be higher. Banks hate O/O. Too much failure rate. Small town banks can't move a repo semi like a car. I would think a local bank would finance if you are a good customer, but they may want 50% down to lessen their risk.
Are you bringing any money to the table with your local bank?

 

Go to a dealer..

 

How is your credit? Also....it's going to be a commercial loan.......totally different from a personal loan or a car loan. Understand that.

 

Is that the whole story? banks will only veto a loan for 1 major reason and that's if they feel you can't pay the loan off. In other words its high risk so for now you might be best off doing a lease purchase program I know i know that sucks but that may be the only option you have right now do that for a few years and prove you are able to make regular repayments this will also give you a good credit rating, then you may well find the banks will change their tune about lending to you in the future.

 

That truck gonna put you in a poor house, unless you buy it for cash and have another 20k saved up or in credit line to pay for repairs..

 

High risk = high interest rates.

You should be paying about 15% for the risk involved.

Once you can provide more than "I want to buy a truck", then they will talk to you but I wouldn't even consider it until you get a plan together.

 

Walk in with 25% down on a 34k purchase with a 781 FICO and I bet you get 7% (or less) money right now.

 

Man said his credit was a 781!

 

Good credit helps. However...........this is a totally different kind of loan. The rules the banks must follow are must stricter now.

Even if your credit is over 825. It does not matter.
Having good credit is a plus.....that alone will not determine if you will get a COMMERCIAL LOAN.

I strongly suggest going to a local bank that does commercial loans. Use a financial institution that you have a relation ship with or...they might be able to put you in touch with someone locally that can help. Many credit unions will not do commercial loans.