Please HELP! I'm having trouble financing a truck!

If you have the cash, sign up with Dunn and Bradstreet. that may be another avenue.

 

How old was the truck?

The finance company will want to be able to have something to sell to recoup their losses when you go belly up.

I doubt that you have your own authority. You need at least one insured truck to activate your carrier authority.

 

A banker told me once that loaning money to a nice guy to buy his first truck has an 80 percent failure rate.
That's counting everything from missed payments to hiring the repo man to bring back whats left of the truck.
The basics of loaning money is the 3C's collateral,capacity,and character. Every loan has some has of all three, but a lot of one can make up for a lack of the other.

 

Do your self a favor and lease the trailer it's a taxe break for your business and hell you can always lease a truck with a buy out after a 1year or two to show the banks you can pay for it and will there are companies that do this

 

For most part cash is king. Granted not everyone has it and 40k is not a lot of money today.

I wouldnt hesitate to apply for loan mountain truck sales.
They willl aprove you. But i promise you after that you can go anywhere and buy your second truck. When they see youre cashing 15-30k a month. All of a sudden they all give loans lol.

 

He only has 4k cash. Lone mountain won't lend to him.

 

Yes it sure is a lot to ask for.

You are entering into a high risk business with little experience as a business owner (shown by a repossession which doubles the risk factors).

$15k is what you put out for just getting off the ground but you need working capital to the tune of $40k or a way to sustain your operation for 3 to 5 months, maybe 6.

A truck is the tool, it should be more than 10%, close to 20% down needed. YOUR credit score means nothing now a days thanks to repossessions and failed businesses.

 

What truck did you get?