Can you get a loan from a bank with bad credit
Discussion in 'Ask An Owner Operator' started by ethridge, Jul 9, 2019.
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Bad credit or no credit? Probably doesn't matter though....
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What is your score
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I assume you are looking for a loan to buy truck or trailer, if that's the case your chances are very slim, you will need proof of good income large down payment cosigner and I think it won't be easy even than, unless you know some people, my understanding is it's harder to finance commercial vehicle than regular car
Good luck -
RockinChair Thanks this.
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Here's a good idea...... Go to the bank and ask
OldeSkool, ElijahJohn1, bigguns and 3 others Thank this. -
GreenPete359, bigguns, x1Heavy and 1 other person Thank this.
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Banks are low risk institutions. As you credit score goes down the scale you have to look deeper into the alternative lending arena.
For a bank to lend you money, they would require more collateral and a much larger down payment, say 50%.
Alternative lenders might not require any down payment, but they’ll rake you over the coals in interest rates over 20%. -
The lender will have a lien on the asset as collateral.Midwest Trucker Thanks this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
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