Financing for a truck

Discussion in 'Trucker Taxes and Truck Financing' started by Dh46, Jan 18, 2019.

  1. RockinChair

    RockinChair Road Train Member

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    With a credit score under 700 and a recent bankruptcy, you'd better be ready to put at least 20% down.
     
  2. Dh46

    Dh46 Light Load Member

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    I told him I could put up 35% down he said all they will want is 10 so I dunno
     
  3. RockinChair

    RockinChair Road Train Member

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    The more you put down, the less of a risk you are to the lender, thus the more likely you are to be approved.
     
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  4. TRKFreighter

    TRKFreighter Bobtail Member

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    If the dealership has declined you, then you must visit the bank directly. It may help to explain to them only if they ask the question that you are planning to start a self-employed business. The type of business plan you draft and how organized your numbers are will influence the bankers decision. Types of loans you could obtain include a personal line of credit.
     
  5. Lindsey G.

    Lindsey G. Bobtail Member

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    Jan 21, 2019
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  6. Lindsey G.

    Lindsey G. Bobtail Member

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    Do you know if your bankruptcy is discharged?

    Dealership's are not the best at qualifying drivers,you would think they would be but its not the case
     
  7. Dh46

    Dh46 Light Load Member

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    Yes it’s been discharged
     
  8. Triple Digit Bullhauler

    Triple Digit Bullhauler Heavy Load Member

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    Financial institutions are very shy of lending/financing someone with a bankruptcy. No matter if it has cleared or not, They fear you will default or file bankruptcy again and they could be out the truck, and the money. It is going to be hard to finance a truck through any dealership. You may want to find a driver selling their truck who may be willing to work with you as to buying the truck. The only way you will be able to finance through a dealership is possibly with 50-75% down.
     
  9. Lindsey G.

    Lindsey G. Bobtail Member

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    My husband had a discharged bankruptcy and a 530 credit score and we got a 2013 KW.
    It was at Axle Lending,im sure you can google them.We dealt with Connie,she was great
     
    Dh46 Thanks this.
  10. Ridgeline

    Ridgeline Road Train Member

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    What you should be really concern about it the rest of the money you need to get the truck on the road and keep it on the road. I bet the OP isn't doing his due diligence to see what the true condition is of the truck so I would venture to guess putting 20% down to get you into the truck and then the balance in the bank if the truck dumps in the first year.
     
    redoctober83 Thanks this.
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