How do you get financed for your first truck

Call OOIDA and talk to them

 

Well if you want it bad enough you'll mortgage everything you have... the banker wants to be sure you are in it for the long haul... every bank will want some form of collateral and trucking has a bad rap for lots of repos...

Would YOU loan someone money without some way of assuring you are guaranteed to get your $$$ back?

My banker has got my ### out of several tough spots... I've paid for my truck TWICE but have also used it for collateral on other business loans. You do what you have to do to establish a good relationship with a lender.

 

If you have 20% to put down you should be able to get financed by BB&T, GE or another capital equipment financial outfit.

 

Buy accident and disability insurance that will make the payment while you are laid up... I had that when I first bought the truck i own now... I think it was around $29.00/month depending on the loan amount of course.

Now if you DID default (without the insurance) they would repo and sell the truck and you would only owe the difference between what they sold it for and what you owe... in that case you could borrow the amount you are upside down and pay 'em off.

 

I went to my creit union and told them what I need and they said ok . The last one I went through Keystone Equipment Finance Corp .

 

Just google them.