How do you get financed for your first truck

If one is going thru a normal bank business loan, then I could see having to provide all the papers, business plan, etc. That is not required to finance a truck. If you have a portion (the larger the better) to put down, show that you have real experience for longer than a few months, and you have a carrier lined up that is going to take you on, then getting financed is realistic unless you have a horrendous credit score. From my experience with commercial finance companies, they need to see that you have what it takes to run a trucking business. The larger the down payment, the less concern they have. Say, someone walks in with an average credit score, has around ten years of stable work history in trucking, and has 20% to put down, and isn't trying to finance the most expensive truck on the lot, I would bet they could get financed more times than not. Especially by the finance arm of the OEM dealer they are buying from. The dealers do not want to sit on inventory, and there is an incentive to get you financed. You just have to make them feel comfortable with doing it.

 

thats one of the smartest reply's on this forum!

 

Find another select truck dealer that has what you want and go get it then.

 

Maybe it's just me, but I'm not sure why people love to pray to the almighty FICO. Pay cash. If you don't have enough cash, save more, then pay cash. Or, buy something cheaper. Instead of paying interest, pay yourself, and in time, you're self insured. No need to rely on any financing.

 

Because anyone who knows anything about credit understands that if your credit is dormant for so long you might as well not have any or ever had any. You never know when you might just need it for something. Better to keep it up and established and never need it than the opposite.

For instance, let's say I want to buy a new $20,000 car. I may have the cash to do it in my account but the dealer is offering 0% financing. I am drawing 4% interest on my money. Now why would i use my money that I'm making 4% on when I could use their money for free? This is just an example but could apply to many other situations.

If you have cash by all means do what works for you. we're all different and have different ideas on whats best for us.

 

Sometimes paying cash is not the answer! it might be a time where you need to borrow money, and having no credit will hurt you. Some people like using other peoples money. Its all about discipline you urge to buy. Most people cant save up 30k to pay for a truck. But someone with good credit will have a better chance getting financed. just my .002

 

Buy a $10,000 truck with cash... save some $$$ then sell it and buy a $20,000 truck... repeat as often as you like.