How do you get financed for your first truck

Just reread your first post. Just to clarify, this would be your first class 8 truck? You mentioned the 1 tons, but you have never owned a semi tractor? If you should change your mind give Shawn a call at KC Selectrucks. He knows his stuff. If this is your first truck see if they can run your app as a first time buyer. Thats what I did, it was a 2 page app. and I had an answer next day. (without my life story) What ever you decide I wish you luck, and keep us posted on your progress. Stay safe.

 

Bayou have you thought about adding a tandemn cut off unit to your ride and not having to buy another truck? Just a thought

 

A 0 FICO makes it easier to get financing than a bad credit score does. That being said, there was a major study done, and it concluded 100% of all repossessions were done on vehicles that were bought with financing. None were done on anything that was bought outright with cash. Plus, your 4% is just matching inflation. Pay cash for your ride, and pay yourself the "payments" you would have made, and choose good growth mutuals. You'll be way ahead in the end.

 

Want to be a millionaire? Do as millionaires do. Pay cash. Never buy something you can't pay cash for, other than your house.

 

So, you mean to tell me, when you're hurting due to a breakdown, you want to call the bank to go into debt, instead of making sure you have the cash on hand to cover something like that? Doesn't sound logical to me.

 

Hi,
This is my third go around and I'm doin the SBA loan this time...I got the first half of loan and then screwed by a certain bank when it came time to re-up on the second half so I'm redoing the loan with a more reputable lender..

I asked for 140,000 (50,000 CD down which is more than 20% required by SBA) for equipment, legalization and working capitol so I'll be running under my own steam...I also got a letter from my customer to do business with...I spent alot of time researching and number crunching to show a profit in my future plan.

I thought SBA was a better route this time because loan payoff is longer than a loan from a dealer.
Thx for reading

 

hot shot nice looking stepdeck, i'm looking for a cheap one...if you know of someone with a spread flat or step please pm me....i'm running into the same problem...trucks paid for, creadits iffy, so have the down payment..or if someones willingto make a deal...thanks dino

 

if you cant pm me go thru the mods and they will get it to me ,,,,thanks dino