How To Finance A Used Hotshot Trailer

My goal is to finance a Used trailer that I have found. The trailer is $20,000 and I would like to finance $15,000 of it if possible. I would like to keep 6 months of Truck, Insurance, and Trailer payments on hand as a buffer of cash starting up. Hence the want to finance.

So, I am not currently working. My Credit score is 832, and I have 31K in the Bank to start up the hotshot business. I bank with Wells Fargo, so I checked with them for a personal loan: Denied!! I am thinking it is because I am not working. They did not have a Secured-Loan option.

For future loans, it seems like the trailers value, more specifically the title will be the thing that a lending institution will hold as a Secured Loan.

I checked with Sheffield because they finance for Big Tex and Diamond C, but they only finance New equipment. I checked with Currency Finance found on Truckpaper.com but they only finance to established Business Owners that own homes and have 3 months of bank statements proving their income. I've check with a few other things but I am not having luck.

There simply are no reasonable New trailers on the market to purchase and get financing that way. As in the Dealerships are all sold out. I've checked in about a handful of states. The wait time for new builds seem to be very long, like next year long, I've heard from a handful of trailer dealerships. All this keeps me preferring a used trailer.

I have heard a Local Credit Union is a possibility to get a loan. I thought I would just check-in here to see what anyone might suggest?

Thanks

 

I will check it out. Do you recall what type of loan? Secured Personal by chance? Thanks

 

Thanks @longhaultransport and @RocketScott , I really appreciate the input. At the moment I only have one credit card. I never needed another. I don't really want to use it as my primary loan resource as I want it as a backup resource to really get me out of a jam if needed. I see the 0% introductory APR's out there, but I do not even want to apply for them; because, I likely will not qualify as the crux of my problem is I am not currently working. I think my best option is to instead of starting a hotshot business at this moment, it is to go to work as a company driver for a Mega Carrier or maybe a company on Indeed looking for a hotshot driver. That way I can stack more cash, get hands on securement practice, and possibly test the waters of living out of a pickup before I invest into doing so.

It just feels so backward on the thought of going to work for a company with the intent of quitting as soon as I can secure a loan for the truck and trailer. My parents mentioned applying for a small business loan, but I really have not heard of anyone taking that route.