Just another dumb financing question.

Discussion in 'Ask An Owner Operator' started by Sparkie, Jan 17, 2021.

  1. Sparkie

    Sparkie Bobtail Member

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    Oct 26, 2009
    Cyrus, Minnesota
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    I searched this out but after half an hour still haven’t found any real good answers.

    So here’s the deal. I’ve recently “purchased” my dads truck. My bank basically told me to screw off because I don’t have any income history with the truck. They’ve been really wishy washy with the whole thing, couldn’t decide if it was business or vehicle it seemed like. Gunna check a couple others in town this week because I’m sick of bremer anyway.

    My question is, if none of that pans out, what’s out there for good credit unions that won’t take me over? I have a good credit score, somewhere in the 700s, so that’s not an issue. Dad and I have an agreement where I’ll just pay him every month, but that really doesn’t help either of us out. It also doesn’t help my roughly 4500 dollars in other expenses getting everything going.

    Any advice is appreciated. And if you see this ratty old IH, don’t be afraid to say hi.
     
    jamespmack Thanks this.
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  3. Spyro2112

    Spyro2112 Medium Load Member

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    Mar 17, 2018
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    Have dad hire u as a driver, open a co bank account. Keep the money after expenses
     
  4. Concorde

    Concorde Road Train Member

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    Jun 29, 2016
    West Melbourne Florida
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    Tell “Dad” if he really loves you, he should just give it to you :)

    Seriously, just pay him monthly and on time.
     
  5. MTN Boomer

    MTN Boomer Medium Load Member

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    Roll with it, putt some good settlement checks in the bank and it will be paid off.
     
    Sparkie and OldeSkool Thank this.
  6. OldeSkool

    OldeSkool Heavy Load Member

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    Jul 17, 2018
    Arkansas
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    If your dad would finance it for you that would be great. Or if he would co-sign for you that might help too. Getting financing on an old truck is difficult even with good credit. Either a credit union or a small town bank that knows you is about your only option seems like.
     
    Brettj3876 Thanks this.
  7. Final Drive

    Final Drive Road Train Member

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    I'll play Devils Adocate, tell your Step-dad to help you out by financing the truck for you..
     
  8. Chinatown

    Chinatown Road Train Member

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    Henderson, NV & Orient
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    If you're a military vet or family member of a military vet, then www.USAA.com will probably help you with financing.
     
    OldeSkool Thanks this.
  9. Sparkie

    Sparkie Bobtail Member

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    Oct 26, 2009
    Cyrus, Minnesota
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    He’s willing to for a little while. But he’s got stuff he wants to get paid off too, which I understand completely. The bank thing is extremely frustrating as I’ve banked there my entire life.

    Hoping one of the other banks in our little town will take my sob story and help me out haha
     
    OldeSkool Thanks this.
  10. Oakland Raiders Forever

    Oakland Raiders Forever Medium Load Member

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    Borrowing $$$ to be a truck driver is a real bad idea. No credit no debt no payments no answering to lender. Save up your cash and pay cash and have lots of cash on hand when your job breaks down and needs repairs.
     
  11. Sparkie

    Sparkie Bobtail Member

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    Oct 26, 2009
    Cyrus, Minnesota
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    I’m not borrowing money to become a truck driver. I’m borrowing money to build a business and make money for myself instead of everyone else.

    Id love to be able to pay cash for everything. But that’s not how life works for a 27 year old small town truck mechanic that decided to chase his dream of driving.
     
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