Looking for exp o/o info for financing

to GET financing, you have to have an established credit history. If you buy everything on cash, you establish no history.

If you are running into issues with not being able to get ANY financing, then get a credit card. Use it for EVERYTHING and pay the balance off every month or week. You now have an established credit history.

Learn how THEIR game works and use it to your advantage.

Take a loan out on your car, put it in a savings account and pay it off in 6 months. Even if it's only $2000. You have established credit history.

It sounds silly, but those are the things they are looking at. Especially if you have a long term finance item like a house or rent payment.

WHAT HISTORY have you established that they are able to verify that you can handle financing. Done right, by fall, you'll be able to go in and get financing on a truck.

Either that or save your pennies a whole bunch more and skip the financing option.

 

most banks will NOT finance equipment that is older than 9 years old. Regardless of history / records.

 

Maybe a personal line of credit on your house? You get the money to use as you wish and make payments like it was a mortgage. As long as you make the payments you keep the house, no matter what the business does.

 

Well,since you understand that it's "just the way your country self was raised",its not a personal thing,it's just how THIS country runs and hands out credit.

If you continue to purchase by cash,you will have to do just that....c o n t i n u e.
If you wish for a bank or credit union to extend credit to you,you WIlL have to become creditworthy at some point. If you build your credit up,you won't have to put up a collateral.

All they want is a signature,bc they know by the way you pay all your bills on time that you take pride in paying your bills on time,and know that you won't break that chain by not paying for a truck.
If you build a relationship with your bank and you have excellent credit,AND a house paid in full,and cars paid in full...(which actually somewhat hurts your credit,but get into that later )then they will finance anything you want.Even that old truck you have an eye on.

So ...really there is NO financing without good credit,UNLESS you go to places like Lone Mountain
But if you don't have credit,that's not such a bad place to start.
Otherwise,put up your collateral and pay it back on time,and WA-LA you've put your country self ahead
of the game in the credit world.

 

I lease purchased my equipment from lone mountain trucks.
my score at that time was 529. They called me and did an interview. asked me things like how long I've been driving as an o/o also how would I to pay for repairs. I said I have an emergency fund of 5k. After that answer he said he would finance me . just needed to see 2 months bank statements was looking irresponsible behavior such as; over draft.


that's it. done. look for yourself at their site .low down.

no bull no hidden fees. even got a free warranty