Looking for tips on purchasing a rig

Discussion in 'Experienced Truckers' Advice' started by fins2feathers, Feb 13, 2012.

  1. fins2feathers

    fins2feathers Bobtail Member

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    Jan 27, 2012
    Athens, Alabama.
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    Looking for tips on purchasing a rig, post it here I'm more than sure there is a vast amount of truckers that could use some useful ideas that might help another fellow driver attain his first second or third new rig. Ive often wondered if your DAC report and driver history with on time loads make a difference in compared to credit scores make the difference in getting that approval to a new purchase plan. Of course I totally understand its about money, and how you intend to make the payments and all but are there other factors that might help? Any and all replays are helpful.


    DMus
     
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  3. DrtyDiesel

    DrtyDiesel Road Train Member

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    I was told by a dealer they will look at my credit (614) but what would be the determining factor is a letter of intent. Basically they wanna know what ill be doing with it before they finance it. If i have a job set up and ready to go and put this truck to work I might get financed with $5k down and then another guy for the same truck would put $5k down with a credit score of 700+ and get turned down because he doesn't have a job lined up. Also on time deliveries may not help or hinder.
     
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  4. Gizmo_Man

    Gizmo_Man Road Train Member

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    DAC does not count towards buying anything.

    Your credit score DOES.
     
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  5. Krooser

    Krooser Road Train Member

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    Lenders could care less about on time deliveries or DAC reports.... maybe if they have to call for a personal reference but I can't see that happening.
     
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  6. SHC

    SHC Spoiled Rotten Brat O/O

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    And to be honest, your credit rating has a huge part, but not all of it. We have a guy who has a terrible rating well under 550, but he put $45k down and got his pic of the lot. The bank figures at that much upfront, you are less likely to screw up and not make your payments and so-on..... but a 700+ and 45K will get you an AMAZING APR rate ;)
     
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  7. TheRoadWarrior

    TheRoadWarrior rocking-n-rollin again

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    just be sure you dont put all your money down on the rig and leave yourself with no working capital.... make sure you have the Minium we all talk about of at least 15 grand in the bank after permits and all the stuff that goes along...
     
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