My first expiriens first time truck buyer

If your credit is strong why not just take out a personal loan and pay the truck off. I took out 36k with a 6 year loan at 4.99% interest rate. Only pay $585 a month for a 2008 Volvo VNL 630. Sunk a lot of money in her the past few years but she's a good running truck. By doing this you can keep the money you have saved for breakdowns which are pretty much inevitable and still play pick and choose with loads not stressing about your monthly payment. Good Luck!!

 

Road Killer, keep chasing your dream man. Don't allow negative talk or negative "self" talk to sway you. Stay the course and make it happen. I'm taking an unconventional route myself (I'll refrain from going into detail, we all know why). I have 64+ years of experience mentoring and teaching me (Family of Truckers). I wan't to succeed as much as I want to breathe. My story is a little different, in that I have the capital to start the business with no loans for down payments. Two inexpensive trucks and a healthy maintenance cache (The Plan). Contrary to popular belief, you don't need a fortune to fly. With so much experience, couldn't you go Lease Purchase with your company? If not, perhaps switch carriers to a company that offers Lease Purchase? It may delay your plans for a bit, but you'd get to save a little more.

Good Luck Man!

Steve

 

Ive been wanting to buy a truck for a year now. The money is there, the credit is there, the desire is there, but the rates for hauling what I want to haul are at 1.50-2 bucks. Granted the work is regional, so it's gravy. But in Cali, everything is pricy so I'm not in a hurry.

 

http://www.1stindependentleasing.com

Try that lady, I ended up paying cash for trailer but she was very cool to deal with.And don't be mistaken by word "leasing", they called that way but was more like financing.Good luck!

 

Once you put the llc in effect and apply for a loan, your credit rating is meaningless.

 

Yeah unfortunately personal credit has nothing to do with business loans. I figured I'd be setup nicely when I bought my truck, home owner for 10 years, high 700's credit score, low debt to income ration, zero late payments in forever. Nope, still had to apply numerous places and most of them had rediculous term. Finally found a place that had somewhat normal terms, no penalty for early payoff after 18 months & 17% interest. Russ Darrow Leasing if you're interested. Don't let the leasing fool you, it's a regular lender and loan but just set up that way for tax purposes I'm assuming

 

My experience throughout the years is that if you have un-established credit for a business entity, the bank will make you sign a personal guarantee of the loan anyways.

In addition, a lot of lenders don't report payment history to the big 3 credit agencies either on commercial loans. So, it's tough to even establish a corporate entity credit history.