Need to lease or finance a rig but have bad credit

Hey guys, i am trucking out of miami florida and do all 48 states. I am in the market for another rig. I own a 2005 volvo vnl670 but need another truck. Its been hell and lies and bs with financing dealers. They have been running my credit and i gets no approval and if i do its crazy numbers. Me myself i dont drive so no i dont have a cdl. I have drivers to drive the trucks for me. If anyone knows a good real dealer who can finance me with poor credit and 4-5 k downpayment for a rig pleaseeeeeeeeeeeeeee let me know! I really need this 2nd truck! One more thing: I have contract of work to proof i have loads an routes making $$$ and bank statements

i would highly appreciate it guys.
Thank you
rapid speed tranport llc

 

There are two options that you can do:

1) Find an owner operator that is wanting to sale his truck, and work out a deal to pay so much down with monthly payments until the truck is paid off.

2)Loan Mountain Truck Leasing that does so much down with monthly payments until the truck is paid for. I know there is a dealer in GA, but that would be the closest. Just Google Lone Mountain trucking.

 

Hey mammamullins. Yes i already tried lone mountain trucks and everything was going well till they asked for $80,000 annual income tax returns! lol... i didnt make 80K last year specially being my first. i barely made 60K so the they didnt want to approve me. :/ just havent had any chance at all. and had already 3 diffrent place run my credit all over. so its gettin worse by the minute. and if i did get an approval is 9-10 K down and a truck worth 26,000 they wanna sell it to me for 33-34K... just abusing the trucking world! lol. i need a buy here pay here type deal or IN HOUSE FINANCING!

 

a) find some cubans down there with connections. you are in cuba after all.

b) stop running your credit that many times, it's not helping your credit.

c) maybe try a credit union.

 

Everytime you check your credit rating, your score goes down just for checking it. CountryClass is right. I was told that by a mortgage company.

 

Thats not abusing the trucking world, thats the same way the credit financing places work if you have bad credit and try to buy a car. What they are doing it selling the Truck to the financing "bank" and i use bank loosely, then the bank resells it to you for their price. They run on avg. knowing most won't get it paid off and they can flip it again. The down payment just icing on the cake.

Also running credit for any kind of credit card/financing only hits you once in a 30 day period even if you do it 300 times in the frame. But its still dinging your credit. Best suggestion is take the money you have for a down payment and start cleaning up your credit.

 

You mean each time a CREDITOR checks your credit . . . a person checking their own credit does not affect their credit rating at all . . . just when creditors do.

 

First off, if you are in business you should be pulling more than $80K gross with your own truck, whether you drive it or someone else does. Sounds like they aren't looking at the right numbers, or you misunderstood what they want. Double check what they were looking for . . . was the gross income or net?

Second, you are going to have to clean up your credit by paying things off, keeping a good steady payment history on things, and rebuild your credit at the same time with some smaller lines of credit. We had crappy credit (still do actually) last year, and needed a car . . . sure, we are paying a higher interest rate than I would like, but we did get approved for a car loan, and with that, on time payments since then and a couple of additional small credit accounts that have been paid on time, our credit score has taken a good jump. Still have some work to do on that credit score, but it can be done . . .

You may have to figure out another way to get the newer truck or fix up the one you have.

 

Hey Lilbit been awhile ! you can also talk to your bank. sometimes they will give you a loan when others wont because they HAVE your money! I know I did that once when I was having trouble. just make sure you talk to the manager not just someone in the office. a lot of times they can approve what others can't

 

Hey Okieron! Been playing doctor games and dealing with the back problem . . . finally found a doc that has a clue and got the back fixed! Here's a link about that whole mess! I am feeling better than I have in 7 years!

OK, back to the original topic of discussion!