Truck Financing Questions ?

First post is from 5 years ago, from CAG/Fairville, and you would be happy to get 20% from them these days. Lenders lost their butts from 08-10 and the repurcusions are still felt. BTW, how many trucks have you financed?

 

I ended up not buying the truck at that dealership where they approved me for 20%. I went to another dealer in ohio where I found a better truck. When I told them that that's what I got approved for is 20%, with my credit score, they said that they can beat that. Unfortunately they had to run my credit again, but got a better rate of 12%. I haven't financed a truck before. I picked up the truck Wednesday.

 

That's pretty good for a first time buyer in my opinion. The good news is, if there is a second truck, you'll get even better than that, at least that was my experience.

 

So this thread was started 5 years ago, MartyCAG is MIA, but, since people are still posting, I'll run this by y'all!

Is there the possibility of getting a small business loan rather than getting a loan for just the truck and trailer?

To give a little more info, I've driven reefers and tankers in the past, but due to the length of time that has passed since the last time I was in a truck, as well as the circumstances surrounding that time (tipped over the pup running a set of Rocky Mtn doubles), no one I've found is wanting to take a chance on me as a driver. So, I'm looking at buying a 1-ton and a flatbed and getting into running hotshot/LTL loads.

The main reasons I am looking into a small business loan as opposed to a bank loan for a pickup/trailer are:
1. My credit score is mid 500 (the banks I've talked to need quite a bit of money down, which I just don't have right now)
2. There is an option that I may be able to go through the VA (Dept of Veterans Affairs) to get the loan

Any info y'all might have for me would be much appreciated. (Also any advice from other hotshot drivers who have started their own business as far as do's and don'ts would be great!)

 

Any small business loan for a startup is going to require a personal guarantee and credit check of the principals. A 550 score will get you a personal loan MUCH faster than a business loan. A private investor is most likely going to be your only chance, and without some sort of contract or guaranteed revenue, the risk will be to great. The best chance would be family or pursue the VA.

BTW, CAG (where Marty was from) typically wanted 25% down.

 

Thanks for the info

 

Your best bet is to make double payments every month and you'll be done in half the time.
If you are not able to do this with the revenue the truck brings in every month, you didn't have a good business plan to begin with.
Regards.





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I am a driver looking to own my own truck. I dont have the down payment to get started I can get the work just need the downpayment to give the bank for the loan. The bank told me if I had 30% down they would give me the loan no problem. So my question is do you know any one that will help me.

 

keep looking, there are companies that will go employee to O/O and they are not all that hard to find either,...

 

Thanks for the help.