Is there a way that I can get financing for a truck with a good credit score (812) and a decent credit history? I'm not a home owner and I have no or very little money for a down payment at this time. I was thinking of leasing a truck through the company that I currently drive for, but I did the math and I would end up paying around 80k for a 50k truck, not to mention the lack of credit reporting, etc.. I don't believe that's a good way to start a new business.
Truck Financing Questions ?
Discussion in 'Trucker Taxes and Truck Financing' started by MartyCAG, Jun 6, 2007.
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rollin coal, Roknric and Jerzy Thank this.
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Hello,
My husband is an O\O for Swift. I would like to know how hard is it to get another loan to pay Swift off and get the truck and my husband away from them? He is always gone... As expected. So I'm here asking the questions. Please anyone who can give me any kind of information will help. Niether one of us have good credit. I have lots of student loans. He is just older than I am and lived alot more. I'm not sure what the contract says. Are there any lenders that will lend him the money to pay the truck off? Does Swift have a mess load of limitations to pay the truck off?
Thanks,
Adrienne -
Hello, somewhat in the same boat looking for advice on another loan from same bank for a 2nd tractor and trailer to build our business. Still about 18 g's in debt from first. Will profit about 20% more putting a driver in a 2nd truck. Looking for a used tractor at about 25-35000$ level. Our accountant said go for it but I'm a little apprehensive about getting more in debt in our 1st year in the industry. We have great credit. Definitely gave leasing a thought. Any advice?
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@ NurseNunez
The best thing I would do is one check around some lenders, Refi your home if you two own one or look over his contract and see what will happen if he walks away from it?
Also how many more yrs/months he has left?
It sucks being away from home.! -
@ mothertrucker
If you are thinking about getting a rig. Buy one away from a company! This way your making a lower payment a week compared to the companies high payment!
I know people who are leased with a company that are paying 650. wk for the rig! Where as if you go and get financed for a [30-35k] rig, you will be looking at maybe [give or take] 800.00 month payment. -
Hello Marty, I've been trying to get a truck and I've exhausted all my funds so I don't have a down payment, and I am really thinking about going with prime, and I read your thread about how you feel about leasing, but I don't know what else to do, do you have any advice that can help. I talked to Arrow truck sales in Dallas,tx off of irving blvd and they have a 2005 freightliner, 500k miles for $34,950 and wants 20% down. good or bad?
thanks Jesse -
I want to lease a flatbed trailer but alot of companies dont lease to O/O. I was looking for some that do to call. I am new to trucking business.. thanks
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With Marty apparently going silent, I would love to help answer some questions. I'm an F&I manager at a dealer in Washington and would be happy to give you guys (and gals) some tips for what I'm seeing Finance Companies asking for when it comes to leases or loans! I'll keep my eye on this thread.
Mikechimbotano Thanks this.
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