Truck Financing Questions ?

Also if you do can you pm me your number.
Thanks

 

Hi. And thanks for being here to help me/us. I'm in the proccess of purchasing a truck, as we speak. I'm taking issue with the interest rates, as well as the provisions of available leases. I want/intend to pay my truck off as quickly as possible so that I can grow a fleet. However, as someone who watches interest rates closely (I give myself heartburn over them), I want to make sure I'm getting the best rate possible. If you could contact me, I will provide you with accurate credit rating info. Who knows? Maybe, you're the person I will get my financing through. My local financial institutions won't touch commercial trucks. And, as I said, I don't like the looks of the canned rates that I'm being offered. Haven't burnt any bridges, yet, though. Thank you, in advance, for your response.

 

is there any financing for people with bad credit? since you are saying a lease o/o is not good, is there options for us that cant get normal financing?

 

I believe the person that started this thread is mia since he has not been seen since October.

it was a good thread while it lasted though.

 

Ok here goes........Hi am a female solo o/o. Been leased on to a good co. for a little more than 3 years. During that time I have been able to pay off all my debts, paid off the truck and the IRS. Right now I owe nothing as far as loans go.
Now the hook, my motor recently blew at 410,000 miles. Supposedly its still under cummins "policy" but am still going to need about 10,000 to get everything done and get back on the road. My credit score is about 600 and my bank wont heklp, even if they hold title...................where do I go know for help?

 

Well, I'm no financial expert, so keep this in mind while you read my thoughts. If you have absolutely no outstanding debt, this is why your credit rating is only 600, or so. Not that it's not a good rating, but it isn't great, in the eyes of financial institutions. Particularly, with the given state of the economy. To have a "good", or "excellent" rating (750-850), you must have some revolving credit. As long as your account balances do not exceed 50% of the availability of funds, you will be considered a "good" risk. i.e. someone who can use credit wisely/ has established a reputation as someone who can pay his/her debts without going overboard. Therefore, increasing your credit rating(s) over time with this trend. If you use less than 30%, or more than 50%, your creditworthyness comes into question, which equates to declining credit scores. i.e. is this person having trouble keeping up with their bills? (high percentage) Do they know their job is on the line, so they're paying off the debt, in preparation? Are their credit lines set too high? Do they even pay attention to their finances well enough to realize they have such a high line of credit? (low percentage) Either way, you should look at your self, financially, and wonder if you'd lend money to you if all you had to go by was what you see in a credit report. It's never personal. Quite the opposite. To banks, people are crops. The crop could die, or grow. gotta pick the right seeds.

Now, if you truely have no debts (house, cars, credit cards, second mortgage, etc....), and your rig is paid for, why haven't you been saving for such contingencies? This is, likely, why you are having trouble getting help. I'm guessing you paid every dollar you could afford toward the truck payment/principal. Not a good business decision. Always allow/save for that rainy day. Particularly, in the early stages of the business, when you have no savings established. It rains, and rain it will!

You will likely need to get on a first time buyers program, and purchase a new rig. I hate them. They have rediculuos interest rates. Around 20%.

Another option would be your friends & family. This is a virtually interest free avenue, if you have good raport with your "People". Put your business on paper. Point out the obvious ( my truck is broke! Will you, plese, lend me enough money to get it fixed?), and show the perspective lender how you intend to pay them back. How much, how often, and for how long? (again, make sure you are saving some money, as well. let your perspective lender know/see this, and they'll know you're planning ahead, know you won't need to come after them again) And, most importantly, offer some substantial fee. Make it a money making investment for them. I'd rather pay interest to my friends/family than to some entity that veiws me as part of their "crop". Not to mention, the person you'd be borrowing from would lose interest if they had the money in IRAs, or the like. Just don't ask for something, and not expect it to cost you. I recomend 50 to 100 on 1000. This is less than you'll pay a bank, and less than the banks pay in interest. Win/win?
In short, don't just go to rich uncle John and say hey I need some money for my semi. Most people aren't very business savy, regardless of what they think of themselves. Uncle John thinks driving is your hobby, and he probably thinks you're making a ton of money. You hear it all the time. He doesn't realize what you have to put into the business. It's a bunch of "cash flow" with a reasonably modest income. Good Luck!! It'd be a shame to have a truck with that few miles just sitting. If you've gotta "off" it, contact me.

 

Hi Rookie thanks for the come back and the good advice. I understand about the revolving credit. One of the reasons is just that , that I don't use credit cards. Stupid me. I paid my truck off in a year, by the way I bought my truck on a handshake from a driver that didn't really know me but trusted me. I paid him 1/2 at time of delievery and had it paid off in 14 months. Thats one of the reasons my credit score is "average". The only things on my report are 3 cars that have been paid off with-in term in the last 7 years. As far as going to a relative.thats not what I want. I need to build up a credit score, borrowing from relatives does not go on your credit report, just like buying my truck on a handshake doesn't go there either. Rainy day funds............had that went through it on a new suspension trainy rebuild and helping my kids. Did not expect(slap forehead) my motor to go at such a young age. Have contacted Joe at OIDA to see about loan. Just fishing for help as he says that may take awhile. Am leasing a Penske truck for now.

 

Yes, it's like a rock & a hard place. To have good credit, you must use credit. Twisted world we live in, isn't it. Someone who has the discipline to NOT buy things they cannot afford/don't NEED, are considered a "risk" by banks. Regardless of how many times they've saved enough money to buy a car/truck/house outright. Yet, they seem to trip over themselves to extend loans to people who "really" cannot afford the things they're buying. Wonder if this has anything to do with the fact someone such as yourself doesn't equate to long term income, indicative by the fact you'd probably just pay it off in a year, anyway. Where's the interest money, now? Which is exactly why the rule is "Pay as agreed", with regard to reolving credit. If you see someone out there with an extremely high credit score, chances are he/she doesn't even need credit, or if he/she lost a couple weeks pay it'd be time for bankruptcy court.

Send all hate mail to...............

 

Hi rookie.........again thanks for simpatico ear. By the way what did you mean if I wanted to "off" my truck?

 

Sell it? You live in CA. I live in OH. Not sure how it would work. I wish you luck with whatever you decide to do.