truck financing

You could always put together a business plan and try for an SBA loan. Wells Fargo is the biggest when it comes to SBA programs.

If you're a veteran you can use the Patriot Loan Express with Wells Fargo, Chase etc. That program guarantees 20% of your loan. Anyways good luck.

 

That was kind of the point I was trying to get across.

Its easier to borrow someone elses money and if it doesnt work out,.. well there is the bankruptcy option.

With a second mortgage on your house,.. you actually have something you've vested your hard earned money into and will be at a financial loss if you fail.

When buying a truck and going into business,.. you have to be willing to risk it all, work that much harder, fight through any struggles, and be willing to stick it through in order to succeed. With out that kind of mental picture,.. most will fail before they even begin. They simply do not have the aptitude or fortitude to succeed. It takes a lot more than simply buying a truck. I mean,.. is there ready work that the truck will do in order to pay for itself? No work,.. no money to pay bills. I preach this over and over,.. find the work first,.. the truck second.

Taking out a loan and letting the bank come repo your truck when it doesnt work out is the easy way out.

Personally,.. I would suggest putting some money away for a few years. Then when you have enough to get started,.. it might be easier to do the things you want.

Hurst

 

I bought a used truck (2010 Volvo) on my own through a local bank. Put down 10k on a nice 42k truck. 5.5% and $600 a month payments.

I could of gotten a new Volvo via the owner of the company I lease to on a purchase contract. However, when I considered the $2,750 a month payment, I decided against it. Very happy I didn't. Owning my own truck gives me a lot more latitude and freedom in the event I decide I want to move on.

 

Lol.

 

Main criteria is 5 years experience and home ownership,unless you have a sizeable down payment.

 

If you look in the truck paper at those BuyHerePayHere places that advertise 'no credit check', you can get into a lease truck. But it's a different setup than the megas.

1. The lease has nothing to do with the company that you drive for. In other words, they're not double dipping on your funds, making you pay for tires, or have control over your maintenance, or putting you under a weekly payment that starts to snowball as soon as you go home....it's worlds more manageable. If you dont like the rules of the playground, you take your toys and go somewheres else.
2. No bigtime balloon payment. The megas will have you lease a truck for 3-4 years and at the end of the lease, you have to pay market value for the truck...usually near $50k (but some go as high as $80)OR you lose the truck.

Had a friend of mine get one from Lone Mountain that was an old England truck turned up to 515Hp and a 13. His payment was $800/month! Not the truck that I would have wanted, but it got him out of the company lease gig, and he saved 50% on payments.
I picked mine up from I65TruckSales. Took over for a guy that was 6 months behind on payments. $1200/month for 2 years and they sent me the title. It was the model I wanted, the engine I wanted, the transmission I wanted, the gear ratio I wanted and the wheelbase I wanted. No Bull. James Joyce was good to me.

Word of caution: Do your homework. Don't just buy a truck and make it fit. Buy the best truck for what you want to do. And watch out for the Bait and Switch. That's when they draw you in on 1 truck, but the day before you run to get it, it sells. Then they call you back an hour later offering another truck. Had a buddy that was looking for a Volvo 880. He was a former Swift driver, and so most drivers stick with what they know. I told him not to get a condo and to get a midroof. He found the truck. Faxed papers back and forth, signatures and signatures and suddenly, the truck is gone the day before he was to fly out and pick it up. I would have been pissed. I warn him about the bait and switch, and 2 hours later, they call him about a 780 condo. I tell him to pass on it, but like most people when dealing with salesmen, they're too eager to fire the trigger. Somebody cue Madonna's "Like a Virgin." Anyway, it wasn't a bad truck, but any time another person can make you buy what you didn't want, you should feel ashamed, because you got porked and had to pay for it. Even lot lizards would think that's foolish.

When you see the truck you want, run the last 9 (not 6) of the VIN. It will tell you everything about the truck. If you're going to buy an older truck, you'd better know everything there is about it. Find a friend that has the same truck. It will help in troubleshooting problems. And find a good shop thats near your home. And when you go home, park the truck at the shop and give them a list of maintenance items. It's alot easier and cheaper to sit at home and get maintenance done instead of out on the road.

Luck in battle.

 

I borrowed around $4,000.00 almost 30 years ago. I've paid, and deferred, paid and deferred time and time again. I just consolidated again, and it is $8,000.00. And if I don't defer this time, I will pay over $10,000.00, not counting all the payments I've made until now.

 

Good luck with that! Now that nobody has been building cabovers for the past 15 years, (I'm not forgetting about the Argosy), and that Freightliner was remanufacturing cabovers into coventionals, the cabovers that are left are not such bargains anymore. 1985s going for close to $10,000? You could get an fld with electronic motor for less than that! The only reason to buy a cabover now is because you want one. I plead guilty.

 

Where would you run the vin to get the truck equivalent of Carfax?

 

Think the web site is rigdig.com if I'm not mistaking. It's something along these lines.