Truck Purchase Qualifications, Old O/O Exp.

Discussion in 'Lease Purchase Trucking Forum' started by tenfourrr, Sep 22, 2021.

  1. tenfourrr

    tenfourrr Bobtail Member

    5
    2
    Sep 22, 2021
    USA
    0
    Hello trucking friends,
    as the title states I'm trying to get an understanding for the qualifications for a new truck loan, here's my situation: I have 7yrs trucking experience with a mix of regional and long-haul, BUT its from 2007-2014, I stopped driving and just got my cdl again. Of those 7yrs I was an owner operator the last 5yrs, my credit is 790 and I plan on putting up 5-10% of the truck cost down. I haven't started speaking with financing people yet but want to get insight from you guys/gals first. How much problem will old experience (that can be verified with a large company) play? I had one of the top safety ratings in my terminal (3rd best of 50 trucks). Are there companies that loan in this situation?
     
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  3. Cat sdp

    Cat sdp . .

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    30% down and any dealerships will get you financed….. bigger problem is no one has any new trucks in stock and used prices are absolutely ridiculous…….
     
    Bean Jr. Thanks this.
  4. MLC Adventures

    MLC Adventures Medium Load Member

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    May 2, 2021
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    I don't think experience will play a part. Credit worthiness will. Talk to your local Banker that you would normally use.
     
  5. tenfourrr

    tenfourrr Bobtail Member

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    2
    Sep 22, 2021
    USA
    0
    I appreciate it Cat sdp, wasn't aware of the truck shortage.
     
    Bean Jr. Thanks this.
  6. tenfourrr

    tenfourrr Bobtail Member

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    2
    Sep 22, 2021
    USA
    0
    Will do MLC Adventures, thanks.
     
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