Trying to finance a truck with bad credit.

Discussion in 'Ask An Owner Operator' started by ArmyVetTrucker, Aug 29, 2017.

  1. ArmyVetTrucker

    ArmyVetTrucker Bobtail Member

    Jan 4, 2017
    Alright, here it is: I'm a former service member. I have driven off and on the last 4 years.
    I've got good driving experience, clean record,honorable discharge, bad credit, and some money down, but not the 3-5k all dealers seem to demand.
    I am not even making ends meet anymore as a company driver on a bad account. I need to buy or lease, but can't OFTEN even save any money.
    P.s. No need for comments from the internet tough guys who troll the web searching for people to pick on.
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  3. albert l

    albert l Road Train Member

    Feb 10, 2013
    On the Road
    Have you looked at getting onto a better company gig so you can bank some coin ?
  4. Bean Jr.

    Bean Jr. Road Train Member

    Mar 30, 2014
    The company where I'm leased has a good track record of lease purchase guys paying off their truck. pm me for more info.

    Veteran friendly carrier.
  5. m16ty

    m16ty Road Train Member

    Jan 22, 2016
    You're going to need a minimum of $20K or so in the bank before you even think about it. If you don't even have enough for a $5K down payment, even if you could get somebody to loan you the money, you'll never make it.

    Best to find you a good driving job and save up some more money.
  6. Dave_in_AZ

    Dave_in_AZ Road Train Member

    May 4, 2015
    IF you do like a L/P from a company, even the coolest company, your still basically an indentured servant until that truck is paid for.
    $3K to $5K, I'm assuming your looking at Lone Mountain or some other leasing companies, which is not a totally bad option, as long as you go some place that is all O/O.

    There are lots of company jobs, that pay ok if your willing to go OTR or regional. Go to Schneider or some place, save some money, and get your credit straitened out.

    You will be way, way ahead if you can purchase the truck right from a dealer or someone like Penske.

    An O/O with a used truck, you better save every penny, your gonna need it.

    I know I give my very best effort, and there are so many dillweeds encountered, bad brokers, bad mechanics, everything is e log now, no cheating, that it takes a lot of effort. A lot of effort.

    You want to start with a decent truck, not the cheapest POS on the lot cause that's all you can get, cause your just setting yourself up for disaster if you do that.

    I see guys try to break in with $3K month payments. Good luck with that.
    TallJoe, Broke Down 69 and bigtssa Thank this.
  7. ArmyVetTrucker

    ArmyVetTrucker Bobtail Member

    Jan 4, 2017
    Company jobs for big carriers pay you nothing, and in MY experience company jobs with small carriers pay great, and you get home 10 days a year.
  8. JL of Indiana

    JL of Indiana Light Load Member

    Jul 14, 2017
    Your barking up the wrong tree soldier. I seriously do wish you the best of luck.

    Bad credit and no money to operate with is your down fall. If your not making it as a company driver, switch jobs. Buying your own truck I don't feel will solve your problems. Believe me.
    Last edited by a moderator: Aug 30, 2017
  9. ArmyVetTrucker

    ArmyVetTrucker Bobtail Member

    Jan 4, 2017
    I didnt ask to be shot down. I dont have family money to rely on. Trucking has been it for me ever since I was honorably retired from the Army due to memory loss and other issues from wounds sustained in combat.
    ALSO, contrary to popular belief, some of us who were forcibly honirably retired, didnt have the years in service to make enough money from it to even have savings. I would imagine you cant comprehend, but if you can, and you see my plight then respond. If not, I say good day to you.
  10. daf105paccar

    daf105paccar Road Train Member

    Apr 15, 2012
    Not what you want to hear but do NOT go O/O.
    You are financially and mentally not ready.

    I wish you the best.
  11. LoJackDatHo

    LoJackDatHo Medium Load Member

    Jan 26, 2017

    They are not shooting you down. Here is an example. You spend you cash on a down payment, you get a used truck, probably with no warranty. You may be able to wrench on it yourself, but parts alone can be high dollar. Especially if you break down on the road. In the last 6 months, to make sure I don't break down in the road, I've replaced turbo $760, water pump $200, drive tires $3400, belts $100, suspension parts $200, radiator $800, Charge cooler, $1000 plus, AC condenser, tranny cooler, clutch and transmission $4500, u joints, $300. And that was all me doing to work myself. If any one of those things go down on the road, triple some of those numbers. I did all that before things went bad. Where will your funds come from. I've trucked when money was tight, and let me tell you, it's not fun going down the road thinking, if anything goes wrong today, how do I pay for it? Am I going to loose everything? How will my family feel if I do? NOT FUN. Now you might say, I'm going to get a truck with warranty, great, but warranty doesn't pay down time, and that can be weeks with NO income. Then truck payment is due. They are not trying to stop you, they are trying to keep you from failing like so many others before you. Good luck and we appreciate your service. Thank you
    Last edited: Aug 30, 2017
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