TRYING TO GET FINANCING FOR MY FIRST TRUCK.

If you have over 700 credit score,10% down and recent 1-2 driving experience you will get a loan period.I know cause I did it.

 

Haven't some people had some luck with small business loans?
Unsecured loan maybe not so much. Sign your assets away, why not? Lol
If banks are so scared of "truck loans" apply for a "business loan". Sometimes the right words can make the right difference.

Maybe an SBA loan if you can make it through that process without hanging yourself. The business type may be a restricted sector but you'd be looking at an interest rate of 2-3% for that principal, what they'd call a microloan for a startup. SBA guarantees a percentage of the loan so banks offer prime rates. You'll need a SOLID business plan though. They don't hand those out easy.

 

Wells Fargo may not want to deal with you but lots of others will. I would count on being asked for at least 10% down though even with your good credit as a first timer and putting more down like 20-25% and taking shorter terms might get you a better rate.

I believe the best idea for a first time truck owner is to just cut out the banks altogether and buy something you can pay cash for but I understand that's not always realistic. Too much temptation to overspend when you're using borrowed money and then you've got a huge payment hanging over the head of a new guy who usually doesn't really know what he's doing yet.

 

I have an SBA loan on my 2016 Volvo. SBA guarantees 75% of the loan which the bank writes. I put down 10% and got 5.5% money.

I didn't provide any kind of written business plan...I sold him on why it would be good for his bank to do business with me.

My loan was granted because I was very persistent and relational with the V.P. of commercial loans at the local community bank. He first told me my chances of obtaining a commercial loan through them was like 10%. However, as I jumped through every hoop it fell into place.

6 months later I went back and got a loan through the same bank for a new trailer. It was a piece of cake.

 

Who gave you the loan ????

I have over 700fico but that doesn't matter because I haven't had any loan over $7500.

All these places want to lease a truck with crazy terms: they want $12000 down and $1900 month for 24 months for a $40000 truck bringing the price to over $60000.

BB&T bank said that I should try the SBA loan but said it takes 40 days and they want 3 yrs recent experience as owner operator.

 

My banker used to finance truck purchases but they had to stop. The reason? The repo rate runs between 25 and 50 percent. Way too high for a normal lender.

 

I got my truck in the

late nineties can't remember the finance company out of lionsville pa but pretty sure it's now cag capital out of chads ford pa but anyway I put 5,000 down on a 50,000 96 western star with a credit score a little under 700 payment was 1,344 a month for 5 years.