VA Small Business loan and DOT

I know nothing of the VA loans but I don't like any government loans period. Make sure you read all the fine print as most have lots of strings attached.

 

I looked into it a while back. Looks like a borrower needs decent credit, collateral and a business plan. They used to have a Patriot VA loan deal but I think it expired. I did see they have Microloans up to $50,000 bucks. 6 year payback plan.

 

Va veterans loans will not lend money on any transportation type businesses. I have tried a thousand times. I'm a veteran, have been to va offices several times, non of them will loan money on trucking, your best bet is get a va house loan for a house valued higher than asking price use the difference to get started. I have to ask how much experience do you have? Are you going to get your own authority? Or lease to a company with your truck? You need a year otr before anyone will lease you on even if you own the truck. If your gonna pull loads with your own authority you need a good credit rating Bc most companies are gonna want some sort of credit on you. Insurance companies won't cover you with out enough experience either. If you have enough otr but not enough cash to buy a truck plus atleast 10-12000 in the bank for emergencies your fooling yourself. If you go to a dealership you might get financed under commercial credit for an exorbitant interest rate any where from 1200 -2500 month truck payment. And you want to be in a world of hurt get a truck payment and not be able to pay it. It will ruin your life. Drive for a company and save your money, I paid 8000 for my first ride and had 10000 in the bank, plus a big credit card. It was a 98 freightliner century class, it lasted me 4 years and paid for my 2007 Volvo which is a really nice truck. Hang in there and don't try to borrow your way into trucking, payments will kill you when the freight prices dip hard Bc of this wonky economy. It's not steady at all right now. Pay cash for everything and that way when your doing everything else that goes along with being an o/o a payment is one last thing you'll have to worry about.

 

Get some driving time in and save money in the process. This business is a beast that will swallow you whole if you don't know exactly what you are getting into.