Buying my first truck

robertbarnes62 · Dec 20, 2014

I want to buy a truck and have some questions if you all could help that would be great.

First off I have a credit score of 665 right now. I have $6000 that I can put down. I did file bankruptcy back in 2009. I have no monthly bills. Also I have driven off and on for the past seven years, the last year has been expedite and I love it!

Also I plan on leasing on to a company so I will use there dispatch to find loads and use their authority as well.

1. Would this be a personal or business loan?

2. Names of financial companies that might be able to help me would be nice.

3. Do I need to get a tax ID, if so how do I do that?

4. Names of dealers that sale trucks would be nice as well.

If you can think of other things please feel free to let me know what I forgot to ask and your answers.

Any help is greatly appreciated and all input is needed.

TeamCaffee · Dec 20, 2014

Before you buy your first truck you should consider finding a carrier as each carrier has their own preferences.

Consider talking to Expedite Services Financial to help you with the rest of your ideas.

Daffyduck528 · Dec 20, 2014

TeamCaffee said:
Before you buy your first truck you should consider finding a carrier as each carrier has their own preferences.

Consider talking to Expedite Services Financial to help you with the rest of your ideas.

I second the expediter services for your situation. They may require you to drive one of there trucks for up to a year first but you'll be hard pressed to find a better group of people to work with.

robertbarnes62 · Dec 20, 2014

TeamCaffee said:
Before you buy your first truck you should consider finding a carrier as each carrier has their own preferences.

Consider talking to Expedite Services Financial to help you with the rest of your ideas.

Thanks for the reply. The company I am currently driving for will be who I lease on with. I have spoken with them and have gotten the requirements for the truck.

I am more concerned with obtaining a loan and trying my best not to get screwed if someone knows a better route to take. I was hoping to save some headache by asking first. Lol.

I will contact the company you suggested to see what they say.

robertbarnes62 · Dec 20, 2014

Daffyduck528 said:
I second the expediter services for your situation. They may require you to drive one of there trucks for up to a year first but you'll be hard pressed to find a better group of people to work with.

Thanks for the reply. May will be one year driving with current company Otr expedite. I will contact expeditor services about the loan and process.

robertbarnes62 · Dec 20, 2014

Also do you have the contact info for expeditor services?

Thanks in advance

Treadmill · Dec 20, 2014

robertbarnes62 said:
Also do you have the contact info for expeditor services?

Thanks in advance

They have a banner ad that runs at the top of the page. Just wait for it to see it when you change pages.

robertbarnes62 · Dec 20, 2014

Treadmill said:
They have a banner ad that runs at the top of the page. Just wait for it to see it when you change pages.

Thanks, I just checked out their webpage and they seem to want to help which is a good thing. I just have to figure out if they will finance a truck while I work with my current carrier. Don't really want to leave my current carrier.

TruckingSurv · Dec 21, 2014

Small business loans are highly dependent on the individual credit of the owners, even established businesses. If your personal credit is good enough you will be much better off...

TS

robertbarnes62 · Dec 21, 2014

TruckingSurv said:
Small business loans are highly dependent on the individual credit of the owners, even established businesses. If your personal credit is good enough you will be much better off...

TS

Ok, I have a score of 665 right now. Does anyone know if they consider that bad, good, great?

Daffyduck528 · Dec 21, 2014

robertbarnes62 said:
Ok, I have a score of 665 right now. Does anyone know if they consider that bad, good, great?

For buying a truck I would think it's fair to low but it's not terrible. The bankruptcy thing may prove to be quite problematic though.

davekc · Dec 21, 2014

Daffyduck528 said:
For buying a truck I would think it's fair to low but it's not terrible. The bankruptcy thing may prove to be quite problematic though.

I would agree here. Also your statement of being "in and out" the past seven years. I think you may stand a chance, but you will pay for it with questionable terms.

Deville · Dec 22, 2014

Sent u a PM.

robertbarnes62 · Dec 22, 2014

Daffyduck528 said:
For buying a truck I would think it's fair to low but it's not terrible. The bankruptcy thing may prove to be quite problematic though.

That is what I was afraid of. Well I guess I will just start talking to finance companies to see if they can help.

Thanks for your input

robertbarnes62 · Dec 22, 2014

davekc said:
I would agree here. Also your statement of being "in and out" the past seven years. I think you may stand a chance, but you will pay for it with questionable terms.

Thanks for the input. I was afraid that I may end up in this situation but for now all I can do is try to see if any company will help me out.

I wonder if a co-signer will help?

robertbarnes62 · Dec 22, 2014

Deville said:
Sent u a PM.

Thanks I just responded

T270_Dreamin · Dec 22, 2014

Pay CASH like 95% of the fleet owners on here

Daffyduck528 · Dec 22, 2014

T270_Dreamin said:
Pay CASH like 95% of the fleet owners on here

You think that's the case? I only know a few fleet owners and I can't think of one that only pays cash for their vehicles. I'm sure some do, but only 5% using banks or financing companies? I don't know about that.

geo · Dec 25, 2014

are you a vet by chance their are program's you may be able to look into
thru small business programs
one thing don't buy a truck until you have a contract, cause bank doesn't care where money comes from
also if you are going to buy use make sure you have all maintance files on truck
if you can't get maintance paper work pass on that truck