Getting Finanaced

dcrone336 · Dec 30, 2005

Hey,

Getting started isn't too easy. Does anyone have any ideas on who to try to get finanaced with. I have tried a couple of places and been turned down because I don't have enough equity in my house. I'm working with Fyda Freightliner now.:'(

terryandrene · Dec 30, 2005

You are right about getting started not being easy. I think the best advice I can give is my opinion that you should never try to finance your way into this business by mortgaging your house. Success is not always assured and failure could cost you your truck and your house. Put together a good business plan and sell yourself and your plan to your bank. Remember this: You are asking a lender to finance your business venture, not just a truck.

Terry

Lawrence · Dec 30, 2005

Try here:

http://www.expeditetrucksales.com/truck-financing.html

Lawrence,
Expediters Online.com

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LDB · Dec 30, 2005

I definitely agree that whatever you do be sure you DO NOT use your home as part of your financing. It is too easy to lose your home if things don't work out. Good luck to you.

Leo Bricker, owner trucks 3034, 4958
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dcrone336 · Dec 30, 2005

I' not trying to get my home involved in buying a truck, the lenders always ask what you owe and what your home value is. I had one lender tell me that I didn't have enough equity in my house so they couldn't finanace my truck. I don't know what my house has to do with it.

davekc · Dec 30, 2005

I am with the others with regards to any deal that involves your home. Outside of that, Bobby at Fyda should be able to help you.
If not, you should consider running for someone to accumulate the necessary funds.

Davekc
owner
21 years
PantherII
EO moderator

highway star · Dec 31, 2005

If credit score is an issue that may bring home equity into play. There are a significant number of us that don't even own homes or even just live in the truck.

Tennesseahawk · Dec 31, 2005

There are a few fleet owners or investors who will lease-purchase a vehicle to you for a % of the gross. While some on here frown at the idea of lease-purchasing, it gives the owner an income from a driver who is invested in his equipment, and the driver gets a vehicle when it's paid off.

When the contract is finalized, I'll give you the scoop on my end.

FlameMerc · Dec 31, 2005

I agree on Fyda, I think they will be able to help you. Have you signed on with a Carrier yet? Your Carrier will have contacts and Owner's looking for driver's and can help you find a truck.

Also if Fyda doesn't work out, give Aluma-Bunk a call. I don't think I have heard of them turning anyone down. Good Luck...Butch...