Were To Get Financing

[mnguard]

Does any one know of a place that will finance straight trucks and not tell you you have to have a commercial loan?, Banks wont finance a commercial truck with the economy the way it is now.

 

[Dakota]

There is a good reason the banks won't finance a commercial truck, repo's are on the rise and lots of truck drivers/expeditors are going broke.
Your best bet is probably the truck dealership, unless you have equity in your house(not recommended) or money in the bank. Funny how it works, if you have money there is no problem getting a loan and if you don't have money then there is a problem getting a loan.

 

[nightcreacher]

You can have questionable credit and buy a car,banks will trust you on that,reason being,if they repo your car,your not loosing you job and being able to pay back the balance of the note,have your truck repoed,now your out of work,and they know they are going to probably never see the balance of that note.
If and big if,you have lots of equity in your house,if you own a house,taking That truck on a house note,you could put that truck on 10 years and have a very small payment.When your weeks are good you can make bigger payments,and when they are bad,at least that small paYment won't hurt that much.

 

[BillChaffey]

Have you tried OOIDA?. Call 1-800-444-5791

 

[moose]

What state ?

here is one that was recommended on EO before :

Blake & Blair Financial - Home

and i 2nd the OOIDA suggestion.

 

[transporter]

i do not know the answer to your question, but give a sugestion.
go to your local small town bank walk in and speak to loan officer Armed with your GOOD credit, trade organizations positive freight broadcast, and of coarse a down payment.
Be dressed proffesionally

 

[highway star]

Banks started getting out of the big truck biz after the rash of repos and O/O related bankruptcies in '00 and '01. Even folks with an on going history with a bank have been turned down. I doubt you'll get it done with a bank you haven't previously done business with.

 

[Brisco]

i do not know the answer to your question, but give a sugestion.
go to your local small town bank walk in and speak to loan officer Armed with your GOOD credit, trade organizations positive freight broadcast, and of coarse a down payment.
Be dressed proffesionally

Repeating what I have said in another thread here a couple of months back.........

Good Luck with that. That is, if things haven't changed since Jan/Feb.

Walked into my bank last January for a simple $38K loan to buy and build a specialized hauler to get back into hauling RV's 2 at a time. Had contract all lined up with a Transport company up in Elkhart Indiana. Contract was for $1.85-$2.00 a mile outbound with autos as backhauls to at least cover fuel and lodging on the way back. Just talked to a guy last week that has a haul & tow truck who ran trailers 2 at a time out of Oregon up into Canada for 2 months straight (March-April) and cleared $23,000 for those 2 months.

Anyways, despite the fact I have an 800 Credit Score, despite the fact I have 10+ years of verifiable trucking experience as an "Independant Contractor", despite the fact I have 5 times the amount of the loan I was seeking in cold hard cash sitting in that bank, despite the fact I obtained $152,000 in loans for various equipment (trucks/trailers) over a 7-8 year period, of which $54,000 of those loans were with said bank, and all loans paid off in 1/2 the contract terms, my bank said "Sorry, we cannot help you at this time." They went as far as mentioning a "Home Equity Loan" on this $120K house I own outright. Conversation ended right there and have since switched banks over that comment.

So, unless things have changed since Obawa and Gaitner took control of the banking industry, forget about going to your local bank for any kind of money right now. You could bring the POPE with you as a personal referrence and you're still not going to get squat as an "Individual". Not under this Socialist Regime we are under where Obawa rules all aspects of our lives with a Marxist thumb.

 

[Dakota]

i do not know the answer to your question, but give a suggestion.
go to your local small town bank walk in and speak to loan officer Armed with your GOOD credit, trade organizations positive freight broadcast, and of course a down payment.
Be dressed professionally

And make sure your spelling is correct
Fixed it for ya )

 

[transporter]

thats how we hilbiilies spell it.

i am graded on the hilbilly curve.

but thxs rocket man

 

[Dakota]

thats how we hilbiilies spell it.

i am graded on the hilbilly curve.

but thxs rocket man

Since you are a hillbilly, you are forgiven my son

 

[transporter]

thank you rocketman for understanding

 

[davekc]

After all these years, "cash is still king". That may change if Obamer keeps screwing things up, but it still holds as of now.
If you can't pay cash for it, you can't afford it.
No need to complicate the simple. Many tried to complicate it, and that is what you currently find in the repo and bank lots.
Most are worthless ran out hoopties.

 

[transporter]

my point was try your luck with a small bank or credit union.
they took less risky loans and investments than larger banks.
so they maybe less gun shy.
This may or may not work. most banks are not interested in truck loans right now.
mr ramsey is correct the best way is to pay cash. but few can do this

 

[nightcreacher]

I one time went to my friendly auto dealer,and bought this car I thought I had to have.The salesman wanted to know if I was going to get my own loan,or would he do it for me.I told him I was paying cash.He stopped for a minuet,then said he had to talk with his manager to see if cash was ok.I bought the car,the next week I traded it for another,turned out I didn't really care for that car,that I just had to have.