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Truck loan with poor credit / good pay history / down payment /

Discussion in 'General Expediter Forum' started by Dog Nerd Daily, Feb 27, 2018.

  1. Dog Nerd Daily

    Dog Nerd Daily New Recruit Researching

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    Hi all. I was wondering if anyone knew where I could go to see about financing a truck in the 30-50k range. I have poor credit (lot of business expenses this year and I didn't know I was going to be truck shopping) but good pay history with pay stubs, employer references and contracted for future work. I can do a good sized down payment and deal with a higher interest rate within reason as long as theres no early termination fee.

    Note I'm not looking for the type of loan recently marketed to me by a lender who wanted to make double the principal, no early payment possible.


    Thanks in advance!
     
  2. TeamHutch

    TeamHutch Expert Expediter Driver

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    • Terry Bratt

      Terry Bratt New Recruit Fleet Owner US Marines

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      Ck out Lone Mountain in Tipton GA I think their web caddy is (LoneMountainTruckSales.c**)

      You don't need good credit just the dwn and a letter of intent for truck lease. They do have a walk away program and trks are set up for three yr pay offs. Good luck
       
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    • BigStickJr

      BigStickJr Veteran Expediter Retired Expediter

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      DND, Truck financing is very tough.
      For experienced drivers buying first truck, tough.
      For inexperienced drivers, almost impossible.
      There are sharks out there willing to take advantage of your position, as you’ve found out.

      It’s risky. You open a dog training facility and default, they know where to pick up the assets.
      Someone defaults on a truck and the finance company has to search the whole continent looking for it. And hope it’s in running condition, and worse yet, hasn’t been parted out.

      It’s a very high risk situation for the financer.
      This is why many expediters drive for somebody then get into a lease to own situation.
      These deals are typically pretty favorable to the seller. It’s the only way most can obtain their first truck.
       
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