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

Dog Nerd Daily

Rookie Expediter
Researching
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!
 

Terry Bratt

New Recruit
Fleet Owner
US Marines
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

Veteran Expediter
Retired Expediter
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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Sandra James

New Recruit
Researching
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!
When you say you are looking for loan marketed by a lender who is looking to " double the principle", make sure that you do not get into any dubious transaction that might lead you to pay extra interest in the future. Instead, I would suggest that you go to legit money-lending institutes or banks and avail a loan facility. If you are worried about your poor credit score, then there are several such institutes that offer small loans based on several other parameters.
Since you mentioned that you have a good payment history and solid employer reference, I don't think you will have much problem in availing a personal loan for your truck. You won't even have to mortgage your assets as some of these institutes grant a personal loan without holding any collateral against it. However, they do charge high interest rates in such cases. But since you are okay with higher interest rates as long as there is no termination fee, I think you are good to go with these types of loans. You can easily avail small personal loans without the hassle of extra documentation at low EMIs.
 

brokcanadian

Veteran Expediter
Owner/Operator
You could just get a cheaper truck (cash). 10 times the research, lots of extra work keeping an eye on maintenance, but you wouldn't be a statistic if something unexpected happens

Isn't 50k the range when the big companies sell and don't want the risk anymore?
 
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