Credit Score does it really help in buying a semi truck???

usualy it 10% of the price so im not sure why they are asking so much for a $22,900 dollar truck but with the way the industry is going it might be tuff for a first time buyer... they also look at how long you have been driving commercial vehicles. now my question is do you have back up money if you do by that truck meaning your gonna need a reserve account of at least $10,000 minimum..and thats after getting all your permits, plates,2290 insurance...workers comp...im not trying to deter you just letting you know what you need...

 

Lone Mountain will help you and this is a company my brother used http://www.tacapitalgroup.com/financing-truck.html and he was very pleased with the service as they lowered his interest rate twice

 

Oh yeah i forgot about them...Good post Losttrucker..They can help you out..

 

It can be difficult to get your first truck financed, especially in a troubled economy. Lenders look at your credit score, but other factors can place just as much value. They look at length of time in the business, where you will be leasing the truck or if you will be getting your own authority. They also want to see how much cash you plan on putting into the deal. Older trucks can sometimes require a higher percentage down than a newer truck. I would expect to pay 10-20% down in most cases. If you plan to lease the truck to a carrier your lender may want a copy of the lease or letter of intent before closing the deal. Most dealers have sources for financing, but you will usually pay less if you find your own. Check with your local bank or credit union. Some do loans on class 8 equipment, especially if you are an established customer. Check with the truckpaper. Some dealers and lenders advertise. Kennesaw Leasing, Smoky Mountain Leasing, 4 Points Capital are a few who do financing on class 8 equipment. Paccar, International Harvestor, Chrysler Credit, Mercedes Credit are a few who also do financing. If you google for equipment financing, you should come up with more names. As someone else mentioned, Lone Mountain also does leasing, but I believe it is only on their own equipment. When some say leasing, it is really buying. With some you own the equipment when you pay the last payment. Others may have a baloon payment or you pay $1 to actually own the equipment. It is a means to write the equipment off and still own it at the end.

 

Try to find a buy here pay here place. you can get a decent truck for 3k down easily. Thats what I did.

 

There's a buy here pay here semi truck place in south carolina and georgia ! the one in SC is Drive Now and the one GA is in Berman GA google each one and the name in Ga will come up !!! GOOD LUCK

 

i know this is a little bit of an old post but did anyone find a way to get financed or did the couple get a truck somewhere and suggest a place to go? cause im in a spot where i want to get a truck but not alot to put down.. and credit sucks.. any ideas?

 

Hi, can you please tell me if this company is really good? what is the name of the company or their website? how much is their interest? are their prices making sense? or they taking too much? how many months they finance?
did you already paid off your truck?
thank you