Is it hard getting financing for a truck?

Are you asking a question, or making a statement masked as a question?

 

Well, I went through a local community bank back in December of 2015.

I found an in stock (new) end of the year truck equipped the way I wanted, negotiated the final price and my bank financed it utilizing guarantees from the S.B.A. program, with 10% down @ 5.5% rate.

What else do you need to know?

 

Lets start at the most important point. Your financial condition. From what you have posted, you are not in a financial condition to move to any type of truck purchase.
Why, first you state your credit score is low. Second it sounds as if you have little to no cash reserves.
The number one reason business fail is due to not having the capital to operate the business.

Business plan and numbers calculations. From the posting, it seems you may have looked into the very basics of numbers, but you have not taken all into account. What about insurance, both truck and personal as an example. So it seems you have no business plan

What does this have to do with buying a truck?
If you have no plan, don’t know your true numbers, what things cost, pay etc. how do you plan to pay the bills you will incure.

Well gee, people jump into fleece purchase deals all the time, and they make money. Well do they? This web site is full of stories of failed attempts. It also has stories from people who run successful business operations.
The one thing these successful operation have.
A business plan, capital and financial control.

Best thing you could do is to start working on your credit, savings and business plan. That in and of its self will be a practice in planning.

 

I agree don’t see how they can make any real money.Ive heard all kinds of justifications like tax write offs etc.Anyone who thinks spending $1.00 to save .20 on a tax bill is good business sense usually heard that from a tax advisor who is focused only on saving $$$ at tax time.Id rather pay the tax and keep the .80 cents There’s so many variables in trucking in my opinion, keeping fixed costs down is Top of list.Its too easy to become a slave to getting ahead or out of a hole.Not to mention being able to take time off.I had a hard time getting financed for a used trailer 2 yrs agh I had lots of approvals all rip offs.One guy in California’s so called 10% loan was actually 24%.Called him out on it,I was told I wasn’t doing the math right.These people must get away with it.I use bankrate.com to run their numbers.Bottom Line is Anyone who spends $75000 in order to Make less than that a year is taking a huge risk.Ive made a lot of financial mistakes doing the best I could with available resources.In my opinion truck payments should be about $1400 mo max.keeping in mind the last 18 mo of a 4 yr loan is the hardest,due to increased costs tires etc.And ofcourse what’s the truck worth, that is being able to get out of it right side up if needed.As far as new trucks go I’ve never dealt with that.All I hear is horror stories of $6000 to $13000 repairs.I can get an overhaul for that much $$$. Like I said I’ve been trapped before, now I run a 17 yr old truck, when I once believed anything older than 7 yrs old would be a money pit. However the old ones are better in my opinion for obvious reasons.As long as electrical and Frame is good everything else can be maintained much cheaper than a newer truck.Im making very good $ now and keeping a lot more.Paying off other bills.It all depends on your circumstances. Myself I believe true freedom means having choices.Ive been in so deep I couldn’t get out, that’s no fun. Ofcourse if you get a $30 k truck that’s fairly new with good tires that gets good mpg you’ll make money,sounds like you know all this, having 2 trucks paid for.All I can say is beware of the financing, especially those in house deals as like all auto dealers they’re in it together, cash or having you’re own already set up gives you negotiating power

 

I always just used Daimler Truck Financial, Freightliner and Western Star in house dealer finance on both new and used trucks, and a trailer.
Only ever asked for 10% down and usually got an answer within 30 minutes. My credit score has always been over 700, 835 last time I checked.
Just be sure to always pay your bills / credit on time, you’ll never have an issue.

 

Why do you want to buy a truck ?
Why do you want to borrow money to buy a truck ?

 

Business plan ?
What is a business plan ?
Im going to drive , im going to drive hard.