Posted Sun, Oct 10 2010 07:10 AM CST
Posts: 1
I am looking around for some financing to get a truck and a trailer. I have loads and I have checked the numbers, they all work. Please make some recommendations on the best way to finance (buying vs leasing), and with who to finance. Also if there is anyone looking to get out of the business and would be willing to owner finance we would be very interested. We don't have much to put down but could possibly find more if the deal is right. Our credit score is good (over 700), but credit history is short (less than 3 years). Please share your knowledge and point us in the right direction. Thanks. REPLY REPLY WITH QUOTE
Posted Mon, Oct 11 2010 05:47 AM CST
Posts: 23

I retired from the Ag & commercial finance business 6 years ago.  After what has happened with the banking system and general economy in the last 2-3 years you are going to have a VERY, VERY, VERY difficult time finding financing.  Most lenders will not finance anything older than 6-7 years old.  If you found one that would they would finance it for 2 years or less.  Most lenders are going to want at bare, bare minimum 20% down payment.  If you have not been in business at least 3 years they will not even think about it.


I have 2 suggestions.  Number 1 would be to find a lender that has repos and try to buy one of their repos.  They are a whole lot more flexable if you are taking an asset off their books.  Number 2 would be find a private individual who will be willling to finance you.  Good Luck!!

Posted Mon, Oct 11 2010 06:41 AM CST
Posts: 30
wait til you have more money down. Thats my opinion. REPLY REPLY WITH QUOTE
Posted Wed, Oct 13 2010 03:33 AM CST
Posts: 6
Hey pardner, I'm fresh out of cdl school here in iowa...had some livestock connections but no truck. long story short...found a 98 freightliner that was completely redone engine, tranny, clutch, new tires, new brakes, interior spotless for 10k ect ect. a guy named Doug Shields out of Arizona helped me get financed on this old of truck. I put 27% down and the deal was done with a 590 credit score and a bankruptcy 1 1/2 years ago. If you got a 700 credit score he can get you in a truck/trailer for $500 - 1000 down, with a warranty if you want it. no joke mate. Tell him mike from Iowa sent you. he's the straightest shooter you'll ever talk to. REPLY REPLY WITH QUOTE
Posted Thu, Nov 18 2010 09:40 AM CST
, ID

Posts: 1

I am currently getting out of the business myself and have my trailer leased out and needing to sell my truck. I would consider financing for the right person and a down of 8-10 k. If this interests you at all give me a call and we could discuss terms and pssibilities @ 208-731-6384. I just listed it in the classifieds on this site.