Quote:
Originally Posted by quito12
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I don't know anything about the FREE credit reports and how they work. But I know that if YOU go to
www.equifax.com,
www.experian.com and/or
www.transunion.com and get your OWN credit report it does not put points on you. Don't get the three-in-one credit reports. They don't have ALL the information. More of an overview. Always get the credit report PLUS credit score. The prices may have gone up (I haven't checked mine in a while- 6 months at least) but it should be around $15 from each agency- again, not talking about the free ones.
I would be surprised if the free credit reports have the same depth of information that the full credit reports from the credit agencies have. And you need to make sure that you check ALL THREE agencies- you may have things reported to one and not the other two- Swift does that to some of their defaulted lease operators. They report it to Exerian or Transunion but not to Equifax- so you may not even find out about it for years.
Also- the good rates usually start around 750 plus... But if you are over 700 that is still very good in the eyes of lenders. They will look at the whole deal, though. If you have 30-day-lates that are OLD, they won't look as bad as recent ones. And a 30-day-late on a mortgage is the kiss of death. Very bad. Always pay your mortgage on time!
If you have a good relationship with a local bank you may find that you will do much better than if you go to a big financial institution- they know you and know your character. Which, if you have bad character, will play against you. A local bank may give you a small business line of credit rather than an installment loan (the typical truck loan) which will be a lower credit rate for an indefinite period. That is only good if you have the discipline to make regular payments.
And if you get a loan through a truck dealer, you need to know that dealerships will often tack on anywhere from 1/2 percent to several percentage points to your loan if you get it through them- they won't tell you about it either. That's the part I don't like- they should disclose that information to you.
If you don't have the money to put a good downpayment down and also have a safety account, don't buy a truck. What will you do if you get hurt or sick? What will you do if you have a family emergency? Your payments don't stop when they become inconvenient. If you don't have the money, stay as a company driver and save. If you can't save money as a company driver how do you think you will be able to save as an owner operator?
Sorry for the rant- it's kind of a free flow thought process on my part.
This is a decent article for tips on buying a truck:
Buying a Truck
I'm sure
www.ooida.com has some tips too.