Can anyone give me advice on buying a used truck with my bad credit. I have tried with LoneMountain Truck Leasing and got turned cause of my credit and me being that I have not been on the road since Nov. of 08. I am so ready to go back over the road but, I am having problems finding the right place or financial institute to help me get a truck. Any advice with help.

 

Get a secured credit card and use it for everything and pay it off 100% every month. Your credit rating will go up after a few short months and it'll be easier to qualify for a truck purchase.

 

Save up and pay cash? Even with okay credit you're going to get screwed on the interest rate on a used truck loan and that's IF you can get a loan at all. When I was shopping for trailer loans a few months ago, OOIDA had some programs for people with 650 and above FICO's on trucks 4 years old or newer, but even those loans were above 10%. Loans of all varieties are hard to come by right now, especially in the trucking industry. My bank rep (at US Bank) told me that they were recently forbidden to extend credit to any person or business involved in the trucking industry. The owner operator failure rate in our industry is just too high to make it worth the risk of lending money… and that was before our economy and industry went into the toilette.

 

There are some companies who will finance those with bad credit, but you will need a good down payment, pay a higher interest rate and the purchase price will be higher than the truck may be worth. You could probably find a fleece deal with a carrier, but you can normally earn more as a company driver. You would likely be better off if you can find a company who will put you in a truck as a company driver. With a good company you should be able to save enough to buy a decent truck in a year or two. There are companies who will hire someone who has experience in the last 3 years. You may check with smaller carriers if you aren't finding something with a large carrier.

If you want to buy a truck it would be wise for you to start working on improving your credit. Lenders are not anxious to loan money to purchase trucks. How much do you have to pay as a down payment and to operate your truck?

 

Save up, pay cash...... bout the only way to do it and be assured you will survive.