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Where to go if you have poor credit to get a truck?

kevin was talking about this on his show a few weeks ago. Im trying to get my first truck but have credit problems. can anybody help out?

Answer this question I have this problem too

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Having an emergency fund is no joke!

I bought a used truck for $30,750 and had a $17,000 emergency fund, all of which I got from a life insurance policy. I also got a 2 year, 200,000 mile engine warranty; 2 year, 200,000 mile transmission warranty provided and serviced by Eaton, and a 1 year turbo, water pump, and injector warranty.

My wife and I thought we would be golden because we had a warranty, a large emergency fund, and best of all - NO TRUCK PAYMENT - what could possibly go wrong? Ha, wish I had never asked that question!! We knew we would have some things that would need repaired/replaced, but we thought that it would happen over a period time...not back-to-back-to-back over and over again. If some driver had tried telling me this story without proof there is no way in !@#$ that I would have believed it.

Not only was I losing money on all the repairs, but I had a tremendous amount of down time because every time I would take the truck to Freightliner I swear their favorite canned response was, "It will take 2-3 days before we can get it in" and usually it was. My company was getting so tired of hearing me call in that one of my driver managers told his boss that he was done with me because I was so unreliable. Although it wasn't my fault, I could hardly blame him.

Needless to say I completely exhausted my emergency fund and my 1 year warranty on the turbo, water pump, and injectors just ended at the end of April. I am happy to say that everything has settled down, for now, and the past three months have been VERY good. I have been able to get my emergency fund back up to around $6000, but I will not be happy until I can get it up to $20,000 and would be happier with $30,000. Then once I get done with this truck, I can sell/trade it and use part of the emergency fund for additional funds for a down payment, but I would NEVER EVER buy a truck -new or used- without a significant emergency fund.

I love not having a truck payment and the fact that, although I just went through a !@#$ load of money last year fixing my truck, I did it all without a dime of credit. Also, don't think for a minute that just because you buy a new truck that you won't have downtime due to repairs and recalls; the truck shops are full of them.

Whatever you decide to buy, just make sure you have a very significant emergency fund.

Good luck!!

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Talk to your local Credit Union. We are financing our first truck through them. However, they required a 25% down payment but the rate is a very except-able 7%. If your score is bad you will only find high interest financing. The bigger the risk the higher the rate. You really should try to raise your credit score. This will take time, maybe a year or even more, but use the time to save up a healthy down payment. High interest loans are for those that want to run before they can walk.

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I talked to a driver recently that had a $10,000 buy-out at the end of a lease, and the only loan she could get was for about 40% because of bad credit, and I don't think she did due diligence (The 40% is hard to believe). I agree with Norman, keep your debt down!!!!!!!!!!!! Trust me, it makes trucking way more fun when you're not stressed about money! My truck's not going to win a beauty contest, but I don't stress when I get hit with a $2000 repair bill.

Let us know how it goes for you. Best of luck!

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SFI has a good program. They will send a copy of lease for review. Allowed to lease onto any of their approved carriers (pretty wide open) but they'd prefer you lease onto Schneider, obviously.

Which, thats a great idea anyhow because its a pick your own freight option. Not as much freedom as Landstar but still much better than a dispatched lease.

They have multiple programs, plenty of good trucks to pick from. Check em out at http://www.sfitrucks.com

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It's awful if you can't take your truck where you want to go. NOT A GOOD DEAL>

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lone mountain truck sales has a lease program with small down payment and reasonable truck payments , if you know what company you want to lease with..or if you have enough for own authority about 5000 to get started then you gotta have your own freight. i have all the above and am making it work thanks to God and support from my wife , i try to apply advice from Kevin Rutherford when i can...it really helps and works...

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Where to go if you have bad credit? Back to work until you get your credit issues fixed.

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I researched 21 lease programs.

I want name all the companies. most you already know of.

I only had one company send me a sample lease to study and have looked over by my lawyer. It is a legitimate lease program were the truck is not financed by the company but by a reputable financial institution.

The truck can be taken to another company if you cant make money with the company.

It is a one dollar buy out for title change.

everything is in writing. No hidden things to worry about.

The company has a lemon rule also. You can trade within the company 1st time no cost. every time afterward is 500 dollars.

You can alter the truck as long as it does not void the warrantee and the value of the truck.

if you need more information please contact me.

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ok email me supertrucker16434@gmail.com n let me know who it is

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if you cant post it the name of the company> it a bad deal

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Wanna let us in on the company?

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Are you sure you want to finance a truck ??? Maybe try the road less traveled ......

Save up $10,000 cash. Scour truck paper.com. You will find pages of $12,000 and below trucks for sale. Many run great and need nothing.

I remember something Dave Ramsey told someone once and I will never forget it........if every time you have a problem that you need to borrow $$$ for you will find yourself always borrowing $$$. You need to stop ""borrowing"" your way out of problems.

I'm not anti credit. My other business is real estate so in that we live on credit. But mixing credit with a trucking job I have found is a bad mix.

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dave ramsey has given people some of the worst financial advise ever. he actually tells people to sell their cars that they still owe money on at a loss

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NO OFFENCE, but if you don't have good credit, like a credit card with

about 20 to 25 thousand dollars credit available &! at least 10 grand in cash in a savings account ready for emergency's how are you gonna make it if your truck breaks down with in the your 1st. couple of

months??? The trans go's out, = $2500.00 to 5,000.00 bucks, & tow

bill ???? how many miles to shop? = $300.00 to 2,000.00 bucks!

a week of down time = no money coming in & your monthly fixed cost

on your truck! = payment $800.00 to 2,000.00 bucks (depending what you buy) insurance, P.U.C. road taxes, That equals to about $300.00 to $800.00 bucks a week of fixed cost, so now your minus money & i.o.u. weekly fixed cost not to mention your home living expenses???

oh yeah, family? add more to the pot. I prepared for all of the above.

& that was only on the CLARK HOWARD PLAN advise, before i heard of

KEVIN RUTHERFORD or DAVE RAMSEY. Well my 1st 2 years were terrible!

but i was prepared with cash & excellent credit available, & barley

made it on a shoe string! (top ramon & bologney days! oh joy!). now thanks to KEVIN & DAVE'S financial advise, life is great!

I'm living my dream. get all the info you can from 1st. then if your ready, go live the dream. Again, don't take offence, but with that kind

of question, sound's like your not ready or even close. Even my plans

were not that good. if i had listened to KEVIN RUTHERFORD & THE DAVE RAMSEY radio shows 1st. i would have done it a lot different.

follow there plans to the "T" FIRSTS!!!!! & you will be having a much better life in 10 years that you may think it could have not been possible! good luck.

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how about

lone mountain leasing

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i bought mine from lone mt. pretty simple program, no hidden bullshit. just have to come up with 3500.00 - 5500.00 down. the intrest is higher than a bank, comes with the territory with low credit score.

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email the company name to me as well William Alford. I checked alot of LP program and found 0 that send a sample lease or allow to leave that company with the truck. DART uses highway sales for the trucks. However the truck must stay leased to DART. Thanks in Advance

Carl "critter" Filby

truck@carlfilby.com

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I am leasing from Lone Mountain and overall they have been good to me.

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i have tried many company leases ,some work some dont . best deal i found for less hassel leasing is lone mtn , and u can move truck from carrier to carrier if need b ..pay down payment and get going simple..

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To A/Kadar . we're not as dumb as we look sir. I sincerely hope Kevin has had Aaron track you down some how. There is not a lot of profit in 3rd party freight and when you step into the picture that brings it to a 4th party . If you were dealing with your own customers that had a good rate base I could see how that would work then again they call those people brokers. if 10 trucks pays you 100.00 a week for dispatching them that might work but after you subtract your expenses like load boards, electricity, telephone I'm not feeling it. beat it

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Bulldog truck sales outside of Atlanta Ga, they are not bad just need the down payment. They do inhouse financing. You can look them up on the web

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How much is the down payment usually,I was looking at a truck they had

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Onramp in salt lake city ut

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Ryder has a zero down program to buy their used trucks. Plus a 500.00 cash back and they have the financing for a limited time.

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