Yes, lenders are actually lending money for truckers to get themselves a truck. It's getting tougher though. Have you tried and weren't able to do it? Don't give up because there are options.
Obviously, if you have good credit (675 or higher with no major derogatory items), a 2-3 year + track record of being in business, and decent financials, then securing credit to get a truck should be pretty easy. You'll have more choices in terms of where you can get funding.
If you are starting a new business and have lower credit scores, it's going to be tougher. This is the sector of trucking that lenders are really beginning to shy away from. IF YOU are willing to be a little more flexible, your dream of starting your own trucking & hauling company may not be dead. You can still create a better life for you and your family.
Here is one way that has enabled many new truckers to secure financing for their trucks to start their new business. Buy a truck from bank inventory. That's right, if you make a slight concession & buy a bank owned truck, then some banks make financing concessions to you and will lend you money to get your truck even if:
o Your Trans Union credit score is as low as 600 & if you've had a recent bankruptcy.
o You're a brand new business.
o You don't have a down payment (normally just one payment due up-front).
If you've always wanted to start a trucking company, you can still do it. If you're willing to make concessions and drive a bank owned truck, you may be able to get funding to get you and your business on the road.
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