An effective method of obtaining dump trucks on leases and loans for customers with bad credit and thin credit.
If you need dump truck financing, look at National Truck Loans.
Follow these five simple steps.
As much structure as you can
The key to solving credit problems is to find an alternative structure that will entice lenders to approve your application. You can do this by pledging a second truck, trailer, or other titled vehicles as collateral, providing a large (15% to more) down payment, being open to a shorter term (like 24-36 months), and having an additional signer with good credit willing to guarantee the transaction. Combining two or three structures can sweeten the deal and make it easier for finance companies to ignore credit problems. It can also result in better terms or rates, even if your credit score is below average.
You must provide proof of work.
You can prove that you have work lined up – a letter from a contractor, a trucking company, or proof that your ability to perform outstanding work is being affected by maintenance on a dump truck that needs replacing – this will help you to get funding. Credit decisions are based on your current income, not your potential income. However, lenders can still be human and see the connections. You’ll earn legitimate bonus points if you show them how you got from point A (buying a truck) to point B, making money hauling.
Submit your resume
How long have you had your CDL, and what kind of work you’ve done? Customers with limited time to invest in their businesses will benefit from this. Although you may have yet to have a track of success with your current business, you can demonstrate that you have succeeded in the sector. You can stand out by providing work references that attest to your commitment and level of service. These things can help address potential character concerns when people see negative credit marks.
Don’t aim too high on your first try.
Poor credit scores (below 600) can make it difficult to find a truck or trailer that is more affordable or buy one unit instead of several. It’s amazing how many people want to purchase $150,000 dump trucks with only a 500 credit rating. Nearly 90% of applicants with poor or fair credit buy fewer older trucks or smaller quantities than they originally expected. A truck that generates a quick return on investment can be a great way to fix credit problems and increase your cash flow. Applying again gives you a better chance of getting financing on a more costly truck.
Improve your financial outlook
These steps can help minimize negative credit. A track record of paying your bills in full can’t be replaced. Customers with poor credit looking for dump truck loans will usually have to pay higher financing fees. These contracts can build credit scores and references, which can be very powerful in helping you get better rates, longer terms, and even lower down payment financing.
It doesn’t take rocket science to find the best financing deal for a dump truck or trailer, pup, transfer vehicle, articulated hauler, or any other construction vehicle. However, it is important to think outside the box. Customers should focus on something other than the lowest interest rates, consider the return on investment, and take steps to improve their credit score. You’ll be one step ahead of the rest if you know how to present the best package for a lender.
Need financing for a dump truck purchase?
You should apply online for dump truck financing if you need it. Getting the best deal for your business is as simple as comparing rates. You can get a dump truck loan from National Truck Loans. Find out more by visiting their website.