How Easy is It to Get Financed Through Lone Mountain

#1 09-05-2010, 07:08 PM

Tried going thru Lone Mountain to get a truck of my ain. They shot me downwardly. I'1000 2 mo. from being out here ii yrs. I don't ain a house, have no car payment, no rent, etc. Been working on my credit for the past two-4 yrs paying down my debt, simply in the meantime, i haven't applied for any credit either.

everyone know of another company who looks more at driving history than your credit???

#6 09-06-2010, 01:48 AM

Even when the economy has been adept, financing your start truck was a challenge. I paid cash for my starting time truck and trailer. Several years later I wanted to purchase some other truck. I was told that I didn't have any truck credit so it was initially difficult to detect financing, even with good credit and a number of years driving feel. I basically wanted to build my equipment credit. I had credit with one bank and they told me that they didn't do commercial loans on form 8 trucks. Since I had done business organisation with them for several years and had expert credit they financed a truck for me. Afterwards, I wanted to purchase another trailer. They told me the aforementioned thing, merely financed it for me anyway due to my good credit history and length of time that I had done business with them. I also got the best interest rates that they offered at the time due to my stiff history with them. Sometimes you lot can find a depository financial institution or credit marriage that will piece of work with yous if you have had a long relationship with them and decent credit. Some will want a good downwardly payment. I didn't need to put anything down on either of those two pieces of equipment, but I did put something down on both. I doubt that I volition finance any more equipment. Notwithstanding, should I decide to I would recall that I could go back to this same company and get what I need. In fact, I have more than one that I could get with should I determine to once over again have payments. I did non get to that point without paying them as agreed.

I would advise you to start establishing a relationship with a bank or credit union, if you have not already done and then. It helps when a depository financial institution or lender knows you. Smaller banks often work with customers much more easily than the major banks. Some of the mega banks don't fifty-fifty make lending decisions locally whatsoever more than. It helps if you have a checking and savings account. Banks similar to see regular deposits over a period of time and encounter how you handle your checking account. If you don't have bounced checks it can aid your credit standing with the depository financial institution. It demonstrates to them that y'all know how to handle responsibility and manage your business. They also like to know that you actually accept the cash bachelor to pay down on your equipment rather than borrowing your down stroke from another source. The more downwards you can pay the easier information technology volition be to find suitable financing.

You might also find an equipment leasing company that will work with you. There are several of them effectually the country. Some want you to have been in concern for a while before they will exercise business with y'all. The less debt you lot have when y'all arroyo a lender the better. They use ratio'south such equally debt to income to decide credit worthiness, at to the lowest degree in part. In that location are besides other factors such as level of experience, length of time with your carrier and where you plan on leasing your truck.

If you lot tin can come up with $x,000 cash you could probably find a decent truck and pay cash. You might even discover what you desire at an auction equally long as y'all can pay greenbacks. Some other possibility is to pay off a truck that someone is about to lose. Cash talks. :thumbsup:

#9 09-06-2010, 03:xvi PM

Quote:

Originally Posted past Mackman View Post

I merely went O/O four months agone. When i bought my 75,000 dollar truck i only put downwards ten%. They almost didn't do the deal cuz i don't own a home. But with my DAD co-signing thats how i got the deal. My salesman at mack told me the 1st fourth dimension is the ruffest. My credit score is 780 my dads is low 800s. My charge per unit was ix.95%

Not saying you lot would dump this on your dad, but there is NO WAY I would have asked my dad to co-sign. My dad co-signed on a $49,000 school loan for one of his grand kids before he passed away. Guess what? That has caused all sorts of problems with the family unit and the estate. Top that off with dad & I had the same name and I've had collctors calling me thinking I co-signed! BTW nine.95% is kinda high isnt it?

#10 09-06-2010, 08:54 PM

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Quote:

Originally Posted by repete View Post

Not saying you would dump this on your dad, but in that location is NO WAY I would take asked my dad to co-sign. My dad co-signed on a $49,000 schoolhouse loan for one of his thou kids before he passed away. Estimate what? That has caused all sorts of bug with the family and the estate. Top that off with dad & I had the aforementioned name and I've had collctors calling me thinking I co-signed! BTW 9.95% is kinda high isnt it?

9.95% is improve than my 14%. I think 9.95% is a good rate on a used piece of equipment!

How Easy is It to Get Financed Through Lone Mountain

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