If you’ve been on the road for a while and are wondering about going out on your own, but have bad credit, listen up. Buying a big rig with bad credit is doable, even for a start up. There are many finance options for over the road truckers, BUT many of those lenders want good credit or 2-5 years in business, etc. Sometimes they have fleet requirements (meaning they want you to already have 1 or 5 or 10 trucks in service). It’s just not easy for a new trucking business. However, if you are determined, but have bad credit and / or are new in business, you may find success in buying a big rig with bad credit.

Please contact us at Info@TheBroker.Finance for more info about equipment leasing buying a big rig with bad credit or at (714) 271-8524

Buying a Big Rig With Bad Credit – Credit Issues We Can Work With

Challenged credit comes in all shapes and sizes. Here is an idea of the types of credit challenges we can work with in terms of buying a big rig with bad credit:

  • Recent bankruptcy
  • Tax liens
  • Judgements
  • Repossessions
  • Slow pay accounts
  • High revolving credit
  • ANY credit score
  • Start-Up trucking companies
  • Owner / Operators
  • Private party sales

Please contact us at Info@TheBroker.Finance for more info about equipment leasing buying a big rig with bad credit or at (714) 271-8524

How Can We Make Extremely Challenged Credit Work for Getting a Semi Truck

There are a couple of options in terms of buying a big rig with bad credit. We’ll talk more abut each one.

  1. If you are able to put down 25% – 50% you can finance the rest, even with the worst of credit. Our lender looks at each file on a case by case basis. Sometimes they require just 25%, sometimes 35%, and sometimes 40-50%. One thing we can tell you for sure, if you have 50% to put down, we can finance anybody.
  2. If you don’t have a large cash down payment, you can also pledge secondary collateral such as another truck, construction equipment, etc. You can potentially pledge a home as secondary collateral as well. In terms of the secondary collateral, you basically need to have a 1 to 1 ratio. So, if you’re buying a $35,000 big rig or semi truck, you need to have something free and clear to pledge that is auction valued ad $35,000 or more.

Please contact us at Info@TheBroker.Finance for more info about equipment leasing buying a big rig with bad credit or at (714) 271-8524

Sample Transaction we funded with this program:

A gentleman had run into some tough times that put him out of work for sometime. He ended up getting his street sweeper repossessed. Literally, it was still with the previous lender that repo’d the truck.

Aside from that, his credit scores were in the 400’s. He had other trucks in his fleet that were being operated by his employees. These were fine. It was his personal vehicle that got repo’d. We were able to help him get it out of repo since he was able to pledge secondary collateral.

Were they the best interest rates you could get? No, BUT he was in a position where he could start operating his sweeper like normal and it made him about $20,000 per month, which far exceeded his monthly payment.

Please contact us at Info@TheBroker.Finance for more info about equipment leasing buying a big rig with bad credit or at (714) 271-8524

Another Option for Buying a Big Rig with Bad Credit

Another option for business that may already be in existence is to do revenue based funding. If your business has been in business for 4-6 months or more, you may be able to get a cash advance to the tune of 1-2 times the amount of your monthly sales / revenue. This option would not require any collateral, allows very low credit scores, and does not have the typical 2-5 year time in business requirement like bank business loans.

For this option, we are an independent consultant for DAC. Apply online securely here –> DAC.

banner on blog post for the broker website about buying a big rig with bad credit that reads revenue based working capital with bad credit
https://businesscapital.biz

Please contact us at Info@TheBroker.Finance for more info about equipment leasing buying a big rig with bad credit or at (714) 271-8524

Established Trucking / Logistics Business with Decent Credit Looking to Add a 2nd Truck to Your Fleet?

We have lots of lenders we work with since we function as a broker. For one of our lenders that offers financing to newer trucking companies, this would be their tier II semi truck financing option. Here is what they are looking for in terms basic qualifications:

  • Vefified minimum of 1 truck in fleet
  • $10,000 average business bank balance
  • 2+ years time in business
  • Requires 3 months bank statements
  • Appication only to $150,000
  • 600+ FICO score
  • No open liens, judgements, or bk

A Little About this Same Lenders Tier I Option for Over the Road Truckers

As your trucking business matures, getting financing becomes easier (assuming you pay your bills on time). With that said, here’s what tier I credit requirements look like for a trucking / logistics company:

  • Verifiable 10+ big rigs in the fleet
  • $25,000+ average business bank balance
  • 5+ years time in business
  • Requires 3 most recent bank statements
  • 675+ FICO
  • No Suits, Liens,Judgements or BK

Maybe we addressed your current scenario, maybe not. If not, we’d encourage you to reach out. Things are always changing AND we work as a broker so we have alot of lenders to chose from.

Please contact us at Info@TheBroker.Finance for more info about equipment leasing buying a big rig with bad credit or at (714) 271-8524

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