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Here’s the scenario. You need a new or used semi truck to start or expand your trucking company today. You have a problem in the past have hurt your credit. You have registered for financing a number of dealers and they all turned you down. Your local bank financing semi truck stops for long. And for the rich uncle, well, you do not have. So what do you do? The best thing to do is to look at the problem from the perspective of the lender. What will you feel better about the people who lend money with low credit score? Here are some ideas:
Option number one would be a cosigner. A cosigner with good credit to do two things. First, the cosigner with good credit increases the likelihood the loan will be repaid on time because they have a history of doing. Secondly, with two people who subscribe to the loan the same time there is more to lose if the two people refused to pay, thereby increasing the likelihood the loan will be repaid. Many merchants offer a program where the cosigner may help when weak credit involved.
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Option number two is to find a local dealer who brought his own paper. Many dealers will sell their trucks and take monthly payments instead of cash or regular funding. Dealer has two reasons to do so. First, by offering in house financing that they can sell more trucks. Second, because they charge interest, they earn money not only on sales of trucks, but also on funding. You want to find a dealer near you. They want to find you if you do not pay. A number of dealers that kind of funding to offer not to advertise it. So ask your local dealer if they do. It can be very useful.
Option number three is to provide additional collateral. If you have any other assets free and clear you to pledge collateral to get around bad credit.
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This may be free and clear trucks, trailers, heavy equipment, or equity in real estate.
There are lenders (we are one of them) who work with additional collateral to get around someone who is bad credit. Bad credit you back, but if you approach from the right perspective you often can find ways to work around it. Talk to many dealers and seek independent finance companies. Each has different tastes for customer approval.
Capital Solutions is a commercial truck financing company specializing in customers with bad credit. We pay for semi trucks, dump trucks, trucks and other activities for people in 50 states
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