It is possible to purchase a tractor trailer with bad credit.
There are several reasons -- including bankruptcy, repossession, tax liens and slow pays -- why a person might fall into bad credit. Still, there are several ways to purchase a tractor trailer with these types of blemishes on your credit history. Buying a tractor trailer will allow you to work for yourself or for a well established trucking company as a truck driver.
Instructions
1. Search listings of tractor trailers for sale. There are listings on such sites as eBay and Craigslist, as well as in the Auto Finder magazine and the classified sections of newspapers.
2. Approach the seller about an owner finance option. This would entail your seller letting you pay agreeable monthly payments for the tractor trailer. Often the seller is selling his rig to get rid of the burden and he is not in the position to accept this type of offer.
3. Approach the trucking company that you work for if you are not successful in negotiating an agreement for seller financing with an independent seller. Your company may be willing to finance your tractor trailer, deducting a portion of the monthly payment from each paycheck. This type of agreement will allow the company to recoup its loss if you fail to make timely payments.
4. Negotiate a rent-to-own agreement with a wholesale tractor trailer dealer. This is usually seen as a last resort option because you will be charged a higher than normal interest rate for the rent-to-own privilege. If all other options lead to a dead end, this is a viable option to be on track to owning your own tractor trailer.
Tips Warnings
If you are purchasing a used tractor trailer, insist on an inspection by a certified truck mechanic. Unscrupulous dealers may try to sell you a substandard rig.
Tags: finance, tractor, trailer, credit, tractor trailer, purchase tractor, purchase tractor trailer, purchase tractor trailer with, tractor trailer with, trucking company, will allow, your tractor, your tractor trailer
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