For many truck drivers, the dream is to walk onto a lot full of semi-trucks for sale and drive off with their very own personal rig. No more working for other people! Being an independent owner-operator means a life of freedom – choosing your own jobs and driving wherever you like.
Unfortunately, given how much semi-trucks for sale generally cost, this can be a significant challenge if your credit is less than excellent. However, that doesn’t mean there’s no hope! There are several things you can do to improve your chances of being approved on a loan for your new truck.
What to Do If You Want A Truck, But Have So-So Credit
1 – Plan ahead
Just about any attempt to repair your credit will take anywhere between 6-12 months to pull off. If you’re thinking about going independent, now is the time to investigate your credit and your options.
2 – Get your credit report
Every American is entitled to one free credit report per year, so get yours. You don’t want any surprises at the dealership.
3 – Look for items you can dispute
Are there any false entries in your credit report, or items you’ve paid off but aren’t shown as paid off? Dispute those items with the major credit-tracking companies! If the creditors can’t produce documentation justifying the credit items, they’ll usually be removed from your report.
4 – Pay off anything you can afford
Are there any debts which would be cheap to pay off? Make them go away ASAP. The longer they’re gone from your credit record before attempting a major purchase, the better your credit will look.
5 – Consider credit consolidation
In some cases, you could potentially get one single loan which pays off all the smaller loans and outstanding items on your credit report. This is often a very good idea – particularly if you establish a history of on-time payments to the new lender.
6 – Talk to your dealership
If you know your credit is iffy, be upfront about it with your dealership. Sometimes they have special programs you can take advantage of if you give them a head’s up.
7 – Consider buying used
Used semi-trucks for sale can still be a great value, and far less expensive than buying new. Coopersburg & Liberty Kenworth has both new and used trucks, so contact us for more information on trucks and credit options!