Thanks and, I really appreciate the input. I thought I would just check-in here to see what anyone might suggest? I have heard a Local Credit Union is a possibility to get a loan. All this keeps me preferring a used trailer. The wait time for new builds seem to be very long, like next year long, I've heard from a handful of trailer dealerships. I've checked in about a handful of states. There simply are no reasonable New trailers on the market to purchase and get financing that way. I've check with a few other things but I am not having luck.
I checked with Currency Finance found on but they only finance to established Business Owners that own homes and have 3 months of bank statements proving their income. I checked with Sheffield because they finance for Big Tex and Diamond C, but they only finance New equipment. They did not have a Secured-Loan option.įor future loans, it seems like the trailers value, more specifically the title will be the thing that a lending institution will hold as a Secured Loan. I bank with Wells Fargo, so I checked with them for a personal loan: Denied!! I am thinking it is because I am not working. My Credit score is 832, and I have 31K in the Bank to start up the hotshot business. I would like to keep 6 months of Truck, Insurance, and Trailer payments on hand as a buffer of cash starting up. The trailer is $20,000 and I would like to finance $15,000 of it if possible.
My goal is to finance a Used trailer that I have found.