Truck Financing(Updated)

[Bullhaulerswife]

A friend of ours is wanting to get financing for a big truck. His previous employer never took proper deductions...so to make a long story short, his taxes aren't filed and can't be until CRA is done with both sides. Does anyone know of any financing companies who would lend money without needing to look at your T 1's???, This guy has his business plan done, a truck in mind to buy, the place where he wants to lease back onto will provide a credential letter stating what on average he'll gross etc... Any info would be appreciated, this is a good friend and he deserves his own truck(he's tired of busting his butt for others and getting shafted in the end) , just has a road block with the banks because they want his T1's, credit wise he is fine also.

[hellcat_99]

i can't think of anyone unless it's a credit co & will charge high intrest that would kill any money he makes.

Holly

[Drifter]

Without T1`s the only ones who will handle it are the sharks(high risk loans) Vinnie and the guy with the bent nose. Probably 20 to 25%

[ralph]

A friend of ours is wanting to get financing for a big truck. His previous employer never took proper deductions...so to make a long story short, his taxes aren't filed and can't be until CRA is done with both sides. .

You are making the previous employer out to be the bad guy here, where in fact your friend must have agreed to the arangement or he would not have taken the job!

Funny how we do things that MAY be questionable and, when they come to bite us in the ***...we're looking to lay the blame else where.

[Drifter]

Sounds like Ralph hasen`t run into any of the ripoff outfits yet, there are still lots of them out there... :yikes:

[ralph]

Sounds like Ralph hasen`t run into any of the ripoff outfits yet, there are still lots of them out there... :yikes:

NOPE, Ralph does traditional financing either through the bank OR through recognized lenders. John Deere credit WAS the best when they would write paper on trucks and trailers...shame someone farked that up!

[Drifter]

Ralph, I think a lot of places got out of CMV finance because of all the failed businesses over the years. Several of the failures were attributed to poor business planning, but a good number of them were never never plans where nickle and dime administration charges just pushed some people over the edge..

[Bullhaulerswife]

:cheers: our buddy got his financing, his accountant did his T1's, presented them to the finance people and he's goin truckin January 1st!
So it can be done!!

[Drifter]

:) Glad to here it Sandy good luck with it... :)