Can I get truck finance as a new owner-driver?
Often yes, particularly where you have a signed contract or confirmed work behind you. Time in business matters, but so does time in the industry: a driver with ten years of experience going out on their own is a very different application to someone with none.
The detail
This is one of the most common situations we see, and one where the lender you approach decides the outcome more than the applicant does. Some will not look at a business under two years old. Others assess the contract and the experience behind it.
What strengthens a first-truck application most is confirmed work. A signed contract, or a letter from the operator you will be running for, tells a lender where the repayments are coming from in a way that projections cannot.
A deposit helps, and so does buying a truck with a strong resale market rather than something unusual. Both reduce what the lender stands to lose, which is what they are actually weighing.
Related questions
Do I need two years of financials?
Not with every lender. Where you do not have them, a contract, bank statements and your industry experience often carry the application instead. That is the part we match to the right lender.
Does it help to buy a cheaper truck first?
Sometimes, though a very old truck can be harder to finance rather than easier, because the resale market thins out. A sound mid-life truck is often the easier application.
What if the contract has not been signed yet?
Tell us anyway. An approval can often be arranged conditional on the contract being confirmed, so you are ready to move when it is.
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