Roden Consulting LLC

Roden Consulting LLC

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Roden Consulting LLC


Define Start-up – In business 2 years or less.  I can get a “Day One” start-up approved.  If you’ve had a CDL for 1 year+ it will help, a credit score of 640+, have 25% down, and never a repo then there’s a very good chance.

Experience – Having a CDL for over a year helps, 2+ years is better yet

Stability – Some may require home ownership.  Others may just require you be at the same address for a certain period, like 2+ years.

Down payment – Count on 20% to 25%, more if you have a low credit score.

Maximum loan – There will probably be a cap.  I’ve seen as low as $60K, $125K, it depends on the lender.

Credit Scores count – North of 700 will get you approved with the best rate, down to 640 the rate will be double digit for sure, less, you’ll be looking at a sizable down payment (like 1/3) and a sizable rate.  I can get approvals with score in the 500’s but you’ll need the down payment in cash (30-40% and you’ll probably pay back double the amount you borrow in 36-48 months).  Do people borrow at that rate and survive?  They do. And with prompt payments eventually qualify for loans with MUCH better terms.

How can I help? Remember, these aren’t rules, they’re guidelines. Different organizations weigh things differently and they change with economic conditions.  That’s where I come in.  I deal with multiple lenders so I can get you approved and do so at the best terms I can find for you.  Getting that first truck/trailer loan can be daunting.  I try to take some of the stress out of it and hopefully get you the best terms based on your individual situation.

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