Need a delivery truck for new job.

Anonymous · ‎12-09-2009

I left my current job for a delivery route and need a truck. My question is if I try to get financied will I be able to use my new job/salary that I don't have yet or will I be able to use my past job that a quit from, or am I considered unemployed. I left the old job last week and don't start the new job til the end of December. My old job was 50,000 and my new job starts at 75,000. Hope someone can help since the new job is somewhat contingent on having a truck for the delivery route.

Anonymous · ‎12-10-2009

If I understand your current situation, you are technically unemployed.

You have quit your old job, so this cannot be used for income qualification.

You do not yet work at the new job, as the truck is a contingency (as I understand) to your new job.

In hindsight, you would have been better advised to not have quit old job till you had secured the truck and new job. If still employed, that income would have been useful for qualification of loan, which loan and truck would let you obtain new job.

It sounds like new job is not new job, but as contractor who is required to supply own truck and provisions. This makes you "self employed" which can make loan qualification a little trickier....unless you are paid a set rate and can show proof of this steady income.

Anonymous · ‎12-10-2009

Hopefully when I go to look for the truck they take the future income as good. If not, guess I could rent a truck until I save enough money and have work history established. Thanks for the reply.

MattH · ‎12-10-2009

@Anonymous wrote:
Hopefully when I go to look for the truck they take the future income as good. If not, guess I could rent a truck until I save enough money and have work history established. Thanks for the reply.

Be aware if you are deducting costs of the truck from your taxable income, most creditors will use the net income after those deductions, not the gross income before those deductions, as the basis for figuring out how much of a loan you can afford.

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Anonymous · ‎01-07-2010

Thanks for the help! I will post if and when I get the loan!!!!

Anonymous · ‎01-19-2010

Just a quick update!! I applied for a 25,000 pre-approval through NFCU and got an approval in about 4 days(applied on Friday got an approval on Wednesday). I would have got the approval quicker, but I made an income mistake on the initial application. I thought they wanted yearly income instead of monthly income and had to clear that up. I received the check in the mail today and going with it in hand tomorrow to purchase the truck. I will post again after I have keys in hand.

If it helps others I had 660 fico scores across the board, all scores being from the past month.