New Dodge Ram financing

[Anonymous]

 It really depends on how your business is set up, is it a sole prop, LLC, etc?

If you are a sole prop, you don't really need to have much business credit as they will likely use your credit to base their decision. Typically all the paperwork is done in the businesses name, but for underwriting and reporting purposes they will use your credit history to base their decision, and report the loan to your personal credit.

[Anonymous]

It’s an LLC, I’d like to have it under the company name but it doesn’t have any credit. I’m not sure if it even matters, but it is going to be used commercially.

[Anonymous]

After browsing through the forum, I’m real hesitant now. Income is going to play a huge factor. If anyone would approve me, it’ll be them but with a high apr or huge down payment. If I don’t, I really don’t need all those inquires. I’m stuck...

[Anonymous]

ive been looking at the rams as well. if i were you, id do like me, and look at the used ones. ive found a 2019 ram 1500 that would save me $13-15k MSRP just because it has 20k miles on it. go to autotrader.com or cargurus.com and look for your specific make, model, etc. that you want and i bet youll find one. they lose $10k value as soon as they drive off the lot. 

[Anonymous]

That’s where I’ve been looking for trucks. I can’t justify paying mid 40’s for a truck with 60k-80k miles though but looks like I have no choice. Workingfor850 did mention, that’s barely breaking it in. New Rams are in the mid $50’s-low $60’s. Yes, ideally I should be looking due to my income and that I drive a min of 10k miles a month with a 5th wheel(loads ranging from 10k-20k lbs) but it’ll be nice to go a year a little stress free other than the regular maintenance and having the added options for the working I’m doing.

[Anonymous]

ohh ok. i feel you on that. i figure ill get one, and around 200k ill have worked on my credit more to get a brand new truck, specially ordered. in due time though. itll take me a few years to get there. but one thing ive learned with credit or anything really, is, patience and hard work is key. 

[Anonymous]

Dealership didn’t shot gun my inquires but did have them run it 3 times to see who could give me the best rate. It’s high but I figured with little money down and little to nothing income I was expecting that. 8% for 72 months, most likely will refi with my credit union. I could’ve received a lower apr but the lenders wanted a hefty down payment due to my income so settle for that rate. I’m a proud owner of a 19’ Dodge Ram 3500 dually! Thanks everyone!

[Anonymous]

Went to Unify to take out a personal loan. They found out I recently purchased a truck and with the same pull, they were able to offer me 4.99 for 60 months. I tried to negotiate for 48 months but DTI would be off the charts.

[Anonymous]

I would advise against getting such an expensive vehicle.  You dont make enough to justify a $50k truck. 

[Anonymous]

Thanks for your concern, I really appreciate. I’m venturing out into something new which should be more than enough to cover the expense of the truck. Just needed to get over this bump to get things going.