That’s not always the case… here are some things that will keep you out of the running for those lower down payment options:
- Repossessions
- Recent bankruptcy (discharged within 3 years)
- Accounts currently past due
If you don’t qualify for a no-to-low down payment option, down payments can range from 10 to 50 percent – depending on some factors that we’ll cover in a second.
Now… for startups (any company with less than 2 years in business) the options are a little different.
There ARE programs available for startups that only require 2 advanced payments. For these programs you’ll usually need a 640-credit score or higher. Also, most of these lower-down programs only have a maximum $50,000 limit for startup businesses buying dump trucks.
With better down payments, you can get into a more expensive truck (if your credit is good). With 5%-15% down, there are programs that will advance $150,000 or more to well qualified startup businesses.
Starting a business with poor credit?
You’ll need a hefty down payment to get into a dump truck. (at least 20%...)
