Need Help Finding Truck Leasing – Low Credit, New Business

[Aqib Sina]

Hey everyone,


I'm starting as an Owner Operator in Alberta under the name Great North Express Ltd. I'm trying to lease a 5-ton box truck to get things rolling, but I’ve hit a wall due to my low credit and lack of assets under my name.


I’ve already talked to one leaseline rep, but it’s been difficult to get approved. I'm open to non-traditional leasing, second-chance financing, or even connecting with companies that offer lease-to-own programs.


If you know any leasing companies, brokers, or lenders who work with people in my situation, I’d be super grateful for the connection.


Thanks in advance, and if anyone else is going through the same thing, feel free to message me too.


Aqib Sina
Great North Express Ltd.

Home - Great North Express

We Move Freight. You Move ForwardSpeed, precision, and reliability. When you need it delivered right—you call us.GET A QUOTEDriven by Deadlines. Powered by TrustFrom local loads to long hauls—we deliver with confidence every timeCall Now Loads Delivered 1000 + Repeat Clients 0 + Dispatch /7...

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[JN1981]

Honestly, if you have no credit and no assets, owning and operating a truck isn't for you at this time or in this market. What are you going to do when you have a breakdown? or a tire blows? or some guy backs into you in traffic and your truck is down until the damage can be repaired? The best way to make a million in trucking is to start with 2 million.

 

[Aqib Sina]

Honestly, if you have no credit and no assets, owning and operating a truck isn't for you at this time or in this market. What are you going to do when you have a breakdown? or a tire blows? or some guy backs into you in traffic and your truck is down until the damage can be repaired? The best way to make a million in trucking is to start with 2 million.

I’m 20 years old, had a credit history for over a year now. My concern is not the maintenance or any unexpected damage or repair I’m fully prepared for that. Where I’m struggling is with leasing as a new business it’s hard to get approved. I have already secured couple contracts which shows I will be able to bare minimum pay for my monthly lease. Also I have my father as a Co-signer on the lease.
If you have any connections that I can reach out to I would really appreciate that.
Thank you

 

[Igor Galanter]

No need to multiply different threads about same thing.
Advise still same -you are not ready to be on your own in this business.
You started from the wrong end..
Knowledge and money first, then connections and profit..
Go work for someone, get your experience and credit built up.
Good luck!

 

[MLCAR]

congratulations! at 20 y/o you can afford a few F'ups. This industry isn't easy by a longshot, but follow your gut. We may be an outlier compared to the rest on here, but we started out in a similar situation, and survived for 8 years and are growing!

To answer your question, if you are in Ontario, reach out to peel financial, bodkin, benington Etc. Prepare to be "rinsed" there are no favorable terms in these types of situations. Google is where I'd start for anymore alternatives to the ones I mentioned.

Your other option is getting the truck dealership to help you with the financing or leasing, they usually have better connections with financiers since they do a lot of business together but again they will "RINSE" you.

Only piece of advice I'd say that I wished someone told me while starting out is, get your customer base pat down first before buying a truck, instead of working the other way around. Good Luck!

 

[Aqib Sina]

congratulations! at 20 y/o you can afford a few F'ups. This industry isn't easy by a longshot, but follow your gut. We may be an outlier compared to the rest on here, but we started out in a similar situation, and survived for 8 years and are growing!

To answer your question, if you are in Ontario, reach out to peel financial, bodkin, benington Etc. Prepare to be "rinsed" there are no favorable terms in these types of situations. Google is where I'd start for anymore alternatives to the ones I mentioned.

Your other option is getting the truck dealership to help you with the financing or leasing, they usually have better connections with financiers since they do a lot of business together but again they will "RINSE" you.

Only piece of advice I'd say that I wished someone told me while starting out is, get your customer base pat down first before buying a truck, instead of working the other way around. Good Luck!

Thanks a lot for the real and encouraging response. Honestly, it means a lot, especially when most people either shut me down or make it seem impossible because of my age or credit situation. You’re one of the few who actually gave it to me straight without making me feel like I should quit before I even start.


I’ve got a solid foundation to build on. I already have three signed contracts, each guaranteeing around 10,000 miles per month, so the work is there. I also have enough funds to support the business for the first few months. The only thing I’m really stuck on is the leasing/financing part, since I never focused on my credit and it’s biting me now.


But hearing that you started from a similar place and made it work gives me a lot of hope. I’m going to reach out to Peel, Bodkin, and Bennington like you mentioned and look into dealerships too. Appreciate you taking the time to reply. Wishing you continued growth and success!

 

[YYZRIDER]

The first and only advice I give to starters in trucking. Your first truck must be purchased fully out of cash. No lease, no finance, and no payments. You will thank me later.


The only payment you make is your insurance. Stay away from any other payment.

 

[Igor Galanter]

Or may be, just may be, before you will get your asset and hit the road for over 10000 miles, just start broker this loads out.
Still a lot of fun and experience.
And then when you ready financially and professionally, go by your own iron if still interested.
I'm not the negative one, but realistic, eh..