This applicant is applying for a loan of $70,000 to help him close a deal on a 2010 Kenworh truck that he wants to purchase. He will be trading in an older model and this particular truck is a low mileage vehicle at an excellent price. This will be an upgrade for him with the addition of a sleeper cab which will allow him to branch out into longer haul contracts at some point.
He has a very good credit rating with no loans other than his current mortgage which is in good standing. He has no overdue credit card bills and no other loans. He makes sufficient money to handle both his current mortgage, taxes and the new payment on the truck if it is approved.
This client has also demonstrated very good money management abilities. He has fixed his salary at a specific amount and only draws this amount each year. The remaining money is set aside for major repairs if needed, and also to cover his salary during months when the income may be a bit low. He has been doing this sort of thing for the past 10 years which provides him with an excellent cash flow and allows him to meet his ongoing obligations and living expenses. This is a really good approach to follow.
We anticipate that he will be able to purchase this truck after being approved for this loan application. The lenders may need some more information from him to help substantiate the loan, however he has an excellent chance of being approved for this loan.