Big Truck Financing - Ontario

Jeez, don't apologize. Hopefully someone reading this will either get GOOD legal advice before dealing with Riordan OR never use them! If you had never mentioned them the education would not have happened.

 

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I'm O/O i'm getting 1.45/mile:truck is paid off, i'm getting direct deposit in my bank after fuel aprox 8,500$/month for 10,000 miles.From this i pay maintenance and depends, one month more next one less and i"m paying taxes at the end of the year.The company drivers are paid 41 cents, for same work 10,000 miles ,BUT.....after the company takes the taxes and deductions they take 2700-3000$./ month.; I'm o/o for 10 years, i would not do this job as company driver
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Take a credit line with 8-9% from TD,BMO,RBC and you save a lot ,you can pay more every month, the monthly minimum payment drops as you move ahead; if you finance through dealers you'll pay the interest for the whole amount for the financing period.BTW, don't buy used trucks that has been pulling heavy loads and west coast. There are many good used trucks well maintained from O/O running auto parts, on flat roads around the Great Lakes/Midwest. Try Autotrader.ca or Kijiji.

 

That is an expensive way to buy ...you get better tax breaks and depreciation if you lease...the less you own of a truck the better..if you go to baileycapitalfund.com..I think..go to lease comparison and don't get too confused just look at the bottom line...even at 5% vs lease at 8% you save money..you can get a lease for 7.5% if you have credit that is half good.This is a cash flow business the big carriers know this...so should the small guys...

 

I agree on the lease option. I lease now and my accountant directed me In that direction.

As far as the lady dumping on her husband, I'm glad your not my wife!!! I make a very good living and I drive a new truck! Obviously your husband is a bad business man, and make no mistake, when you own a truck, you are in business for yourself, I do my own books and every month print off a balance sheet showing profit and loss, just like every responsible business does. The ones that do know exactly how much they are making and where it all goes, the people who don't track ALL their business financials die a slow expensive death.. Been there done that, learned the lesson. Maybe you could learn to do his books, SUPPORT HIM A LITTLE, you obviously own a computer, go buy Quickbooks, spend a little having your accountant help you set it up ( if he won't get a new accountant) and track all the money!!!! Then at the end of the month you can see exactly where every cent goes and what you have to change to be profitable. Or you Can go on being the supportive wonderful wife you seem to be!!!

 

Try Element Financial. They are on Lesmills Road in Toronto. Public company.
Very dependant on your credit.
Most dealerships know about this company and use them if Paccar wont do the deal.

 

How does The lease guy get paid?

 

how does the lease guy get paid?