Big Truck Financing - Ontario

Try your bank, thats the only way i have ever bought a truck.

good luck

 

I agree...I always went with the bank. GE Capital will finance you but you will pay high interest rates,some I have heard as high as 16%.

 

Or you can save up and pay cash so that you don't have to worry about making payments.

 

Do yourself a favour. Forget about buying a truck. The current rates to owner operators all over Canada are crap, and trucks are just moving holes in the ground into which you pour money. The smartest thing I should have done when my idiot husband went and bought another truck was just to go and shoot him. If he wasn't such a bloody control freak-Captain of "his own ship" and all that crap, we would have had a decent life if he had just stayed a driver. But, no, my rocket scientist had to go and buy another bloody truck. Tell your wife to insure your butt to the hilt, it is the only way an owner-operator's family comes out with money-when he goes toes up.

 

Sad but true......with the taxes you pay in Canada you can't make a living owning a truck.

 

I disagree with the sentiments of the last 2 posters. Canadian taxes are higher than US, but not high enough to dissuade one from owning a truck. Also, just because one's husband isn't doing things right, doesn't mean no one in Canada can make good money as an O/O. The biggest thing, is to not have a payment. If you're not paying someone $1000-$3000/month for a truck that keeps going down in value, then you'll come out ahead. There are plenty of good loads in Canada. One just has to look around for them.

 

The big advantage to owning your own truck is the tax savings.

But if you are committed to the lifestyle your bank should be able to help you. Shop around as well. One bank may be more willing to deal than the other. But...be sure not to look for credit too hard because they look at that as a problem too.

When doing your budgeting, count on 45-48 weeks of work a year, not 52. You still need to pay insurance and make payments even if your on holidays or there is no work over the christmas break.

Please count on Capital Cost Allowance as well. Your truck won't last forever so budget something to replace it in time. I have seen too many not count on this and after 4 or 5 years they need a new truck and are essentially broke. Repair costs are rising and they get into a deeper hole.

Saying all that, I think you are better off as a company driver

 

My idiot husband has been trucking for decades. Sometimes as a driver, sometimes he would take leave of his senses and buy a truck. If the #### fool would just learn to keep his bloody opinions to himself, and keep his mouth shut, the blasted "know-it-all" could have had a decent job and we could have had a decent life. but no, Mr. Smart ### does not like being told what to do-so has to buy a truck, and be in control of his own life. What a delusion. And then the blasted idiot walks in one day and he has signed one of our son's up to get his commerical license. I told him if he ever pulled a stunt like that, he was going to have trouble talking because there would be a gun barrel between his upper and lower jaws! Train for a trade, or whatever, but don't ever become a trucker, or let any family member become a trucker. And tax advantages won't ever, every make up for the cost of keeping up a bloody truck! And owner operators are always looking for where the grass is greener, or who might be paying more money per mile. It is an endless vicious cycle.