Where is the FIRST place to seek a loan if you have excellent credit and a sizable down payment to buy a truck? (USED truck)
I'm interested in hearing from those who have actually been through this. Want to find the best interest rate possible.
Thank you for your help!
Want to buy a used truck - Financing suggestions?
Discussion in 'Trucker Taxes and Truck Financing' started by knuckledragger, Sep 10, 2014.
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I went to my local bank that I have 4 separate accounts with to include my business checking. Was really just a formality to fill out the paperwork.
knuckledragger Thanks this. -
I had 700 credit score & the dealer got me financing thru Daimler... 10% Interest rate on a $30K loan
knuckledragger Thanks this. -
I gave an answer in the other thread. However, I will mention this to you. When I started out I saved and paid cash for my first truck and trailer. I later financed equipment. Many banks don't make loans for class 8 equipment. I have had loans at two different lenders who told me initially that they didn't make class 8 equipment loans. One financed a truck and trailer for me since I had a long relationship with them. The other made business loan through my corporation. I had a long track record with an established corporation. The loan was set up similar to a line of credit where it could be paid off early without penalties. We also have a local credit union that will make class 8 loans, but that is not a normal part of their business. It helps when you have an existing relationship with a bank or credit union. In my other post I gave you several names of some of the larger equipment lenders.
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I get all my business loans at my small local bank that I started my first savings account when I was 14 years old. 40 years ago. They give me favorable rates and payment schedules.
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d o g Thanks this.
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I got a home equity loan from my long time bank. 2.5% int.
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I'm trying to figure this out as well. My credit union only does personal loans up to $20k, and USAA my other bank will do personal loans up to $200,000 I think, but that's about all I got. Other than that I'd be going through Allstate peterbilt, arrow sales, or Rihm kenworth in St. Paul. Maybe loan mountain, but I want a better rate and possibly not fleet rigs.
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