Want to buy a used truck - Financing suggestions?

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.

 

I had 700 credit score & the dealer got me financing thru Daimler... 10% Interest rate on a $30K loan

 

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.

 

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.

 

You are welcome, knuckledragger. There is really no need to post multiple threads on the same subject. I think you will find answers to most any question with a single thread. I expect that is the reason the mods closed your other thread.

 

I got a home equity loan from my long time bank. 2.5% int.

 

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.