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Semi Truck Loan Payment Calculator
|Company||First Time Owner Operators?||Low Credit Score?||Allow Negative Factors on Credit?||Minimum % of Down Payment?|
Preferred Capital Funding
|No past due child support - will work with some bankruptcy cases, and some repos.||Varies|
|Yes. BK's, charge-offs and slow payments all okay.||0% Down Payment required. Will work with both good and bad credit.|
|No recent vehicle repossession||Varies|
|Trust Alliance Capital|
|Will work with bankruptcy, if discharged. Will not work with recent vehicle repossession, or delinquent child support.||0-10%|
The #1 mistake people make when using truck loan payment calculators
You need to read this if you think that loan payments are the only expense of financing a truck. It’s not! If you start your business thinking that the Monthly Payment amount listed below is all you’ll need to pay to drive your truck off the lot, you’re going to find yourself in a real cash crunch that might doom your business to failure.
Here are some of the additional costs that you need to considering in the first month:
Down Payment / Deposit: unless you have perfect credit and a history of business success, lenders are going to require you to have some skin in the game. The total deposit is going to depend on your credit worthiness, and it might be only $2,000, or it might be 30%+ of the truck value.
Title / Plate Fees / Taxes: you need to register your ownership of the vehicle with the state, and there are significant expenses associated with that, especially for semi trucks. Generally, you’re looking at several hundred dollars in mandatory fees
Insurance: commercial truck insurance, especially if you’re driving a Heavy Duty vehicle like a tractor trailer, is significantly more expensive than a car. You need to have insurance lined up before you drive your truck, and initial premiums will be several hundred or several thousand dollars.’
Mechanic Inspection: If you don’t bring an independent mechanic to come look over your truck before you sign the papers on it, you might as well sell everything you own, go to Vegas, and put it all on a spin of the roulette wheel. You need someone who works on trucks for a living to tell you whether you are buying a quality truck or just a money pit that will look good sitting in a repair bay. Call local diesel shops and find out how much it will cost to have a mechanic do a thorough inspection of the truck.
Misc / Unknown Expenses: Do your own research. Also, talk to your lender. Ask them if there are any other fees that you might be overlooking. A good lender wants you to succeed so they can avoid the expense of repossesing a vehicle.
Leasing a commercial vehicle will likely be one of the most expensive transactions you make in your life. Take it slow, make sure you have plenty of cash in reserve to deal with additional expenses, and choose a financing company wisely.