New (er) truck purchase

I'm probably gonna be in the same boat you're in now, in a few years. I don't have a clue. I have never owned a emissions truck. Don't know much about those, except what I've read here. Good luck to you..

 

Got four trucks financed thru my bank 7% interest 3 yr note I put 20% down though between 600 and 700 a month per truck 2015 cascadias purchase price between 25k and 30k

 

Should be able to get commercial money right now for under 4% with excellent credit, track record and at least 10% down. 20% down is even better. Check with a local, smaller bank.

 

Through Freightliner was able to get 8.5% with no down payment.
Just signed and drove off after they changed def filters.
3.5 years on a 2016 Cascadia.

 

A lot of underwriters are uncomfortable making loans (especially to one person operation) on a Class 8 truck.

Too much can go wrong and a small town bank is really not set up to deal with a commercial truck being turned back in to them.

Even a top-tier credit rating is not a guarantee you can snag the best rate and terms. Be prepared to sell yourself and have a plan in place when you go in for a sit down.

I would suggest a bank that is an approved SBA lender. That's what I did.

 

SBA protects the exposure of the bank by 75%.

 

Good info Scooter.

I have a track record with my small town community bank and get 3.99% on 5 yrs with 10% down for trucks and trailers. I personally guarantee the loans as well which might help.

Building a relationship with a small bank and getting to know the loan officer will save you a ton of money now and down the road. IMO.