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Why is it so hard to finance a new truck

Discussion in 'Trucker Taxes and Truck Financing' started by BAYOU, Jan 16, 2013.

Page 1 of 3
  1. Jan 16, 2013 #1
    BAYOU

    BAYOU Road Train Member

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    So after having my own trucks for over 10 years I fig it's time for a new truck (glider) so I have been trying to get one of 3 banks I use to finance $100,k on a truck I'm putting $28,000 down on the truck have really good credit 720 and also INC everything goes good until they ask for tax returns I don't think what I pay myself is a loss but somehow the bank sees it like this or maybe it's how my CPA is doing my taxes

    Last two years I'm showing a loss but last year 2011 I paid cash for a used truck and trailer $35,k and also paid my self $70,k so my Inc shows I have a loss of $1,100 and $2,400 the next year and every year I buy more trucks or trailers

    So it's not a loss I even took $100,000 worth of titles for trucks and trailers for collateral and they still won't do it what's the problem I'm not new at this? And can walk into any truck dealer and buy a truck got a trailer from arrow last feb with 15% down no problems at all
     
    BAYOU, Jan 16, 2013
    BAYOU, Jan 16, 2013
    #1
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  3. Jan 16, 2013 #2
    Cat sdp

    Cat sdp . .

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    Screw the banks! Look what they did to us back in 08. Freightliner and paccar will finance gliders do business with them .
     
    Cat sdp, Jan 16, 2013
    Cat sdp, Jan 16, 2013
    #2
  4. Jan 16, 2013 #3
    379exhd

    379exhd Road Train Member

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    rolling through hell
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    Yea wont finance a 100k truck thatll make money but theyll finance a 65k 1 ton that isnt going to make a dime and will sit in a garage for half its life. As the other poster said screw the banks.
     
    379exhd, Jan 16, 2013
    379exhd, Jan 16, 2013
    #3
  5. Jan 16, 2013 #4
    rocknsand

    rocknsand Medium Load Member

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    Dec 28, 2007
    Tonganoxie, KS
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    Tell em you are buying a house, they will beat each other up trying to get your business, oops sorry, that was 4-5 years ago, now after getting all that govt money they won't lend to anybody, since it cuts into their bonus.
     
    rocknsand, Jan 16, 2013
    rocknsand, Jan 16, 2013
    #4
  7. Jan 16, 2013 #5
    pokerhound67

    pokerhound67 Heavy Load Member

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    Oct 30, 2012
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    now now, this wasnt a thread about bashing banks for the housing collapse. besides, the two people MOST responsible for the collapse werent bankers. can you say dodd and frank? instead of being in prison where they belong, frank's gonna be appointed to the senate now (ugh).
     
    pokerhound67, Jan 16, 2013
    pokerhound67, Jan 16, 2013
    #5
    EZX1100 Thanks this.
  8. Jan 16, 2013 #6
    EZX1100

    EZX1100 Road Train Member

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    i am with Dave Ramsey on this one

    never get a loan from a bank

    explore any other option (except loan sharks.........but isnt that what banks really are?)
     
    EZX1100, Jan 16, 2013
    EZX1100, Jan 16, 2013
    #6
  9. Jan 16, 2013 #7
    BAYOU

    BAYOU Road Train Member

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    Sep 23, 2010
    Beaumont,Tx
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    I just don't think I should have to pay 11% on a truck loan
     
    BAYOU, Jan 16, 2013
    BAYOU, Jan 16, 2013
    #7
  10. Jan 16, 2013 #8
    Cat sdp

    Cat sdp . .

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    Apr 8, 2012
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    The bank said no so it's oem or cash! Interest is deductible at least that helps a little. And 11% was cheap but those were the good old days......
     
    Cat sdp, Jan 16, 2013
    Cat sdp, Jan 16, 2013
    #8
  11. Jan 16, 2013 #9
    379exhd

    379exhd Road Train Member

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    Jun 25, 2012
    rolling through hell
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    11%?!?! Thats highway robbery with your credit and what your financing
     
    379exhd, Jan 16, 2013
    379exhd, Jan 16, 2013
    #9
  12. Jan 16, 2013 #10
    UTI TRANSPORT

    UTI TRANSPORT Light Load Member

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    Nov 16, 2012
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    Keep shopping and I'm sure you will find the sweet spot your looking for, it's out there just things don't come as easy as they used to. I think 8% would be a sweet spot..

    I can't believe your banks terms, wth?? While you are shopping find another bank to.. There are banks that want your business you just may have to switch everything over to them to get the rate your looking for?
     
    UTI TRANSPORT, Jan 16, 2013
    UTI TRANSPORT, Jan 16, 2013
    #10
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