Just wondering what kind of interest rates one can expect on a truck purchase.
New, used, bad credit, good credit, money down, no money down, purchase or lease, etc.
Not just for my own information, but for others out there would would like to know what others have experienced.
As for my own info needs, I'm looking at around a $60k purchase, the least amount down as possible, with excellent credit. Not sure what kind of interest rates are available.
I bought a 2011 GMC Sierra earlier this year and am paying 2.99% interest on that. I have a feeling interest rates are a bit more for a commercial vehicle than for a personal vehicle purchase.
Thanks!
Interest Rates
Discussion in 'Trucker Taxes and Truck Financing' started by BoyWander, Nov 1, 2016.
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I'm at 18.99% through Peterbilt, that's with bad credit and low down payment. If you have excellent credit, you'll definitely get a better rate, I'd guess around 10%? Trucks generally carry higher interest rates than cars and pickups.
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My personal bank, US bank quoted me at 10 to 15 percent on a business loan of $75k with a mandatory minimum of 20% down at a minimum credit rating of 620. Obviously if I have a higher rating my rates would be better
PE_T Thanks this. -
Last couple of years anywhere between 4.9 and 6.9 on equipment purchases through local independent bank.
Getsinyourblood Thanks this. -
For the first time borrower and low down payment I would say 15% and up
PE_T and kaptainkhaos Thank this. -
5-6% equipment financing through the bank I've been using for years. But you won't get that as a new venture. And rates will probably start rising quickly after the election.
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Buying a car is not the same.
Expect anywhere from 11% to 21% without commercial history.BoyWander Thanks this. -
I borrowed 43k on a used truck with 10% down through a local bank last summer.
My first truck with no business ownership history in trucking. They charged me 5.5% interest.
I've since purchased a new truck & trailer. Both were financed through the same bank at 5.5%
It can be done IF your credit is decent. However, it is difficult to do so in most cases with no trucking business tax returns of a couple years and good credit.
I had to sell myself to the banker and jump through every hoop he put in front of me.truckthatpassesyouby and BoyWander Thank this. -
if I could have gotten the business loan it was 6% 20k unsecured personal loan was 8%Road Killer Thanks this. -
Road Killer and KANSAS TRANSIT Thank this.
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