Refinacing a currently leased truck

Right now paccar and Daimler are crying poor.

I don't know what rate you have at Schneider but they may be cheaper.

The other thing is, at the moment your truck isn't worth $72K.

Here's a real life example-

I just ground Inland KW down on a truck, and the best they will do is 7% interest.

It should be 3%.

That's with epic credit, and plenty of coin in the bank.

I would definitely suggest you try your bank.

If you don't have a business account already, start one.

 

I don’t know how long a term you can find. Being a 2018, is an advantage. It’s going to have to be at least 60 mos. Never know what each Bank has funds available for right now. I did almost exactly what you’re trying to do, in 2001, on a 99 Truck. Paid 72k, and refinanced it one year later, at Chase Bank. Shortly thereafter, they stopped all Truck loans for a few years. Then came back with a closed end lease program. Just never know what you’ll come up with. Better hurry and call around. I’m expecting financing to tighten up, as repos start rolling in.

 

Absolutely, though Truck loan is usually still guaranteed by your personal credit

 

You'll need a business license more than likely. Unless you're an LLC, then you need to take your corporate papers with you.

 

I’m getting calls and emails from the usual suspects. Ascension and others. Be very careful dealing with these 3 rd party Lenders. They will approve you, and claim a low rate. Usually a lease structured loan, with first and last pymts. due at closing. $1.00 buyouts etc. I Use an auto loan calculator on Bankrate.com. Put their pymt #s in and play around with the % rate till the #s match up. Then you’ll see the real % rate. Usually over 20%. You may be able to find a deal, that’s not best, but can help, lower pymts. and with the ability to pay it off early, essentially lowering your real % rate. Watch for pre payment penalties, and other hidden fees. Might still be of help, but you need to understand exactly what it’s costing vs. current costs.

 

Never lease purchase no never never never lease purchase no never never never lease purchase no never never never lease purchase no never never never lease purchase no never never never lease purchase no never did I say never never