So it’s getting to be “time” to buy a newer truck. I kinda know what I want but what has me concerned is financing. I got took to the cleaners on my trailer, not sure why it made a difference but it’s what it is.
what I am curious is for those that bought say brand new what are you paying month to month, terms and percentage would be appreciated.
also I would be curious to know those that bought used also. Terms, percentage etc.
My credit is great no dings no nothing but I’m learning that those with stellar credit are being targeted for the sake of the bank getting more money out the door. Which is why I am asking.
Truthfully I could go either way new or used if it’s 2015 and newer.
Thanks in advance.
New (er) truck purchase
Discussion in 'Ask An Owner Operator' started by Chris M., Sep 27, 2020.
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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..
Chris M. Thanks this. -
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
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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.
Midwest Trucker and Chris M. Thank this. -
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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.Chris M. Thanks this. -
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.Speed_Drums and Chris M. Thank this. -
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Chris M. Thanks this.
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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.Chris M. and Scooter Jones Thank this.
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