Finance Companies

Discussion in 'Ask An Owner Operator' started by CountsC, Apr 1, 2021.

  1. Apr 1, 2021 #1
    CountsC

    CountsC Bobtail Member

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    I am looking to buy my first truck, I have been driving for 3 years and I am financially stable with good credit. Does anyone know the best route to go for financing a truck? I came across Axe Equipment Financing and they work with start up owner operators. Does anyone have any knowledge of them? All advice and input is greatly appreciated!
     
    CountsC, Apr 1, 2021
    CountsC, Apr 1, 2021
    #1
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  3. Apr 1, 2021 #2
    Jaebo74

    Jaebo74 Medium Load Member

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    I don't know about Axe,d but, I'd check with your bank first. A lot of those first time truck loan guys are just predatory lenders.
     
    Jaebo74, Apr 1, 2021
    Jaebo74, Apr 1, 2021
    #2
    CountsC, Midwest Trucker and Farmtractor9900 Thank this.
  4. Apr 1, 2021 #3
    uncleal13

    uncleal13 Road Train Member

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    Another driver on here said he was paying 22% with one of those lenders.
    An established owner operator can get 6% or better.
    With good credit you should be able to get under 10% or 12% at the most via the OEM truck dealers for their used trucks.
     
    uncleal13, Apr 1, 2021
    uncleal13, Apr 1, 2021
    #3
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  5. Apr 1, 2021 #4
    CountsC

    CountsC Bobtail Member

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    Apr 1, 2021
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    Thank you! I’ve called a few places and they all said with my credit it would be 10-20% interest rate with 8-20 percent down since it’s my first truck. AXE equipment sales seems to have the best options, but I haven’t found my info on them other than their website and social media pages.
     
    CountsC, Apr 1, 2021
    CountsC, Apr 1, 2021
    #4
  7. Apr 1, 2021 #5
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Small local banks tend to be the best.
     
    Midwest Trucker, Apr 1, 2021
    Midwest Trucker, Apr 1, 2021
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  8. Apr 1, 2021 #6
    Jaebo74

    Jaebo74 Medium Load Member

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    +1
     
    Jaebo74, Apr 1, 2021
    Jaebo74, Apr 1, 2021
    #6
  9. Apr 2, 2021 #7
    Atlanta trucker

    Atlanta trucker Road Train Member

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    Don’t go into debt to be a truck driver.
    Save up cash and don’t borrow money ever.
    Ever
    Ever
     
    Atlanta trucker, Apr 2, 2021
    Atlanta trucker, Apr 2, 2021
    #7
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