Average Semi Truck Financing rates?

I thought so....PACCAR FINANCIAL seems like an AWESOME way to go if you want a Pete or KW as a first time buyer....a used like new truck that won't depreciate super fast

 

Interest rates on new truck I believe are lower. That and depreciation is tax deductible so win there! They do have a penalty for paying off the truck a little early. If you ask them to please waive the penalty, more than likely they will work with you on it.

 

thank you for that! I always thought paying off early was a good thing! I had no idea there are penalties for paying off early!

I wonder though....is the penalty for paying off early still cheaper than if you were to make all the interest payments?

 

Good question. I do not have an answer for it. Maybe someone else here can elaborate. I was told there is a $2000 penalty for paying early. I asked them to get rid of the penalty and they came back with, -as long as I finance it for three years there will be no penalty. The loan is 72 months.

 

I will give PACCAR FINANCIAL a try then. Im leased with Delta Express but its my buddies truck and its like pulling teeth to get things fixed because he doesn't understand the importance because he is not a driver....but with the loads I choose I average about $11,000 a week.

so paying off a truck would be my top priority..my credit is about 730 because of Child support....man the state reports that to your credit...WTH! hahaha

 

Yeah I pay child support as well. Paccar financial didn’t even ask for a paycheck or anything. They did want to know I was driving for a few years and who I was going to lease on to. Wrote a letter describing my interest in the trucking industry with the family background. Getting a the NASTC card was harder than a new Pete. I always wondered why guys get trucks or other places when Peterbilt makes it so easy

 

Wow, those interest rates are way lower than what I'm looking at. I'm looking at a used 2017 international daycab with 500k miles from Arrow dealership. The price tag is 60k. I would be putting 15k as a down payment and pay 1700 a month. The interest rate is 17 percent. Is this typical for a used truck? I plan on paying it off pretty quick, hopefully within the first year.

 

Loans are a product. You shop for the best deal.
17% is not a good price for this product.

 

Arrow is buying trucks at auction ... marking them up 150 percent ... selling you a loan, and marking up their back end profit in the loan as well. If you are going to roll the dice at arrow. Just get a truck at auction, Richie Bros has their own financing ... that is an ok deal usually.

 

I got 18% myself with a credit score in the low 800s to high 700s. They said it was because I was a first time buyer. I paid the truck off in just a few months of running to get that monkey off my back. I suggest you do the same, especially if they rape you on the rate like they did me.