My loan options are one from my credit union at 11.99% rate and one through the dealers lender at 17.24% rate over 42 months. The thing is, I already work for a company and I want to run under their authority. The dealer I’m getting the truck from has an office at the terminal of the company I work for. So they can directly have the truck plated and put under the authority and insurance of the trucking company before I even pick up the truck. My credit union requires I have my semi truck registered and plated in Michigan. They also require I pay 6% sales tax which I told them I qualify for Michigan sales tax exempt form. They said since it’s a personal loan, they will include sales tax. So with my credit union loan, I will have to pay to plate it in MI, then if they even allow me, transfer the plates to my trucking company in a different state. It will be more upfront costs with my credit union and more time consuming. The dealer loan also has a prepayment penalty. The semi truck is $54k and I will end up paying $73k in total interest. I am halfway just thinking about treating this as a $73k semi truck and calling it a day as it does come with an APU and I paid for 2 year truck warranty. Should I just go with the 17.24% loan and treat this as a $73k truck or try a third loan option?
Need some advice on choosing a lender
Discussion in 'Ask An Owner Operator' started by xzmpt, May 6, 2026 at 9:51 AM.
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