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Looking to finance a 10+ year old truck?? I have a 728 credit score and some cash

Discussion in 'Trucker Taxes and Truck Financing' started by Fullforce, Jun 25, 2012.

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  1. Jun 25, 2012 #1
    Fullforce

    Fullforce Light Load Member

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    Feb 2, 2012
    Henderson tn
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    I hope to by the end of the year be buying my own truck, I am working for a small flatbed company right now as a company driver but really want to be a O/O here.
    Although I DO NOT want a truck with emmissions crap on it. Most of the trucks I have been looking at are in the mid 90's or EARLY 2000's And have a 12.7 DD or 3406E cat and I have only been looking at trucks with papers and mantinance records. One had abuot 80k on full rebuild 3406e, fresh rebult 13spd and front differential. All with papers showing were the work was done. The truck was clean and drove very well and it was a 1999 T600.
    Anyways that is the exact truck im looking for and there are quite a few of them around if your willing to drive to go look at them.

    My main concern is that I might not be able to get it financed, just say I find a NICE 1999 truck for $20,000 and then put $5000 down and have credit of 720-730?
    Anyone think this might be possible? My income would tripple and I would be able to pay the truck off VERY fast so the intrest wouldnt bother me.
     
    Fullforce, Jun 25, 2012
    Fullforce, Jun 25, 2012
    #1
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  3. Jun 25, 2012 #2
    dude6710

    dude6710 Road Train Member

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    Mar 26, 2010
    MN
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    Try to locate a buy here pay here place. you can find a very decent truck for 20-25k.
     
    dude6710, Jun 25, 2012
    dude6710, Jun 25, 2012
    #2
  4. Jun 25, 2012 #3
    MNdriver

    MNdriver Road Train Member

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    Feb 24, 2012
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    I have YET to find anyone that would finance a truck older than a 2004 or 2003. They want to see less than 750,000 miles and prefer less than 2006 for age.

    http://www.10-4financing.com/

    They will likely want 25-30% down and also first and last month payments.

    http://westbayleasing.com/

    Matt Welly
    ACG Equipment Finance
    9436 Hamilton Drive
    Mentor, OH 44060
    Tel 866-808-4925
    Direct 440-579-0403
    Fax 800-830-9855
    Cel 440-655-6134

    mattwelly@1acg.com
    www.1acg.com

    OR

    Kevin Huot
    AEF Financial Solutions
    11392 Far Portage Drive
    Park Rapids, MN 56470
    Tel 877-804-0405
    Cel 218-255-1207
    Fax 877-804-0406
    huot@unilc.com
    www.aeflease.com

    GE financial

    Check with lone mountain truck leasing too for another option.


    Just to name a few.


    I just spent the last 3 weeks trying to do what you are doing.
     
    MNdriver, Jun 25, 2012
    MNdriver, Jun 25, 2012
    #3
  5. Jun 26, 2012 #4
    Fullforce

    Fullforce Light Load Member

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    Feb 2, 2012
    Henderson tn
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    Thanks for the info I'm gonna do some more calling and see what I come up with. I have about $15000 cash but will need some of that for tags and truck liability insurance. And I will need to have a few grand invade I break down before I build my cash back up
     
    Fullforce, Jun 26, 2012
    Fullforce, Jun 26, 2012
    #4
  7. Jun 26, 2012 #5
    MNdriver

    MNdriver Road Train Member

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    You will likely need about $12,000 to get a truck on the road to pay for licenses, tags, insurance, downpayment and a couple of weeks worth of expenses until disbursements kick in.

    And that's just to finance a $40,000 truck and trailer combo.
     
    MNdriver, Jun 26, 2012
    MNdriver, Jun 26, 2012
    #5
  8. Jun 26, 2012 #6
    Fullforce

    Fullforce Light Load Member

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    Feb 2, 2012
    Henderson tn
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    I will be using the company's trailers and insurance. I just have to get insurance on the tractor
     
    Fullforce, Jun 26, 2012
    Fullforce, Jun 26, 2012
    #6
  9. Jun 26, 2012 #7
    MNdriver

    MNdriver Road Train Member

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    That is only bobtail/phy damage.

    And plan on getting the load insurance deducted from settlements.

    Most financing will want 20-30% down too.


    Www.sentry.com
     
    MNdriver, Jun 26, 2012
    MNdriver, Jun 26, 2012
    #7
  10. Jun 26, 2012 #8
    gerardo1961

    gerardo1961 Road Train Member

    1,746
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    Feb 21, 2010
    Miami
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    When i was buying in nov/2009 my truck with warranty ,i was 1 time buyer for a truck,my creditscore was less then 700, i put 5000 down, and pay the rest in 36 rates,was a easy deal for me,i buy from a freightlinerdealer a 2007 columbia with 470k for 35 k,was a very good deal for me.
     
    gerardo1961, Jun 26, 2012
    gerardo1961, Jun 26, 2012
    #8
  11. Jun 27, 2012 #9
    Fullforce

    Fullforce Light Load Member

    87
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    Feb 2, 2012
    Henderson tn
    0
    I will make %80 of load pay plus fsc.
    But all I have to worry about is the truck.
     
    Fullforce, Jun 27, 2012
    Fullforce, Jun 27, 2012
    #9
  12. Sep 7, 2012 #10
    basscat1

    basscat1 Bobtail Member

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    Sep 4, 2012
    0
    I would finance you a truck with $500 down. I have 15 of them. Seems to me with that credit score you should be able to walk in and purchase a nice truck with $5000 down. Why a 1999?
     
    basscat1, Sep 7, 2012
    basscat1, Sep 7, 2012
    #10
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