First Time Buyer Need Tractor Financing...Need financing company

Check the OOIDA website. Maybe they can recommend something.

 

Have you checked with your local bank(s)?

 

Or credit union?

 

What state are you in?

 

I used Transport Funding Group. I got a good apr% on a used truck with average credit.

 

Dialmer Truck Financial, Google them...

 

As a first time truck buyer you are going to get ripped pretty hard on interest rates even with great credit. We financed on tractor through paccar financial. Interest rate was less than HALF of what the independent finance companies wanted.

Go to your local banks, consider a small business loan as well. If you have assets to secure a small business loan that is actually what I would recommend. You will need money to operate on as well not just for your tractor and possibly a trailer. Ask for a start up loan. And realize they will only loan you the money as a start up. If you try this after starting guess what most banks are going to say we want 2 years in business. I have been down that road before.

Keep in mind you want to keep overhead low, but you don't want something that's going to be in the shop every other week. I have been there I have done that. It eats you alive luckily we had a another truck to keep moving. The older trucks are going to have some problems, but get better fuel milage and are cheaper to fix, newer less problems (sometimes) and they're more expensive to fix.

Be aware as well there are different types of financing you can do. You may be better off leasing s truck. Not from a company for a lease purchase. But a lease through the finance company with a buyout at the end of the lease. You can write off more of your payments instead of just the interest, but you don't get to take depreciation. I'm not an accountant I can't say what will be best for your situation or what portion of your payments you will be bale to write off but its something to talk about with your accountant. The best thing you can do is look at all your options and go from there and select the best possible option. Analyze you entire situation. Do you have the money for operating capital? Will you need money to operate on, etc etc. And then choose your best option.

You have to set yourself up for success from the get go and run this like a business NOT like a driver. That is probably the hardest thing to get around from going from a driver to an O/O. I started as an O/O, my dad was a company driver. I run the business more than he does because he doesn't have the grasp on running like a business.