leasing to landstar

Hey folks got a few questions, don't care if the thread is 6 years old, just need answers. I've applied
to Landstar. I'm currently leasing a truck at Dart through their vender. Since I'm a new business owner
(less than 3 years) most banks won't refinance the truck for me. I've contacted OOIDA and they gave
me a list of places that will that they have approved. I've found one who has as of now agreed to refinance
my truck so I can take it to Landstar with me. OK now the questions. I live in Jacksonville, FL. I know that
Landstar is going to issue me apportioned plates from Illinois and permits that I'll have to pay for. When the truck is refinanced, do I have to pay to have the truck titled in Florida since that's my home residence? What
is considered a good rate for the refinance, the place I contacted said it would be 6.5%. They have different
finance options to adjust the payment so that it's affordable depending what I prefer for a monthly payment
and how long I want the pay back to be. This finance company is out of Montana, will that cause any issues
for me living in Florida?

 

6.5% is a very good rate, and I don't see the finance company being in Montana being a problem. As far as your title goes I don't know the laws in Fl. I live in Ky and I have a Ky title but I use Landstars Illinois tags. you don't have to use landstars tags you can use Fl tags. In the old days we would buy Oklahoma tags because they were cheaper.

 

I believe they title the truck in illinois when they buy the plate and permits. If you decide to buy your own permits then you can title the truck wherever you want as long as it is legal for you to do so in whatever state you reside.

 

Landstar will supply what you need. Just give them a call & ask questions. They will tell you what you need

 

Wrong.

And 6.5% is a good rate these days? In the 5's is a good rate, but not the 6's. Unless rates just spiked upwards that is.

Martin

 

Any commercial loan below 10% i s a win. If he was buying a car then the going rate might be in the 5% range but Landstar doesn't even finance at 5%. I believe they are at 7 or 8. If he has to title the truck in Florida then so what, it will be ok. When I bought my trailer Landstar did all the permitting and I could have swore it was titled in my name in Illinois but I can't remember. But a phone call to Landstar will answer his question for sure.

 

My current truck financed last June is @5%. My last one was at 5.2%, so under 10% is "a win"? Need to raise the bar a little there bud, unless your credit is shot that is.
The truck, being involved in interstate commerce, does not need titling in the same state as the tags.

Martin

 

I haven't financed a truck in long time but I have never heard of a 5% loan on a big truck. Or are you financing a pick up truck, bud? You won't get a 5% loan from Landstar and they have always had competitive financing. Of course if your daddy plunked down 50,000 for you so you can go play trucker then yeah, maybe 5% is available.

 

Here we go!

 

Not spoken to my "Daddy" in over 8yrs, so unless he is a mysterious benefactor, that certainly isn't the case. Having equipment paid off though, thus making for a decent deposit, does help in my wannabe trucker mind.......
Landstar is neither here nor there, unless your credit score is junk because you had 2 good weeks and wanted that new boat and pickup.
My past two BIG TRUCKS were financed through Wells Fargo Equipment Finance, and the current Western Star is through Daimler. Small no name companies I grant you
After 23yrs of running my own equipment, I will say I have a proven record of paying stuff off and not defaulting on payments. Maybe you can't say the same, I wont be an arrogant ### and pretend to know (see what I did there?)
Not sure why you are getting your panties in a wad, or maybe you dont have any on? If Landstar choose to rip off their contractors, that is between those two parties. All I know as a fact, is that 5% interest rates are out there for those with decent credit and a proven history. So no, over 6% is indeed NOT a great rate.
But (in your own words) you haven't financed a truck in a long time, why the defensiveness about your incorrect statements? I am as recent as last June, When I got the new Star, so maybe, just maybe, am a little more current on these matters. I also dont run for a company that wants to sell me stuff neither, so I have always gone to actual finance companies and not a carrier.
Martin