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Truck Financing

Discussion in 'Trucker Taxes and Truck Financing' started by godgunscountry, Mar 31, 2014.

  1. Mar 31, 2014 #1
    godgunscountry

    godgunscountry Bobtail Member

    39
    28
    Jul 25, 2013
    phoenix, Az
    0
    I'm thinking about buying a 2009 peterbilt with the cummins motor. Its time to retire t.he 1997 freightliner. I'm getting pre approved for $40,000. The rest will be a down payment. My question is what are normal loan terms? Will banks finance this for 60 mo? My credit is excellent. I'm trying to keep my payments under 800.00/ mo. Thanks in advance for any input.
     
    godgunscountry, Mar 31, 2014
    godgunscountry, Mar 31, 2014
    #1
    trucker43 Thanks this.
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  3. Apr 1, 2014 #2
    Jokingypsy

    Jokingypsy Medium Load Member

    669
    613
    Jan 4, 2013
    Baltimore, MD
    0
    Be sure to leave yourself a healthy chunk of change for breakdowns and repairs. That 2009 may cost more to keep on the road then your 1997, due to emissions system issues.

    Adam
     
    Jokingypsy, Apr 1, 2014
    Jokingypsy, Apr 1, 2014
    #2
    trucker43, Tobytob and hawkjr Thank this.
  4. Apr 1, 2014 #3
    godgunscountry

    godgunscountry Bobtail Member

    39
    28
    Jul 25, 2013
    phoenix, Az
    0
    Thanks Adam. We have been able to save some for a down payment and enough to set back for break downs and such. I really hate to buy a newer truck but I need it to go to California for one of my accounts. Ive contacted two banks and I'm waiting to hear back. I just wasnt clear what loan terms are normally done on equipment in this price range.
     
    godgunscountry, Apr 1, 2014
    godgunscountry, Apr 1, 2014
    #3
  5. Jun 23, 2014 #4
    barroll

    barroll Road Train Member

    1,096
    544
    Nov 23, 2010
    Southwest Michigan
    0
    Typically I wouldn't expect a loan on a truck like that to have payments anything shy of $400 a week. You might be able to work something out with your bank to the contrary, though.
     
    barroll, Jun 23, 2014
    barroll, Jun 23, 2014
    #4
    trucker43 Thanks this.
  7. Jun 25, 2014 #5
    twin turbo peterbilt

    twin turbo peterbilt Bobtail Member

    1
    1
    Jun 25, 2014
    monroe, ga
    0
    In most cases iv seen its 42 to 46 months, at least $5k down and $1000 a month payment..sometimes a lil more.
     
    twin turbo peterbilt, Jun 25, 2014
    twin turbo peterbilt, Jun 25, 2014
    #5
    trucker43 Thanks this.
  8. Jul 25, 2014 #6
    turbo64

    turbo64 Light Load Member

    58
    11
    Jul 25, 2014
    0
    These guys with 2600 a month are crazy. The highest truck payment I ever had was 1083 for 4 years with 10,000 down that was for a 4 year old t 600 aerocab with 460000 miles and an n 14 cummins that engine is bulletproof. In 6 years all I did was 2 injectors.
     
    turbo64, Jul 25, 2014
    turbo64, Jul 25, 2014
    #6
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