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I have came up w financing on 2010 Cascadia 420k miles. (Previous Crete fleet truck)

Discussion in 'Ask An Owner Operator' started by nsxftw, Jul 25, 2014.

Page 1 of 4
  1. Jul 25, 2014 #1
    nsxftw

    nsxftw Light Load Member

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    This is what I have.
    Truck listed for $67,900.
    With perfect credit score, plus 1st truck buyer w 2 yrs of company OTR expereince

    It include:
    1. Gap (1,512.48 for 4yrs, Physical damage(1,738 4yrs,Towing service $1/day 4yrs- up to 50miles free tow)
    2. 1 year full Freightliner warrarbonty include dpf,tu,egr,ac comopressor, etc (Anywhere in Freightliner certfied shop)
    3. 2 year NTP warranty include engine components, rear end, transmission, etc.(I'm sure lot of O/O knows NTP warranty
    4. Brand new steer tires, and new 8 recap drive tires
    5. It has been change all brakes/drums for DOT Inspection




    Payment is with $23k down which they only way to give me loan along with (13.99% Interest rate)

    $1,739.95 for 48month (4years)

    $1,510 for 48month without Physical Damage

    $1,326 No Warranty but include gap,towing,PD for 48month.

    Any opinion? I would'be greatly appreciated it.

    This is from SelectTruck that I was looking at it.

    I'm not 100% to pull the trigger out but I'm here to make money while I'm Single, debt free, no kids. :)

    Give me some advice driver! Thank you!
     
    nsxftw, Jul 25, 2014
    nsxftw, Jul 25, 2014
    #1
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  3. Jul 25, 2014 #2
    nsxftw

    nsxftw Light Load Member

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    Dec 2, 2011
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    Also, would it be cheaper if I pay warranty separately in cash? So it don't adds up on my interest? My father said he can help me pay warranty which cost around $7k. Do you think that's worth it?
     
    nsxftw, Jul 25, 2014
    nsxftw, Jul 25, 2014
    #2
  4. Jul 25, 2014 #3
    Dr_Fandango44

    Dr_Fandango44 Road Train Member

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    Aug 27, 2012
    Austin, TX
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    You say you have a perfect credit score so can we assume your FICO is over 750. With $23K down that interest rate is a deal killer for me. They're not even in the ballpark in my estimation. Go shop the rate. Try the credit unions and try to get that rate down.
    IMHO you should be able to get around 7-8% but like everything else opinions can vary on this topic.
    But 13.9% is too much, with what you are willing to do.
    Good luck.
     
    Dr_Fandango44, Jul 25, 2014
    Dr_Fandango44, Jul 25, 2014
    #3
    HalpinUout Thanks this.
  5. Jul 25, 2014 #4
    nsxftw

    nsxftw Light Load Member

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    Yessir. If I would have more O/O experience, the rates could drop. Unfortunately, I'm starting look for my 1st truck. :(
     
    nsxftw, Jul 25, 2014
    nsxftw, Jul 25, 2014
    #4
  7. Jul 25, 2014 #5
    CougFan

    CougFan Light Load Member

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    Dec 20, 2012
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    Still gotta think you can do better shopping around. Check the truck papers.
     
    CougFan, Jul 25, 2014
    CougFan, Jul 25, 2014
    #5
  8. Jul 25, 2014 #6
    DLFederal

    DLFederal Bobtail Member

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    Feb 14, 2014
    Physically? KY Mentally? Monaco
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    Jesus Christ I'm in the wrong business.... I apologize if I offend anyone on here but you are getting taken advantage of.... period. Ask me why and I will explain the basics of finance.
     
    DLFederal, Jul 25, 2014
    DLFederal, Jul 25, 2014
    #6
  9. Jul 25, 2014 #7
    DLFederal

    DLFederal Bobtail Member

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    Feb 14, 2014
    Physically? KY Mentally? Monaco
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    In all actuality, this deal is so egregiously one sided that I might just put together a video explaining the schematics of finance in this deal specifically- What actually means what and the exact kind of deal that can be had.
     
    DLFederal, Jul 25, 2014
    DLFederal, Jul 25, 2014
    #7
    dannythetrucker Thanks this.
  10. Jul 25, 2014 #8
    razor1983

    razor1983 Medium Load Member

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    Jan 17, 2011
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    Not a good deal! The interest rate is way too high. Recaps on drives? No thanks. Read the fine print on the warranty, they have a ways of screwing you on that.
    And what is your plan once you do buy a truck? Do you have a company already to lease on to? Do you have your own authority? And most important do you have enough cash saved up?
     
    razor1983, Jul 25, 2014
    razor1983, Jul 25, 2014
    #8
  11. Jul 25, 2014 #9
    freightwipper

    freightwipper Road Train Member

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    Mar 24, 2014
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    Why not just buy with cash an older pre emission truck that's in good shape?
    Kiss the 14% and $1500 a month payment bbye... sure the maintenance might be a little more but I'm sure you'd come out more ahead.
     
    freightwipper, Jul 25, 2014
    freightwipper, Jul 25, 2014
    #9
    knuckledragger Thanks this.
  12. Jul 25, 2014 #10
    double yellow

    double yellow Road Train Member

    5,946
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    Aug 28, 2011
    State of Jefferson
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    Financing, insurance, & warranty all have a negative expected value (someone else is making money off you). If you can, say no to all except what is legally required.

    If you feel like you have to have them, reconsider whether you truly can afford this purchase.

    If, after careful consideration, you still want one or more, shop around. Do not just blindly sign up to a recommended partner of your used dealership.
     
    double yellow, Jul 25, 2014
    double yellow, Jul 25, 2014
    #10
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