How much truck?

depends on your credit and trucking experience,,sounds like BS to me,, most banks will not finance an over the road truck,,they are afraid of problems if there is a repo,,there are many finance companies that specialize in trucks,,most want 20% down pmt,,with good credit you can get financed with 10% down,,when financing make sure that if you pay off the load early you only pay interest for the time you had the loan and are not required to pay interest for the whole period of your contract,,important you make sure that this is in your contract,,Paccar,,Mercedes Benz do financing,,Wells Fargo Equipment finance does too as well as GE Capital,,I used wells fargo on my last truck and trailer ,they were great to work with,,right now you can get financing as low as 5%apr.

 

You must be able to bring pay stubs(o/o statements) to show you have been making enough $ to pay for what you want to buy

 

In your case to get financed from a reputable bank you would need to go to them with your pay stubs and personal bills showing you know how to manage money, meaning you are never late on your bills, have savings put away, etc. Also, you would need a solid business plan, nothing fancy, but have some numbers already gathered for the cost of your insurance, estimates on repairs and routine maintenance on the type of truck you are buying, income projections from your prior experience in this type of trucking, a letter of intent to hire/contract from the carrier you are going to haul for, proof that you have reasonable experience in trucking, meaning you have been driving for a while and steady employment. All these things will help you get the best possible rate, otherwise you may end up going to Lone Mountain or one of the other predatory type truck lenders (like buy here pay here places) where you will be able to get a truck but will pay much more than you should for the financing.

Good questions on your part, better than most who just jump in blindly and then wonder why they fail.

 

Do a good in depth business plan. That means what you will earn, your expenses including fuel, tolls ,repairs ect ( projected of course) to the bank. Dress professionally and talk like a business person. Explain to them who you are going to lease to ( or about you and your own authority and business you are going to do) Have at least 10% for down payment. Have several thousand dollars set a side in a bank account for them to see for start up, and emergencies fund. The start up can be a killer for a lot of newbies. Once you get your loan pay at least $50 dollars a month more on payment. Make sure you can pay off the loan early with out penalty. Most banks don't screw you for early payment.

Some banks in medium to large towns do city financing . They are more likely to assist you. Being a customer is a big plus.
My bank did my truck and it was the first one they did. Neither of us has regretted it. As a mater of fact I have never taken my title. they keep it in case I need fast cash. My credit is good enough that I can go sign a personal check to buy a truck or trailer with out the money in the account to cover it . I call the bank the money is moved I sign the loan papers later. It has taken years to get to this point . Hard work, doing with out a few things and vacations. Now , it is paying off .

Just my 2 cts worth.

 

My local Freightliner dealership will finance a new truck to a new o/o if they have 20% down and a deep credit history (at least a mortgage).

My problem with $60,000 trucks is that I would not expect them to be able to work more than 310 days/year. Can your business afford not only 2 month's of mechanic labor, but the truck payments as well? And putting you/your driver up in a hotel? Because that's basically what you need to expect -- it won't be 2 months straight, it'll be 3 days here, 8 days there, 5 days there...

 

Take a look at the recalls on new trucks. Between just two of them there are over 30,000 units on recall. the DEF and pollution crap is killing them and shop time is excessive and far too often. Give me an older unit every day for dependability. Pre 05 is better. Until CARB and the EPA get out of the trucking industry it isn't going to improve soon.

If you find an older truck your interested in , Just go to the dealer and ask for a Service bulletin on it. If there were issues with that particular model and they found the fix it will be listed. I had AC issues . they cost me thousands of dollars until I did a Service Bulletin check. It listed the AC issues I was having and the fix. Followed the fix and it ended my problems. ANY ONE can do the service bulletin on their truck.