Want to buy a used truck - Financing suggestions?

If you find a company that specializes in commercial financing you will probably be better off. I work for a finance company which is where I've gained my industry knowledge. For example, we go back to 04' if you run less than 3 trucks, and we can do no age no mileage restriction financing if you have 3+ trucks. Local banks and credit unions usually want to stay within 4 years, so 10' or newer. Keep that in mind as you make your decision, hope this helps!
Alex Parkinson

 

Check with your local bank(s), specifically any that do any kind of agricultural lending. Most don't want to get into truck loans, but if you have one that you have had loans with for automobiles, and have always made good on your word they might be willing to work with you on a truck. Often times their interest rates are much lower than a lot of the bigger lenders.

 

Which dealer you went to? Thanks

 

Anything over 6.5% is too much. I just bought a couple of T660 KWs got a 72 month term at 5.9%

 

Start with you local bank because you always want to deal directly with a funder and not a broker who will mark up the rate. Most dealership act as brokers and view the F&I dept as another profit center. My former employer Worldwide Equipment was notorious for marking up the rates. I recently got financing secured by Volvo Finance at 6.9% for a first time buyer with a large down payment...but the the first approval Worldwide sent me was 3% higher.
Francis X.

 

Were those KW's new? If so 5.9% is good...if they were used 5.9% is GREAT

 

Just getting ready to go to closing on a second truck and 3 rd trailer.
The truck is a 2015 Fitzgerald Glider (Columbia). Fitzgerald sent financing through GE, approved within 24 hrs, they wanted 10% int. told them that ain't happening, they then sent it to someone who normally gives them better rates. They denied me altogether even with 10% down. Said I didn't have any comparable's. The only equipment I have financed has been my 2014 Mac that I only need 25k for. So I went back to my bank. Was getting aggravated at everything they wanted. 3 yrs taxes, p&ls and financial statements, personal and business. Then was getting aggravated at the amount of time it was taking for an answer. Finally after a week they came back with a 5% rate. I was extremely pleased.
While they were taking their time for the truck loan I found a 2013 Fontaine Revolution II trailer (used) and called the banker Friday. Monday morning he called and said we could go to closing on both loans on Tuesday. He said since they had my financials now it would be easy. Just give them a call and send a buyer order or if used just a written agreement between the parties and he could have an answer within 24 hrs. I got 5.9% on the trailer since it was used.
Still better to establish good relationships with and the fast and easy answer isn't always the best answer.