How best to sell the truck?

So what is the truck worth and what is the balance on the loan today? Is it financed through a local bank or some finance company far away?

Answer these questions and we can start with some real answers.

 

From your other posts I am assuming you took the new job and you're not running the truck and earning revenue with it. Do you have the ability to make payments for a month or two until the truck is sold?

As has been mentioned advertise the truck in truck paper, craig's list or anyplace else you can. Network, talk to drivers at the place you are or were previously working for - I am assuming you were leased to a carrier.

The fact that you have a lean on the truck shouldn't be too big of an issue. Any lender or bank involved(yours or a buyers) should be able to deal with that.

 

$23,000 is not such a big loan why would you let such a small amount ruin your credit? I could handle the payments on that as a company driver somewhere if I had to. Could actually knock it out fairly quickly if there weren't a bunch of cars, boats, atv's, and houses to pay on

 

Call some dealers in your area, ask if they sell trucks on consignment. see what their rates are...normally you can expect 10% commission. Dealer will advertise, make sure your not paying some storage fee while its on their lot. Be prepared to wait it out...possibly 2-3 years before a sale. (make ur payments on time...the more principal payments are made the less total interest charges will be added.)

 

Myself, I had a 1998 Reefer TK-SBIII, 53'x110"x102". I purchased the unit at auction for $4500.00 in 2010. Operated the Unit till March 2013, Brought it to an International Dealer whom sold used trks & trls on consignment, (San Antonio) The dealer sold the unit in Feb.2015 for $9100. It really depends on how long Seller can wait it out Vs. the right buyer coming forward.

 

If that's what's in your contract looks like you are making payments for the next 42 months. You don't know what you signed?

 

More than likely yes, you may prepay. The truck finance company will lose a lot of money from what their currently projecting to make off of you. Make a copy of your contract. black out all personal detail and upload it here. when I get a chance i'll read over...preferably get several peoples input.

Myself, if I was financing your truck...I would not want you to prepay it...luv making money...darn straight man.

 

It doesn't matter what they are interested in, only what the documents say. Although at the interest rate they are charging you(40%) I can see why they don't want you to pay it off early.

Is it an installment contract? Vehicle loans usually are. If so, you can most likely pay off the loan early. Since you are paying it off so soon there may be a prepayment penalty. You'll have to read the paperwork you signed to know for sure.