Finance vs paying cash?

5.9 is good. I still haven't contacted my local bank yet because last I checked (a year ago) my credit score was at 670. So I started fixing my credit mid last year, and got one credit card to use as a daily card to build up my credit. So far I think my credit should be good by now. I'd like to get a credit line from the bank at a good low fixed apr for about 50k at least. If the bank see's that I have 32k in my account then I'm sure they'll let me use 50k of theirs.

 

It's ok, I used to get LIBOR + 2 rate, but my local town bank just got bought out by a larger independent last summer, so not bad rate, but not as good as it was, Just my opinion, BEFORE you solicit your bank, check your own credit score readout, you would be surprised what may be on there, some of it might not even be yours. I run a check on mine once a year.

 

I been offered 4.3 to 6.5 depending on the amount. But that is also based on a great credit history also.

 

EXACTLY. I used to have the money in a shoe box under my bed mentality. Until I went to finance my truck. No credit is worse than having bad credit. Even with $25k down my interest rate was high. Had to suck it up for the first year then refinance at a civilized rate.

 

Another reason I have been quoted 8% or more is because of the age of equipment. But hey I refuse to own anything newer than 03

 

That's one thing my banker doesn't care about. The age of truck. Just the market value. Bought a 16 yr old truck at the low rate, he didn't even hesitate!

 

That is the funniest thing I have read in a long time. Surely you don't believe this!

I did LTL sales for a major Truckline for a few years, I know what some Contract Freight pays.

I have a friend who is a Traffic Manager at a large local manufacturer. Swift, UPS Freight, Conway Truckload etc all have contracts to haul out of there for 3.00 per mile plus. (Dry van) They won't load me, (Too Small)

Still think contract freight don't pay anything? Think again
Guys hauling 1.20-1.50 per mile loads off load boards are getting Robbed by Brokers

 

That is one way, but not the only way. In any business there are places to spend your cash and places to finance depending on a lot of variables. In some cases financing can bring a lot of benefits.

 

Sounds like a bank I should be doing business with. Care to share the name?

 

Why is that? Are you hoping to own a single truck for more than 5 years?