Opinion on leasing first truck

You are starting a business in one of the worst times (think 2008 )) Pay cash or wait till next year maybe, dont finance a truck now

 

The lease purchase programs can be very risky. I've hear numerous horror stories of failures. One driver in particular was 6 months from owning the truck and the company went out of business. He lost all the money he had paid into the truck. And this is just one story. It can be EXTREMELY difficult to succeed in a lease purchase program. If you have good credit and some $$ for a down payment look into getting financed for an older, pre-emissions truck. You reduce your risk by having a low truck payment and maintenance costs per mile are lower. And maybe a bank would be willing to finance the smaller amount. Try a credit union - we got financed for our truck ($20k at 5% interest) no problem and our credit scores weren't near 800. I would also check out the webinar here www.letstruck.com for more info on getting started..

 

He's talking about leasing from PAC LEASE or Volvo or Daimler, not a lease purchase from a carrier......least that's what I gather.....

 

If your credit is that good find a good deal on a truck 2010 or later and approach a bank for an equipment finance loan. That is how I did it. I was looking for a truck 50-75k that had decent MPG specs and had good maintenance history and ECM report. I do not recommend pre emission trucks; SCR and DPF are here to stay so you may as well get on board and there are lots of good deals to be had.

I found the truck I wanted, got an intent to contract from my carrier, a letter stating what the average expectation of revenue per week is, and all my LLC documents in order. I took all that with me to several banks. They said no but one bank liked what they saw and gave me the loan. I got zero down, 5.25% interest, 36 months, 54,500 purchase price. I have been doing great ever since. It can be done with some shopping around. The big banks won't; shop it around to the smaller banking chains.

 

^^^ Just wait till you're DEF DPF SCR and other crap start failing. You'll change your mind on pre emission trucks real quick.

 

Lol just Lol

 

You'll find my opinion to be a small minority. The emissions system will not fail as long as you maintain it properly. I just spent 2200 alone in emissions maintenance today among other things. Most that have such a negative opinion of these trucks have never owned one themselves and most of what they know is anecdotal or holy gospel from the OOIDA. Take care of it and drive it right and it will do just fine.

 

Yup, my 2013 has been trouble free. Had to change the DPF filters at 8,000 hrs, cost $2,800 parts and labour. It was just time for them to be changed.

I lease my truck from Daimler. It's probably a little hard to get the first lease or loan. But this was my fourth one, so they make it pretty easy.

 

In one day you spent more than DOUBLE on maintenance of your emissions system than i have on the entire exhaust system of my truck in 15 years. I think I'll let you keep my share of the new emissions. Actually, now that in doing the math in my head, it's more than 3 times.