Interest Rates
Discussion in 'Trucker Taxes and Truck Financing' started by BoyWander, Nov 1, 2016.
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Road Killer Thanks this.
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I have good credit and looking into a new flatbed and got hit with an interest rate of 24.9% at 48 months and 18% at 60 months.This is crazy, i have auto loans for more money at less than 3%. Are equipment loans really that much of a risk? Or is it the difference in the amount of equipment sold to the amount of cars sold?
Road Killer Thanks this. -
Road Killer, diesel drinker and BoyWander Thank this.
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Road Killer Thanks this.
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So, time for an update. First of all, thanks for all the replies.
I went ahead and finally called a lender broker, who mostly deals in farm equipment but also does OTR owner operators. The guy I spoke with, very friendly, said in his experience, someone in my situation would probably get offers of such and such, with x % down payment, so I went ahead and filled out the application and financial statement.
I'll have to wait until Monday or Tuesday for them to get back with me, but he said my chances are pretty good of a 10% down payment, interest possibly just under 14%, but he also said it's likely my financing limit will be $50k.
I also went and got a credit card with a high limit that has no interest on purchases for 21 months. I won't use that to buy the down payment, the credit card company would probably block the charge as a possible fraudulent purchase, but I could purchase other things if I need to, like maintenance and personal stuff so that I wouldn't deplete all the cash I have in the bank.
Thanks again for all the replies.Road Killer Thanks this. -
Most home improvements increase your house re-sell value less than they cost. You make the improvements to be more comfortable or preserve the house. If you stay long enough you might recover your cost plus inflation.
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If you own your house you can likely use your home equity line of credit .... usually is about the best rate you can get...
I keep 2 credit cards. A MC and a visa. The MC is for day to day things and has a relatively small limit. Visa has a 30,000 limit in case of an OH-S! moment.
I am buying a new reefer and my rate is 4.7%.
On my first truck in 2011 with no business history I was paying 6.5% on I think an 85,000 loan.TallJoe and Road Killer Thank this. -
The finance broker I called came back with a limit of $35-40k and likely 14% and my credit is really good, I just don't have a whole lot of credit, and I don't own a house. Maybe if you put your house up for collateral, but I wouldn't do that even if I did own a house.Road Killer Thanks this.
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