How do I go about financing the truck?

Why wont he get any financing this year or just maybe after the first?

 

Hahahaha so true. BTW I parked next to a Knight company truck last night. Both seats still had the plastic on them lol

 

It’ll be after the first if he does. Hell its almost Christmas. He isn’t going to get this nailed before the first. Unless he’s on a first name basis (IE long time customer) with the loan coordinator, or has major money to back the loan.

I could walk in my bank and get one with less than 20% down. BUT, they’re still going to want to know how I intend to generate those payments, and they’re still going to hold that title. I’m not on handshake status with my bank for $100k notes.

 

Both trucks were ordered. Delivered to dealer. I was the first company man to drive them. And yes. I got to take the plastic off.

The last boss said something about the miles being added from when it was towed. 1 guy driving the truck with 2 behind, hooked up on the 5th wheels. I don't know if I got the truck towing or 1 of the 2 being towed.

But they certainly aren't manufactured here or transported on a open deck.

 

The bank isn't the problem.. It's the 18 year old girl who just got the job as an Underwriter and wants to make it hard for you... It really just depends on whos working that day whether or not you will get financed quickly... Going to a dealer is the same deal.. Money talks so if you got decent credit and $25,000 you can probably get anything you want

 

True. A dealer is going to get you in that truck

I have a lengthy, and excellent relationship with my bank. But, I’m also aware they’re a business too. And not in the business of losing money. They would give me the money. But they would want all the I’s dotted first.

I’m reasonably sure they would ask for a letter of intent from the company I planned to lease too. Or, show them that I had obtained my own authority. And had the capital to get it up and running, above the down payment.

 

You really should get to that point my bank is small but awesome all i have to do is go to the dealer find what i want and write a check and me and my banker works on the paperwork for the next month and he will make sure the checks clear

 

Uh, I’m at “that” point. But we’re talking this week and done. I too use a small bank. And know all 7 employees The manager is the loan coordinator. And we’ve done lot of business together.

But neither of us is walking into our bank tomorrow, and leasing with a company on Wednesday. Unless you have done some leg work already.

I can pick a truck this morning, clear a loan this evening, wire a down also. But the down will just be a security/hold deposit with a letter of intent until all the eggs are in the same basket.

In all that. I think we’re on the same page actually. But I still can’t get that money with just a smile and a handshake

Probably could if I ever utilized my house for a line of credit. But it will be a cold snowy day in hell before that happens.

 

If this is unwanted advice, I apologize. I did the same as you, brand new out of the gate for my first truck. All I can say is, hang on. First 3 years are easy and are all smoke and mirrors, the 4th year will be VERY costly. Still making big payments, and everything NOT covered by warranty starts rapidly falling apart. Then the 5th year, more never ending repairs. And now no warranty. And by now you've probably used up all of your depreciation so prepare for those taxes. If you dont have a good chunk of change saved or a big fat credit line for these times, you will be in a very, very tough place.

As for the bank. Build a nice spreadsheet in excel that calculates your estimated bottom line based on the variables you plug into it. Factor in earnings for lean and killer months, all estimated expensed, taxes, and on and on. Show them you can make it work by the day, by the month, by the year, and lastly the term of the loan.

I regret not buying a good used truck to start out. I would buy used and pre emissions or "fixed." I cant go back and do it all over, but now my "brand new" truck is a good used truck, and we're saddled up for another 5 years. Smarter and wiser. And fatter and balder.

Good luck man!

 

No I'm actually on that point I bought my truck new last year walked into the dealer without calling my bank found a truck that I wanted wrote a check drove off the yard and called my banker to tell him what I did and he told me that was fine he would clear the check and start working up the paper work for the truck