Financing New Freightliner Fleet

Im driving a company truck again but in the truck their is paperwork that says for the 2017 truck I'm driving the company is paying $2,269 a month. Truck has disc brakes and auto shift transmission. I would think that what they are paying. It says they are leasing the truck. I know they turn the truck in like every 3 years. It could just be some random paperwork but it look official.

 

I think you should give sba loans a look. For instance I got approved for a fleet with really good personal credit not much business credit and all they asked is that I have 10% of what I was asking for my bank account. The interest rate was 12% only catch is they can’t do over 1mil. Let me know if you want their info...kinda new here I can’t remember if putting sites are allowed.

 

30 trucks you should be talking to banks, not dealers for financing. 7-8 year loans and you'll be back here in a few years crying about how you are so upside down and going broke.

 

Contact your state trucking association for CPA references. If your not a member you should consider joining. You're talking about an investment of four to five million dollars in depreciating assets. Invest in sound and objective advice. Good luck.

 

In the current environment of dropping rates, the price of trucks is going to be dropping, and there's going to be a bunch of "near new" turn-ins and repos that are going to go CHEAP.

In other words, I would NOT get hung up on new. There's still a long wait for new trucks, and they are not being discounted. Soon, there will be lots of 150 to 200K trucks available at attractive prices. That's the only way to keep the payment under 2K per month. Even a full service lease on a new truck is a little more than 2K.

 

If you’ve been successful with your current business plan why do you “need” all new trucks? If you finance the trucks for 6-7 years to get your payments down will you have enough equity in them when it’s time to trade them at the 4-5 year mark?

A local bank will likely have a lower interest rate for you provided you have a good working relationship. For reference I financed $90k at 5.5% for 48 months at my local bank and my payment is a touch over $2100 a month.

 

I wouldn't be looking at the dealership financing options as your primary source of funding. Check with your bank, look for the local SBA lenders, research equipment financing companies like Commercial Fleet Finance. Find yourself a finance broker that can shop around and find you the right deal for your business needs. Going through the dealership is usually last resort.

 

They used to do 5 yr leases with 20% buyouts at end of lease. That’s been 18 yrs ago.

 

This ^^^^^

Two years ago I bought three almost brand new trucks dirt cheap because they couldn't afford them.
This past winter I bought three more almost new trucks cheap, same thing they couldn't afford them.
Some really good deals out there if you keep your eyes open.