Credit union finance

As far as I can tell, most local banks will not finance commercial vehicles. I have only seen this done with a line of credit on home equity. This way, they dont care what you buy.

 

Chase Bank is currently doing Truck loans,

 

I've financed 2 trucks through a credit union. Mine were/are financed through the University of Illinois Credit Union. And I wasn't a member. Nor was I ever a student there. You just have to work in Champaign and have proof of solid income. For me it was a signed agreement with the company in Champaign I was leasing on with.

With my current truck, I didn't live or work in Illinois. Let alone in Champaign. But, getting the first loan made me a member. So, the working in Champaign stipulation was no longer in effect.

So, the trick is getting your foot in the door.

 

Here in the Mid West the small banks have no issue financing trucks at very reasonable rates. I've financed two twenty year old trucks at under 6% with my local bank. They're used to high risk equipment lending as their primary customer base is agribusiness. A new combine or section of farmland makes a 200k custom Peterbilt look like chump change.

 

Like OpenDeckin said the small town Midwest banks are great IMO. I’m getting 4.99% currently on fixed loans. Back before rates went up some I got 3.99 believe it or not and they love me.

 

What I ran into in MA, is state chartered credit unions can't touch trucks. Federally chartered credit unions have the ability to finance the transportation industry.