Advices for financing used truck

Whoever gives you the best rate.
Whatever you do, DON'T use Damlier.

Used trucks are a crap shoot. But I did ok with Selectrucks.

 

Opus summed it up. Ive been with compass equipment fianceing though. Good lender but strict as hell. Long as you pay on time no problems but they WILL go after you pretty quick if you default.

 

810 is top tier. The should be fighting over who gets to give you a loan.

 

Whoever you use, make sure that there is no pre-payment penalty. That's probably why Opus said to avoid Daimler.

 

Larger down payment!!

This will protect your investment. You are paying interest on an object with a rapidly declining value--depreciation. Taking a loan with a small (less than 20% down) down payment will generate hardship in terms of asset and debt.

Do the math on the loan! How much total interest are you paying for a probability of return? Are you paying more than a NEW truck is worth with a 4 year loan? This goes hand-in-hand with Lease-to-Purchase.

If you let time and desires overcome your patience, then you will not get ahead.

Do you have 10k$ or more in savings? After the blood contract they call a loan?

 

That’s a big one right there and a very hard lesson learned for me.

Pre-Payment penalties I ignored because I never intended to pay off early. However If your equipment is stolen, lost in a wreck or consumed by fire that penalty will cost you dearly. Simply, put the insurance payoff is also considered an early payoff.

Just on the trailer I never got to use it was close to a 10k loss for me. Paid $47,300, put 10k down and got $1,400 settlement.

 

Don’t finance a truck. Pay cash only.