Advices for financing used truck

Discussion in 'Trucker Taxes and Truck Financing' started by Sadig, Mar 22, 2023.

  1. Sadig

    Sadig Bobtail Member

    Mar 9, 2023
    What would be best bank or credit union for financing used my future first truck. Around 60-90k? downpayment will be 10k. I have excellent credit score 810+. Or should I go with whatever option or bank suggests me the company that I will be buying truck?
    I haven’t decided where to buy. If you have advices from where to buy my first truck that will be appreciated as well.
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  3. Opus

    Opus Road Train Member

    Dec 18, 2011
    South GA
    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.
    silent_philosophy and Arctic_fox Thank this.
  4. Arctic_fox

    Arctic_fox Experienced mx13 execrator

    Sep 16, 2016
    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.
  5. silverspur

    silverspur Road Train Member

    Sep 26, 2012
    810 is top tier. The should be fighting over who gets to give you a loan.
  6. Todd727

    Todd727 Light Load Member

    Jun 7, 2021
    Whoever you use, make sure that there is no pre-payment penalty. That's probably why Opus said to avoid Daimler.
  7. silent_philosophy

    silent_philosophy Light Load Member

    Mar 25, 2023
    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?
  8. Concorde

    Concorde Road Train Member

    Jun 29, 2016
    West Melbourne Florida
    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.
    CruzControhl2 Thanks this.
  9. Atlanta trucker

    Atlanta trucker Road Train Member

    Jan 25, 2017
    Don’t finance a truck. Pay cash only.
    CruzControhl2 Thanks this.
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