Anyone able to help me get a truck?

There is a compay called Truck Tech around Chambersburg on I-81. I don't know if they finance their own trucks, but they do have financing available. I believe that they are around exit 30. Before they moved to their current location I looked at some of their trucks. I wasn't very impressed with what I saw. It does appear that they have a much wider selection today. If you decide to buy a truck from them I would make sure to check them out closely.

If you buy a used truck from a buy here pay here lot you can expect to pay at least 1/3 more for the truck than you would if you paid cash or found your own financing. You can't blame the truck lot. There is usually considerable risk on their side. Those who usually frequent those lots will usually have poor or no credit and may also have limited experience. I would expect that they would have a high percentage that come back to them. If you go with one of these lots you really need to make sure you have a good nest egg for maintenance and contingencies. If you get a truck without having money you are asking for trouble. All it will take for you to lose everything you have invested is to have a major breakdown. You could be one of the few who gets by without something happening until you can build up some money, but you are taking a chance. Some of the buy here pay here lots that I have seen require $5,000-10,000 down. If you have that much to pay down you could put a little more with it and pay cash for a decent truck. There is no need to get into such a rush to buy a truck. Anytime you get in a hurry you are asking for someone to take advantage of you or to make mistakes. You never want to buy a truck just because you can get it financed. It may not be a good truck and you could be liable for thousands of repairs. Just because you buy a truck doesn't necessarily mean that you will make more than if you remained a company driver. The opportunity is there to do better, but there are no guarantees. Take it slow and easy. Look around and see what is available and what you can get for the money you have to spend.

 

Some banks don't do class 8 truck loans at all.

 

no ####.....


You have to do due diligence to find the right place to do business with. My personal bank, USAA, won't touch anything that has to do with business. No big deal.

Other banks I have found will only do certain trucks, (less than 5 years old with 25% down) and others will do just about anything.

You have to do this with a business persons mentality and approach it that way. You are not financing a vehicle, you are financing a business. Approach it that way and have your business ducks in a row, you'll do fine with the finance people.

How about telling people what IS possible and not always telling them it can't be done. Another one to consider a negative nanny.

 

Some banks will make commercial loans, but not for class 8 equipment. You may be able to qualify for a commercial loan and then use those funds to purchase a truck. Most will require that you own a corporation that has been in business for at least 2 years. The truck will likely be required to secure the loan. You may also be able to get a line of credit for your corporation. If you own a home you may even get a home equity loan. I don't think that it is a good idea to use your home to start a business.

There are also lenders who specialize in class 8 trucks. Paccar, International Harvestor and Mercedes Credit (or Chrysler Credit). These lenders loan on trucks whether it is their brand of not. There are also leasing companies that will lease you a truck and you own it at the end of the lease. If you buy from a dealer then they will usually have their own lending sources. At one time dealers could cosign your note or agree to buy the truck back from the lender should you default on your loan. All of these sources will require a down payment. You should expect from 10-30% down. Most want to see at least 6 months or longer experience in the industry. They may also require that you have either a lease agreement in hand or an intent to lease from a carrier. Nearly all will require fairly decent credit, although with enough money down you can probably get almost anything financed.

It is foolish for anyone to enter any business without experience in the industry and cash in the bank, whether it is trucking or a retail store.